What is an RRSP?
A Registered Retirement Savings Plan is an account designed to help Canadians save and invest for retirement. Contributions may reduce taxable income for the year, and investments can grow tax-deferred while inside the plan.
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Request Financial GuidanceWhy RRSP planning matters
The main question is not just how much to contribute. It is whether the contribution, deduction, investment selection, and future withdrawal plan work together. RRSPs may be especially useful when your tax rate is higher today than you expect it to be in retirement.
Key decisions to review
- Contribution room and annual savings capacity
- Whether to use the deduction now or carry it forward
- How RRSPs fit beside TFSAs, pensions, and non-registered accounts
- Retirement income timing and tax impact
Related planning
RRSPs often connect with TFSA planning, estate planning, insurance protection, and long-term retirement income design.