What is an RRSP?

A Registered Retirement Savings Plan is a savings plan that is "registered" with Canada Revenue Agency (CRA). It allows you to save money for your retirement on a tax-sheltered basis. That means you don’t pay tax on the income your investments earn until you withdraw the money from your RRSP.

Think of your RRSP as an investment portfolio that can be the home to a variety of investments. You can choose to invest your money in several investments including savings accounts, mutual funds, guaranteed investment certificates, stocks and bonds, according to your own particular investment goals.

At retirement you can transfer your accumulated RRSP into any of the RRSP maturity options where they continue to grow tax sheltered until withdrawn.