RRSP

An RRSP is a registered account designed to help Canadians save for retirement with tax advantages.

• Tax-Deductible Contributions: Reduce your taxable income.
   
• Tax-Deferred Growth: Investments grow tax-free until withdrawal.
   
• Withdrawals: Taxed when taken out, ideally in retirement when income is lower.
   
• Limits: 18% of earned income (up to CRA annual max).
   
• Programs: Funds can be used for the Home Buyers’ Plan (HBP) or Lifelong Learning Plan (LLP).