A Registered Retirement Savings Plan (RRSP) is a tax-advantaged account in Canada designed primarily to help individuals save for retirement.
Contributions to an RRSP are tax-deferred, meaning that you can deduct them from your taxable income, reducing the amount of tax you pay in the year you contribute. The money in an RRSP grows tax-deferred until you withdraw it, at which point it is taxed as income.
Key Advantages of an RRSP:
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