RRSP – Registered Retirement Savings Plan
RRSP helps you to save money for your retirement. If you’re under 71 years old and are employed or have a business income, you’re eligible to invest in RRSP. The annual contribution limit is 18% of your last year income.
An RRSP offers multiple tax advantages as you can grow your money tax-free, as well as deduct all contributions from your taxable income to become eligible for a tax refund.