RRSP - Registered Retirement Savings Plan
The RRSP is a retirement savings account registered with the Canada Revenu Agency.
You contribute to it during your productive years and your spouse or common-law partner can also contribute to it. The contributions you make to your RRSP can be used to reduce your payable income tax.
Example: You make $56 000 per year.
You contribute $6 000 to RRSP
Instead of paying taxes on $56 000 you will pay taxes on $50 000.
The amount on tax savings you get by contributing to your RRSP can be put into a Tax Free Savings Account (TFSA).
RRSP + TFSA = Wealth !
If you want to learn more about the RRSP or open an account, email me or book a 10-minute call !