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Registered Retirement Savings Plan - RRSP

Definition of a Registered Retirement Savings Plan


Definition: A registered retirement savings plan, or RRSP, is a savings plan for individuals which allows them to defer tax on money to be used for retirement. RRSP contribution limits are based on income and are tax deductible at the time of deposit. Tax is paid when investment and interest or dividend income is withdrawn.

RRSPs can also be used to buy a first home, through the Home Buyers Plan, and to finance your education, through the Lifelong Learning Plan without paying taxes on withdrawals.

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