REGISTERED RETIREMENT SAVINGS PLAN
Registered Retirement Savings Plan. An RRSP is a deferred tax savings vehicle.
Generally, you are allowed to put money into an RRSP and claim a deduction on
your taxes in that year (or a future year) for your contribution. Contributions
will accumulate with investment income tax free. When the money is taken out of
the RRSP it is taxed as income. Money may be withdrawn at any point, but generally
it is accumulated until retirement and an annuity or RRIF is purchased.