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What is an RRSP

An RRSP (Registered Retirement Savings Plan) is a plan in which you save investments to accumulate savings for your retirement. This registration is made with the Canada Revenue Agency (CRA).

An RRSP has the effect of postponing income tax. Income accumulated in such a plan is not taxed as long as it remains there. However, you will generally have to pay tax if you withdraw your registered investments.

An RRSP must be converted into retirement income before the end of the calendar year in which you celebrate your 71st birthday.