With a Registered Retirement Savings Plan (RRSP), you can watch your savings grow tax-free. You won’t pay tax on the money you contribute until you’re ready to make a withdrawal.

RRSP BASICS: WHAT YOU NEED TO KNOW

• Any Canadian (including non-residents) who has employment income and files a tax return can contribute to an RRSP.
• There is no minimum age to contribute.
• Invest up to your RRSP contribution limit, which contribution limit will be noted on your most recent tax return.
• Contribute until December 31 of the year that you turn 71.
• Spousal and individual plans are available.
• You receive a tax receipt for contributions to reduce you taxable income.
• Income from an RRSP is taxable only when withdrawn.
• Your unused annual contribution rolls over for use in future years.
• Funds in an RRSP are eligible for Canadian Government programs that can help you buy your first home, or pay for further education.
• If you're starting small, start saving your money in an RRSP High-Interest Savings Account and, when you reach a minimum of $1000, transfer into a RRSP Fixed GIC for even higher interest.

• Open an RRSP Plan
• Purchase another RRSP GIC
• Transfer in an existing RRSP