An RRSP (Registered Retirement Savings Plan) is a government-sponsored savings account that you can use to save for retirement. Contributions to your RRSP are tax-deductible, and the money grows tax-free until you withdraw it in retirement. There are many different types of RRSPs, so it’s important to choose the one that’s right for you.
There are many benefits to saving for retirement with an RRSP. First, your contributions are tax-deductible, which means that you can reduce your taxable income and save more money. Second, the money in your RRSP grows tax-free until you withdraw it in retirement. This means that you can accumulate a larger nest egg for retirement. Third, RRSPs offer a variety of investment options, so you can choose the ones that are right for your risk tolerance and investment goals.
