A Retirement Savings Plan (RRSP) is a tax-sheltered investment vehicle that provides you with an effective means of saving for retirement. Contributions to an RRSP result in a tax deduction, and the income earned in the plan compounds on a tax-deferred basis. Individuals with RRSP contribution room in Canada may contribute to an RRSP up to the end of the year in which the planholder reaches age 71.
RRSP-eligible investment options include fixed-income securities, equities, mutual funds, private company shares and more. Plus, with the elimination of foreign content limits for registered savings plans in 2005, you are now free to invest anywhere in the world.