RHYS MARTELL  |  financial advisor

What is a RRSP?




RRSP stands for registered retirement savings plan.


And that’s all it is, it’s a savings plan meant primarily for retirement.


The word “registered” refers to the fact that these plans are literally registered with the government. And they track how much you put in and how much you take out, etc.


The reason they track it, is because there are limits to how much you can put into your RRSP.


And the reason there are limits, is because you get a nice juicy tax deduction for every penny you put into a RRSP. So while the government does want to entice you to save for retirement, they still want some tax now. Hence the limits.


The key point here is that, depending on your situation, the tax deductions that you can get from using a RRSP can save you a massive amount of money. You just need to know your numbers.

 

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