What is a RRSP?

A Registered Retired Savings Plan (RRSP) helps you save for retirement but also offers the option to use the funds for a first property purchase (HBP) or to return to school (LLP). Additionally, this type of plan provides a dual tax benefit as the invested money is tax-deductible, reducing your annual income tax and the saved money in your RRSP remains non-taxable as long as no withdrawals are made.