Registered Retirement Savings Plan (RRSP)
Registered Retirement Savings Plan is a type of Canadian account for holding retirement savings and investment assets. Rules specified in the Income Tax Act determine the maximum contributions, the timing of contributions, the assets allowed, and the eventual conversion to a Registered Retirement Income Fund (RRIF), which must take place by age 71. Approved assets include, but are not limited to, savings accounts, guaranteed investment certificates (GICs), bonds, mutual funds, segregated funds, corporate shares, and labour-sponsored funds. Contributions to an RRSP are fully tax deductible, growth within an RRSP is tax-deferred and withdrawals from an RRSP are fully taxable.