What is RRSP (Registered Retirement Savings Plan)?
An RRSP is a Canadian retirement account registered with the Canada Revenue Agency. Contributions can be deducted from income within your deduction limit, investments grow without yearly tax, and withdrawals are generally taxed as income. The plan must end by the end of the year you turn 71.
Why RRSP (Registered Retirement Savings Plan) matters
The deduction is the main draw, but every dollar that comes out later is taxable, so the comparison with a TFSA depends on tax rates now and later.