Unlocking Your Retirement Savings with an RRSP (Part 1)

Ever wondered how to save for retirement while potentially lowering your taxes? Meet the Registered Retirement Savings Plan, or RRSP!

What is an RRSP? 

Simply put, an RRSP is a special savings plan that you set up yourself and register with the Canada Revenue Agency (CRA). It's designed to help you save for your golden years.

The Benefits: When you contribute to an RRSP, those contributions are generally tax-deductible. This means they can help reduce the amount of income tax you pay in the year you contribute. Plus, any income your savings earn inside the RRSP grows without being taxed, as long as it stays in the plan! You typically only pay tax when you take the money out in retirement.

It's a smart way to save for your future and get a tax break today!

Source: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/registered-retirement-savings-plan-rrsp.html