Want to save for retirement, go for RRSP
There are several plans designed by the Canadian government that helps you boost your savings amount with the help of tax relief and other additional benefits. Although each program has different terms and conditions their end objective is the same i.e., help you make the best of your invested money. RESP, RRSP, and TFSA all help you save and invest but on different terms and conditions. You must understand the benefits offered and limitations of each plan in detail, and understand the differences before investing.
What is a Registered Retirement Saving Plan (RRSP)?
Registered Retirement Saving Plan (RRSP) is a type of savings plan/account for Canadians who want to save funds for their retirement. The plan was introduced by the government of Canada in 1957. It also offers the tax benefit to the individual i.e., the amount invested in this account & returns are tax-free. You can lower the taxes you are paying by making investments in RRSP.