Glossary
RRSP
A Registered Retirement Savings Plan is a tax-deferred account built to help Canadians save for retirement. Money you contribute is deductible from your income, investments inside the plan grow without yearly tax, and you only pay tax when you withdraw, usually in retirement when your rate may be lower. How much room you have depends on your earned income, which is one reason paying yourself salary matters for incorporated owners. Estimate the impact of a contribution with our RRSP calculator.
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