RRSP (Registered retirement savings plan).
An RRSP provides short and long-term tax advantages that can help fund the retirement you want. It’s an investing and retirement savings account registered with the Canada Revenue Agency (CRA) that provides Canadians benefits to save for retirement. The money you put towards an RRSP isn’t taxed as a part of your income, so you pay less income tax.
It’s different from a typical savings account as it’s a place to put your investments where any growth isn’t taxed until you take your money out. Usually, you’ll be retired by the time you withdraw your money, so you’ll generally pay less tax than in your higher earning years and get to keep more of your money for retirement.