Reduce your yearly tax bill now

Any money you put into an RRSP within the contribution limit is deducted from your annual income — meaning nice savings for you at tax time.

Withdraw at a lower tax rate later

Any growth in your account is tax-free until withdrawal. When it comes time to withdraw in retirement, you’ll get to do so at a lower tax rate.

Pay for education or a home

The Home Buyer’s Plan and Lifelong Learning Plan let you withdraw limited amounts from your RRSP before retirement.