Dictionary of Finance and Investment Terms: Registered Retirement Savings Plan (RRSP)
Registered Retirement Savings Plan (RRSP)
taxdeductible and tax-sheltered retirement plan for individuals in Canada, similar in concept to the Individual Retirement Plan (IRA) in the United States.
Dictionary of Insurance Terms: Registered Retirement Savings Plan (RRSP)
Registered Retirement Savings Plan (RRSP)
Canadian retirement plan much like U.S. Individual Retirement Account (IRA). Here, an employee can contribute on a tax deductible basis C $3500 each year as a member of an employer pension plan. A non-member employee can contribute C $5500 tax deductible. Earnings under this plan accumulate tax-deferred. RRSPs are issued by life insurance companies and trust companies.
