What is an RRSP?
The Registered Retirement Savings Plan (RRSP) is a powerful tool for Canadians. It offers two main benefits:
- Tax Deduction: Every dollar you contribute lowers your taxable income for the year, potentially triggering a tax refund.
- Tax-Deferred Growth: Your investments grow tax-free until you withdraw them in retirement.
Use this calculator to estimate your tax refund for the upcoming season and see how consistent contributions can build a nest egg.