Registered Retirement Savings Plan (rrsp)

Definition of "Registered retirement savings plan (rrsp)"

Scott Markham real estate agent
Scott Markham, Real Estate Agent RE/MAX Alliance Evergreen Office

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.

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