RRSPs offer tax-deferred growth and a deduction on contribution—withdrawals are taxed as income in retirement.
Contribution Room
Room builds from earned income and carries forward. Check your Notice of Assessment for the exact amount.
RRSP vs TFSA
RRSP for tax arbitrage (deduct high, withdraw low). TFSA for flexible, tax-free growth. Many use both.
Home Buyers’ Plan
You may borrow from RRSP for a first home under HBP rules—repay on schedule or face tax.
Conclusion
Automate contributions early in the year. Confirm limits on CRA each February.