Registered Retirement Savings Plan (RRSP)
An account that is used for investment assets and holding savings RRSP’s have many kinds of advantages when it comes to taxes. As long as they fall within the guidelines of the Canadian Income Tax Act. Mutual funds, income trusts, mortgage loans, bonds, and savings accounts are all approved assets. RRSP rules will determine the max contributions, allowable assets, and the converting of the account to a Registered Retirement Income Fund (RRIF) at age seventy-one.