RRSP and PRPP deduction

A registered retirement savings plan (RRSP) is a retirement savings plan that you establish, that we register, and to which you or your spouse or common-law partner contribute.

A pooled registered pension plan (PRPP) is a retirement savings option for individuals, including self-employed individuals who do not have access to a workplace pension plan or where a workplace pension plan does not exist.

Deductible RRSP and PRPP contributions can be used to reduce your tax. Generally, any income you earn in the RRSP or PRPP is exempt from tax as long as the funds remain in the plan, however, you usually have to pay tax when you receive payments from these plans