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An RRSP is a retirement savings plan that you establish, that we register, and to which you or your spouse or common-law partner contribute. Deductible RRSP contributions can be used to reduce your tax One key deduction not only offers tax benefits, but it also helps you save systematically and prepare for retirement and other financial needs. Registered Retirement Savings Plans ( RRSP s) let you put money into a registered plan and deduct the money from your taxable income until you take it out of the plan. Deducting your  RRSP  contribution from your net income means you don't have to pay income taxes on it until you take it out of the registered plan. You will pay lower taxes on the money in the plan when you take the money out if you are in a lower tax bracket at that time. An RRSP can include almost any type of investment. Ensure that the investment is a good one for your needs. Returns may be guaranteed or they may not—some types of investments, such as stock market shar...