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A Registered Retirement Savings Plan (RRSP) is an account, registered with the federal government, that you use to save for retirement. Anyone who files an income tax return with earned income and available contribution room can contribute to an RRSP (refunds depend on your current financial and tax situation). However, you must stop contributing to and close your RRSP by the end of the year you turn 71 by either withdrawing your RRSP savings in cash, converting your RRSP to a RRIF or buying an annuity. All RRSP withdrawals are subject to tax, as contributions are made with pre-tax dollars.

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