A Registered Retirement Savings Plan (RRSP) is a type of holding account for savings and investment assets. Also called RSPs, the program was introduced in the 1957 to facilitate retirement saving amongst both employees and the self employed. Using RRSPs over regular savings accounts comes with several tax advantages. For example, they can be withdrawn tax-free and applied towards the purchase of a buyer's first home, in Home Buyer's Program.
To benefit from RRSPs, you must be a Canadian citizen or a permanent resident.