1 / Contributions are tax-deductible, and the investments grow tax-free until withdrawal.

2 / Withdrawals can be made at any time, but any amount withdrawn will be taxed as income for the year of withdrawal.

3 / A wide range of investment products can be held in an RRSP.

4 / The annual contribution limit is 18% of the previous year's earned income, or up to an annual maximum contribution ($30,780 for 2023).

5 / Unused RRSP contributions will be carried forward and added to your total contribution room for future years.

6 / RRSPs are best suited for people looking to save for retirement and reduce their current taxable income.

7 / You must have earned income to contribute to an RRSP and you can contribute until the end of the year in which you turn 71.