We're in the middle of Registered Retirement Savings Plan (RRSP) season, which means that many people are currently debating if and how they should be contributing to their RRSPs before the 2015 contribution deadline on February 29. Before making any decisions, make sure you understand how your RRSP works and the ways that it can help you save for your future.
RRSPs are a popular choice for Canadian investors because the contributions that you make to them are tax-sheltered, meaning your portfolio can grow without being taxed until you withdraw funds. However, there are a number of rules and considerations around RRSPs, including how much you’re allowed to contribute in a given year, the kinds of investments you can hold in them, and how long you can keep an RRSP account open. Learn more about what’s involved with opening, contributing and withdrawing from an RRSP with our guide on how RRSPs work.