Registered Retirement Savings Plan (RRSP)

A RRSP is a retirement savings plan which you can establish and that the CRA will then register. Earnings and growth in the RRSP are generally tax-deferred within the plan, but are then taxed as removed from the plan.

Contributions to the RRSP may be tax deductible. These contributions are entered on line 208 of your return and will be deductible up to your contribution limit. If you do not max out your contribution for a particular year, you may carry that difference over as an eligible increase in contribution limits in a following year.

Please see publication T4040 for more information:
http://www.cra-arc.gc.ca/E/pub/tg/t4040/README.html