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REGISTERED RETIREMENT SAVINGS PLAN (RRIF)

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 when funds are removed from the plan.

Contributions to the RRSP may be tax deductible. These contributions are entered on line 20800 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.

Pooled Registered Pension Plans (PRPP) 

A PRPP allows member to benefit from lower administration costs that result from participating in a large, pooled pension plan. An employer does not need to participate in the plan, but may elect to. The plan moves with the tax payer. A PRPP uses the same limits as an RRSP and must be considered when contributing to your RRSP. 

Please see publication T4040 for more information: RRSPs and Other Registered Plans for Retirement 

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