RRSPs (Registered Retirement Savings Plans) are a tax assisted method of saving for retirement. With an RRSP, you contribute a portion of your income to the plan, and the government reduces your taxes owing each year.
RRSPs are great as a savings plan: by automatically having your contribution deducted from each paycheque, you start saving and never miss the money!
Even better, if you have never owned a home, RRSPs are a great way to save for a downpayment on a house. With an RRSP you put the money aside, get a bigger tax refund, and you use your tax refund to grow your RRSP faster. Even with less than perfect credit, saving for a large down payment is the perfect way to save for a new home.
Start saving today for a better future.