A Registered Retirement Savings Plan, or RRSP, is a type of savings account in Canada designed to help individuals save for retirement. Contributions to an RRSP are tax-deductible, meaning they can reduce your taxable income for the year. The money in the account can grow tax-free until it is withdrawn, typically during retirement when individuals may be in a lower tax bracket. RRSPs can hold various investments, including stocks, bonds, and mutual funds. There are annual contribution limits, and any unused contribution room can be carried forward to future years. Withdrawals made before retirement may incur taxes, but there are exceptions, such as the Home Buyers' Plan and the Lifelong Learning Plan.