A pooled registered pension plan (PRPP) is a relatively new type of retirement plan. The Canada Revenue Agency (CRA) considers contributions you make to your PRPP to be tax-deductible. In many ways, PRPPs function similarly to registered retirement savings plans (RRSP).
Because the assets are pooled, however, these savings vehicles usually have lower administrative costs than similar retirement accounts, making them more attractive to many people.
An RRSP is a retirement savings plan that’s registered with CRA, and to which you, your spouse or your common-law partner can contribute. While RRSPs can be self-directed plans or group plans, investing in RRSPs is an excellent way to plan for your retirement years.
To learn more, please visit TurboTax webpage: Pooled Registered Pension Plans
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