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As per CRA, an RRSP is a retirement savings plan that you establish, that CRA register, and to which you or your spouse or common-law partner contribute. Deductible RRSP contributions can be used to reduce your tax.
Any income you earn in the RRSP is usually exempt from tax as long as the funds remain in the plan; you generally have to pay tax when you receive payments from the plan.
Please visit the website of RRSPs and Other Registered Plans for Retirement to learn more about how do you claim your RRSP deduction, the age limit for contributing to an RRSP, contributing to your RRSPs, how much can you deduct, calculating your 2020 RRSP deduction limit, and contributions you can deduct for 2020.
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