A dream retirement starts here.
An RRSP lets you accumulate savings during your career to maintain your standard of living in retirement. Interest payments from your GICs are tax-sheltered while the funds remain in your RRSP. Plus, your contributions are not tax-deductible up to the annual limit. The RRSP must be converted to a Registered Retirement Income Fund (RRIF) or used to buy an annuity by the end of the year when you turn 71.