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An RRSP is a savings plan where your money can earn interest that’s tax-deferred until withdrawn. Each year you contribute to an RRSP, you may claim a deduction that could make you eligible for an income tax refund after filing your annual tax return.
An RRSP matures the year you turn 71. At that time, you can choose to take the RRSP proceeds as a taxable cash withdrawal or use them to purchase a registered annuity or a RRIF, or any combination of these.