A Registered Retirement Savings Plan (RRSP) is an investing savings plan for you, your spouse or common-law partner that you can contribute to and is registered with the Government of Canada. For Canadians wishing to grow pre-tax money the RRSP is a safe haven that allows you to compound your savings and avoid paying taxes until retirement at which time the funds are taxed at the marginal rate. Deductible RRSP contributions can also be used to reduce your annual tax payment making RRSPs an ideal tool in saving you money and planning for the future. It should be noted that 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.