What is an RRSP?

A Register Retirement Saving Plan is a saving account that is registered with the Canada revenue agency. The amount that is contributed to an RRSP may result in a deduction. Up to eighteen percent of an individual annual income can be contributed to an RRSP. An RRSP can be used to assist with retirement, offered by many Canadians financial institutions as a saving plan to assist clients with financial planning advice. You can hold an RRSP until age seventy-one. At age seventy-one RRSP must be converted into RRIF While saving in an RRSP return is tax-free while it remains in the RRSP.

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  3. What is the deadline for making deductible registered retirement savings plan contributions for each tax year?