- Contributions made to an RRSP lower your taxable annual income, which means that you enjoy tax savings.
- As long as you don’t make withdrawals, you do not pay taxes on the money earned in your RRSP.
- Unused contribution room is carriednover to the following year, which means that you can contribute more than your annual limit.
- You can use funds from your RESP to buy a first property (HBP) or go back to school (LLP).
- You can contribute to your spouse’sRRSP to lower your taxable income and enjoy tax savings.
