Once you open an RRSP account, you need to determine the investment products to invest in and the frequency of your deposits. There are rules in place that govern what investments are eligible and how much you’re allowed to contribute each year. You can deduct your RRSP contributions against your taxable income, which will reduce your tax burden and possibly earn you a refund. You can continue investing in your RRSP until December 31 in the year you turn 71. At this point, you're legally obligated to withdraw the funds in your RRSP.