How Does A Registered Retirement Savings Plan Work? 
In Canada a Registered Retirement Savings Plan , RRSP is a tax sheltered savings plan that is not taxed while funds are inside the plan only when they are withdrawn . You are permitted to deduct your contributions to an RRSP up to a yearly limit -LRB- $ 24,270 in 2014 -RRB- . You can make contributions to your own plan , your spouse 's and that of your common law partner.Your individual contribution limit is included on your Notice of income Tax Assessment including an accumulated total of unused contributions that are carried forward . You are required to start taking an income from the plan not later than December 31 in the year in which you turn 71 . The income will be taxable . Different products or vehicles or accounts are eligible to be registered including mutual funds , segregated funds -LRB- Variable annuities -RRB- , stocks and GIC 's . This is a very basic summary . If you would like to work with a local Retirement Planner , you could start with a Google search . For example if you search for : retirement planner Halifax or retirement planning Halifax , my name along with several others will come up . You can use the same method to find Retirement Planners in your community . If you have further questions , or feel that I could be of assistance , please do not hesitate to contact me . 