RRSP Registered Retirement Savings Plan

The purpose of an RRSP is to save for your retirement.  Not only save for your retirement, but save with tax free dollars until you do retire.  THe way this works is you can invest a certain protion of your income into your RRSP account and then get a rebate on your taxes.  When you cash in your RRSP at a later date you will be in a different tax bracket then you are today.  Therefore cashing in at a lower rate of taxation.