Understanding RRSPs: Contributions, Limits, and Benefits

Question 1

What does RRSP stand for?

Accepted Answer

Registered Retirement Savings Plan

Question 2

What is the maximum annual contribution limit for RRSPs in 2021?

Accepted Answer

$27,830

Question 3

What is the main advantage of contributing to an RRSP?

Accepted Answer

Tax-free growth