An RRSP, or Registered Retirement Savings Plan, is a government-approved account designed to help Canadians save for retirement. Contributions are tax-deductible, and investments within the RRSP grow tax-free until withdrawal. 

The deadline for contributing to an RRSP for a particular tax year is typically sixty (60) days into the following calendar year. Check the specific date each year to maximize your contributions. 

Your contribution limit is a percentage of your earned income, up to a maximum limit set by the government. Your Notice of Assessment from the Canada Revenue Agency will outline your contribution limit.

Yes, but withdrawals are subject to taxation, and there may be withholding taxes applied. Consider these factors carefully, as early withdrawals can affect your retirement savings. 

By the end of the year you turn seventy-one (71), you must convert your RRSP into a Registered Retirement Income Fund (RRIF) or use it to purchase an annuity. Minimum withdrawals from the RRIF start the following year. 

Yes, there is a penalty for overcontributions. Monitor your contribution room and be aware of any excess contributions to avoid penalties. 

Unused contribution room carries forward indefinitely. You can contribute more in future years, providing flexibility in your retirement savings strategy. 

No, RRSPs can hold a variety of investments, including stocks, bonds, mutual funds, GICs, and more. Choose investments based on your risk tolerance and financial goals. 

Yes, you can have multiple RRSP accounts, but your total contributions across all accounts cannot exceed your contribution limit. 

Yes, through the Home Buyers' Plan (HBP), you can withdraw up to a specific amount from your RRSP to use toward the purchase of your first home. Specific repayment rules apply.