A Registered Retirement Savings Plan (RRSP) is a government approved plan that helps you grow your retirement savings faster. In an RRSP, the interest your savings earns is tax-sheltered until you withdraw the money during retirement. The funds that you contribute to an RRSP in a given year are also deducted from your annual income to help you save on the amount of income tax you pay now. An RRSP can also help you purchase your first home, or return to school, with special programs like the Home Buyers Plan and Lifelong Learning Plan.