By David J. Rotfleisch and Kevin Persaud ( October 6, 2021, 11:00 AM EDT) -- Introduced in 1957, a registered retirement savings plan (RRSP) allows Canadians to defer tax on the income that they set aside for retirement. You may deduct your RRSP contributions when calculating your taxable income, and you pay no tax on the income generated within your RRSP....