A registered Retirement Savings Plan (RSP) is an investment account designed primarily for saving toward your retirement years. As a retirement savings vehicle, regulated by the Canadian government, RSPs have special tax benefits. Your annual RSP contribution can greatly reduce the amount of income tax you pay in that year, and the money you put away can have years of tax-deferred growth potential. You only pay tax on the amounts you withdraw. RSPs are available through chartered banks, trust companies and other financial institutions.