DCHP-2

Registered Retirement Savings Plan DCHP-2 (June 2016)

• n. — Finance, Administration

  a tax-deferred retirement savings plan that is registered with the Canada Revenue Agency.

  Type: 1. Origin — The Registered Retirement Savings Plan was introduced in 1957 by the federal government to encourage Canadians to save privately for retirement in addition to the state pension scheme that was to become, about a decade after the introduction of the RRSP, the Canada Pension Plan. Before then, the only way to deduct pension contributions from taxable income was if the individual belonged to an employer-sponsored registered pension plan. The federal RRSP was proposed by the Liberal party under Prime Minister Louis St. Laurent (see Perry 1989 and the 1989 & 2008 quotations).
  See also COD-2, which labels the term "Cdn".

  See also: Canada Pension Plan  Old Age Security  Registered Retirement Income Fund  RRSP  Retirement Savings Plan