A Registered Retirement Savings Plan (RRSP) is not an investment. It’s an account where you keep investments to save for your retirement. Plan your choices carefully, or you could end up with less money when you retire.

Five tips for choosing an RRSP

1. Don’t lock up money you need: Some RRSP investments are harder to turn back into cash. Be careful not to lock up money that you may need in the near future.
   
2. Make sure you have choices: Some RRSPs will let you choose from more types of investments. Check to see if the account lets you invest the way that you want.
   
3. Make sure your investments fit your financial plan: You can lose money on the investments in your RRSP just as you can with any other investment. Choose RRSP investments based on your goals, how much risk you want to take, and the length of time you plan to invest.
   
4. Get the best deal: Some RRSP accounts charge higher fees than others. Some offer similar investments that pay less money to you. Shop around and compare.
   
5. Don’t go over your saving limit: There is a limit on how much you can put in your RRSP account each year. You’ll find this amount on the Notice of Assessment that the Canada Revenue Agency sends you at tax time. Don’t put in more than that, or you may have to pay a penalty.

Remember: Your RRSP choices today can really affect your life later on.

Make sure you take time to think things through with care. It’s important to choose only those investments that are right for you.