Canada’s Registered Retirement Savings Plan (RRSP) lets employees contribute part of their income to a purpose-made retirement savings account. RRSP contributions reduce the tax an employee pays on their total income, and employees who regularly contribute to an RRSP with a matching program will end up paying less income tax than an employee who makes no contributions at all. RRSPs can also be used to fund a first-time home purchase, which is especially attractive to millennials and younger employees.