Registered retirement savings plan (rrsp) an rrsp is a retirement savings plan that you establish, that we register, and to which you or your spouse or common-law partner contribute. Deductible rrsp contributions can be used to reduce your tax. Making withdrawals any income you earn in the rrsp is usually exempt from tax as long as the funds remain in the plan. However, you generally have to pay tax when you cash in, make withdrawals, or receive payments from the plan. Use form t2205, amounts from a spousal or common-law partner rrsp, rrif or spp to include in income, to determine how much to include in your and your spouses returns. You can withdraw amounts from your rrsp before it starts to pay you a retirement income. If your spouse or common-law partner contributed to your rrsp, see withdrawing from spousal or common-law partner rrsps. your rrsp deduction claim is limited by the amount of your rrsp, prpp, or spp contributions previously made and your rrsp deduction limit. If you convert your rrsp to a rrif, payments will not be required until the calendar year following the year the rrif account was opened. When converting an rrsp to a rrif, the investments held in the rrsp can be transferred directly to the rrif account. Q i havent cashed my gic yet, so why did i get this tax slip? A the canadian government requires that cibc provide tax slips to canadian residents who have received interest or who have accrued interest in any given year. (accrued interest is interest that has been earned but has not yet been paid). If you own an rrsp, you can convert it to a rrif to start drawing an income for retirement. You have until december 31 of the year you turn 71 to convert to a rrif. If you need the income before age 71, you can convert sooner.