Planning for Retirement Introduction Increasing life expectancies and lower birth rates are creating a situation in which the portion of the Canadian population that is of retirement age has been increasing and will continue to do so. This created the foundation for development of various private retirement savings plans as the basic Old Age Security (OAS) and the Canada Pension Plan (CPP) system cannot provide an enjoyable lifestyle during the retirement years. The following are some of the common provided plans: Registered Retirement Savings Plans (RRSPs) Registered Pension Plans (RPPs), including Individual Pension Plans Target Benefit Plans Pooled Registered Pension Plans Registered Retirement Income Funds (RRIFs) Deferred Profit Sharing Plans (DPSPs)