What does the acronym RRSP stand for?

The acronym RRSP stands for Registered Retirement Savings Plan. This is a Canadian investment vehicle designed to encourage individuals to save for retirement by allowing them to contribute a portion of their income into a savings account that enjoys tax advantages. Contributions to an RRSP can be deducted from taxable income, which can lower the tax burden for individuals during their working years. The funds within the RRSP grow tax-deferred until they are withdrawn, typically in retirement, when individuals may find themselves in a lower tax bracket.

The other options do not accurately describe the function or definition of RRSP. "Rapid Return Savings Program," "Restricted Revenue Share Plan," and "Registered Revenue Savings Plan" do not reflect any recognized investment or savings schemes under Canadian financial regulation. Therefore, the correct choice is clearly tied to the widely understood and regulated concept of registered retirement savings in Canada.