RRSP is a registered retirement savings plan, and RSP is a retirement savings plan, and it may or may not be registered, but RRSP is registered. While RRSP accounts are subject to tax exemptions, following the specifications of the Income Tax Act; RRSP accounts are more sound and reliable than RSP accounts.
RRSP included the coverage for life insurance, retirement and pension plans. RSP covers only retirement plans and the legal trusts establish RRSP accounts as they are registered. The credibility and security of investing in RRSP's are higher than investing in RSP's. RRSP is a type of Canadian account for holding savings and investment assets.