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BMO financial planner's advice loses couple almost $50KProtect your savings and your retirement by using a lump-sum investment to purchase an income annuity. Get a regular, guaranteed source of income. An RRSP is a tax-deferred plan designed to help you save for retirement. With an RRSP contributions are tax deductible, and once in the plan. A RRSP is a retirement savings plan designed to help Canadians invest for retirement. See how investing with BMO can help you achieve your retirement.