Can self-employed individuals contribute to registered retirement savings plans (RRSPs) for tax-deferred savings ?

Yes, self-employed individuals can contribute to Registered Retirement Savings Plans (RRSPs) for tax-deferred savings. Contributions to RRSPs offer tax benefits by reducing taxable income for the year in which the contributions are made. This can result in immediate tax savings, as the contributions are deductible from the individual's taxable income, effectively lowering their tax liability.