An RSP is a monthly subscription plan (on a fixed date) that enable you to invest a fixed amount of money into a particular investment product on a regular basis.

It uses the concept of dollar cost averaging, an effective strategy that avoids trying to time markets. By investing regularly, more units are bought when prices are low and less units when prices are high. As a result, in rising or fluctuating markets, the average cost for all the units can be lower than the average price during the same period.