Contributing to your Registered Retirement Savings Plan can pay you back with a nice tax credit, and the deadline for contributions is March 2. However, be aware that these contributions might be handled differently depending on your specific tax situation. Key is your total taxable income, which can be used in conjunction with an online RRSP calculator to determine what tax refund you can expect for funding your plan. And remember, instead of spending your refund from RRSP contributions, you can roll them from into a savings plan to continue accumulating.
“Few may realize that not all RRSP contributions are treated equally, or how making strategic contributions can boost tax savings over the long term.”