What should you do with your Christmas Bonus cheque if you get one? Something smart!
If you have the available RRSP room, it makes sense to direct the bonus to your RRSP instead of receiving the funds in cash. You will save the taxes immediately. The contributions will therefore be bigger than making the contribution after tax. If you do not have RRSP room, consider directing all or some of the funds to your mortgage, other higher interest debts or to your TFSA.
Calling us first would sure be the best thing to do to evaluate your options and their consequences!!