You might want to delay making an RRSP contribution if this is the case. When you call or email or come in for a meeting we will be sure to ask you for 2012 and future income to establish your tax brackets and decide whether you should wait to next year. For example, if your income was less than $45k in 2012 and will be more than $55k in 2013, you would get an extra $1000 tax saving (or refund) by waiting one year on a $10k contribution!!

If you have the funds now and are really smart, you would make the RRSP contributions now but use it only against your 2013 income. Yes, you can do that and should if your income will be in the next tax bracket. Just remember that you must report the contribution on your 2012 but carry it forward to a future year. This is all done on schedule 7 of your tax return. Ask us, if you are not sure how!shutterstock_58069147