1. The deadline to make your contribution for the 2013 tax year is March 3, 2014.
  2. It’s all about your tax bracket.  Most people are in the 30% bracket, meaning you can you can expect a $300 savings for every $1000 of contribution.
  3. You do not need to send a cheque.  The funds can be drawn directly from your bank account.
  4. If you do not have cash available, consider moving non-registered investments to your RRSP account.
  5. Also if you do not have the funds now but expect to have money later in the year, consider a short-term RRSP loan.  The resulting refund will also help repay the loan.
  6. For those who took advantage of the RRSP Homebuyer’s Plan, remember to make your annual repayment.
  7. A spousal RSP contribution can help couples in different tax brackets optimize their contribution.
  8. An RRSP contribution does not necessarily mean “being in the markets”.  For those that are risk-averse, the contribution can be placed safer investments, like savings accounts, GICs, or income funds.  However return expectations will have to be lowered.
  9. To prevent having to come up with a lump-sum contribution at the last minute each year, setup a monthly contribution to run throughout the year.

Please contact us if you have any questions or for more information!