Canadians have until Feb. 29 to make a contribution to their RRSP that’s deductible from their 2023 income.
Canadians have until February 29 to make a contribution to their Registered Retirement Savings Plan that’s deductible from their 2023 income. With tax season approaching, Canadians have until Feb. 29 to make a contribution to their Registered Retirement Savings Plan that’s deductible from their 2023 income.
The savings could be even greater if an RRSP contribution moves you into a lower tax bracket, Kabot adds. As a result, you’ll get to keep a larger percentage of your overall income.When an RRSP contribution is made, there’s no requirement to claim the deduction that year. If you’re expecting your salary to increase significantly in the next couple years, you could maximize tax savings by waiting to claim the deduction, Kabot says.
Spousal RRSPs allow one spouse, usually the higher-income earner, to contribute to an RRSP in the name of the lower-income spouse. The contributing spouse gets to claim the tax deduction at their higher rate. And when the funds are withdrawn in retirement, they’re taxed in the hands of the lower-income spouse.
Interest rates are also a consideration, Skidmore says. Previously, the thought was that investment returns within an RRSP could outpace what you’re paying in interest on the loan. “That’s a tougher conversation these days with higher interest rates,” he noted. Posthaste: Canadians jump back into variable mortgages in bet on 'short-term pain for long-term gain'Costco caters to shoppers of all tastes and wealth levels, including those who enjoy the finer things in life. The warehouse club offers an impressive selection of gourmet grocery items, but you'll... -- Germany could increase military spending to as much as 3.
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