Tax season is quickly approaching, but there’s still time to limit the amount of taxes you will owe this year. Make the most of RRSP opportunities. – They are an effective tool to defer current tax until retirement;
-Your RRSP contribution enables current tax savings by reducing your overall taxable income; and
– You can benefit from tax-free growth on the investments inside your RRSP portfolio.
The contribution deadline is March 1, 2018, but first be sure to check your allowable contribution limit on your prior year’s Notice of Assessment to avoid an over-contribution.
Mike Goldade, CPA, CA, ProVerus Chartered Professional Accountants, Proverus.ca