March 4 - It's not too late to make an RRSP contribution...

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2014-03-04


In fact, you might actually say it's early...

Instead of trying to beat the RRSP deadline next year, why not take the time today to set up an automatic RRSP contribution plan for 2014. Many employers can facilitate this by having the money come right off your paycheque allowing you to esentially get your "refund" thoughout the year as no tax will be charged on the income contributed directly via payroll to you RRSP.

Alternatively, consider taking any 2013 tax refund you get over the next couple of months and contributing that lump sum to an RRSP. You can then fill out CRA Form T1213 and get your payroll withholding tax reduced for the balance of 2014.