Every year, the Canada Revenue Agency sets a deadline for Registered Retirement Savings Plan (RRSP) contributions. And every year, many Canadians decide to make a lump-sum investment in their RRSP just before that deadline arrives, to receive a deduction on the previous year’s taxes.
Although any contribution is better than no contribution, making a large deposit at, or just before, the RRSP deadline – as opposed to regular monthly investments throughout the year – isn’t the best way to invest in your RRSP. Todd Sigurdson, Director, Tax & Estate Planning with Investors Group, explains how to maximize your RRSP investment.
