Free RRSP Tips

I made my annual RRSP contribution last week.  I contribute through the year, and then…based on my financial picture come February, I almost always top it up just prior to Income Tax season.  While doing so, it struck me that I’ve benefited from great financial advice over the years, which has benefited the business of The Leavins Family.  And since all the  advice given to me was free, I thought I’d pass a few onto you.  Just remember, check with your banker, first, because I’m most definitely NOT one!  One…remember the rabbit wins the race.  As I mentioned above, regular contributions make a significant difference to your bi-weekly tax bill.  And, usually, putting a little aside at a time just SEEMS easier than one, big cheque.  Two…do you have a spouse, and if so…do you make more money than they do?  If so, you may want to consider a spousal RSP.  By splitting your income, your tax savings can be pretty tidy.  And finally…lots of people advise you to borrow money, in order to max out on your RRSP’s.  That can work, all right, especially when rates are low. My free advice on this point, though?   Is to pay that loan off in 6 months, before higher rates come back to “ding” you.