Every year around this time, Canadians hurry to add money to their RSP to try and save tax dollars, which in turn nets them a nice refund in April. However, in 2021 you may have made less money than in past years...or made more. Either way, you have some tough choices to make. Do you contribute to your RSP for a tax deduction, contribute to your TFSA enjoy tax-free growth....or finish that renovation.
I addressed the question of "Which is right for me" in an episode of Financial Kenversations below
Financial Kenversations - RSP vs TFSA: Which Is Best For Me for 2021
If you need/want to make a contribution for the 2021 tax year, the deadline is March 1st, 2022. There are a number of ways to make a contribution to your RSP (online banking, phone banking, maybe a cheque). Schedule a call below and we can work out what makes the most sense for you.