As this next Income Tax season approaches, you may be considering an RRSP contribution before the upcoming deadline.
Regardless, I always suggest to make a list of your tax related details and compare them to the previous year. This allows you to be organized and prepared for filing, and provides a general overview of the possible tax results so that you can determine if any RRSP contribution will be a good choice.
Keep in mind that although investment is important, an RRSP contribution is not necessarily the best option for everyone. Taking into consideration your current and anticipated life style, goals, contribution limits, and overall tax implications, a spousal contribution, TFSA, or other investment means may be a better option for you.
Personal or spousal RRSP contributions made between March 3, 2015 and February 29, 2016 will be applicable for your 2015 Income tax Return. Consult your financial adviser to determine the best option for you.
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