February 2020 – Here are some tips to discuss with your financial advisor to make the most of your RSP • Plan your retirement goals- what kind of lifestyle do you want to live in retirement, and when? Start making goals now to ensure you enjoy the long and fulfilling retirement you expect. • Invest early so your money has time to benefit from tax-sheltered growth. • Make the most of your tax refund. Rather than spending it, do something constructive with it like reinvesting it back into your RSP or paying off high interest debt. • Contribute now & deduct later: You don’t have to deduct your RSP contributions in the same year you make them. If you expect your future income will push you into a higher tax bracket, you can defer claiming deductions until later to benefit from a higher tax refund. • Excess contribution room that you haven’t yet used can be carried forward indefinitely for use in future year. • Once retired, reduce taxes by shifting up to 50% of eligible pension income from a higher income spouse to a lower income spouse. (You may also be able to elect to share up to 50% of your CPP income too)