Use RRSP, TFSA, RRIF and RDSP plans to Save Taxes

Tax saving Tips with RRSP, RESP, RDSP, ​TFSA and others​

Tax SheltersRRSPs and TFSAs are amazing tax shelters that can help you hold onto thousands of dollars of your hard-earned money every year. The RRSP lets you defer paying taxes on a portion of your yearly income until you retire in a lower tax bracket—which will be true for most people.​

Tax SheltersMaximize your RRSP or TFSA contribution limits. Keep in mind that the investment interest you get from bonds and GICs is taxed at a higher rate, so in general, put your fixed-income investments in the tax shelter, and keep your stocks and dividend payers outside.

Tax SheltersTax Reduction Tips with RRSP, RESP, RDSP, ​TFSA and others​

Make contributions to it in the name of your lower-earning partner. You’ll get the same advantage as if you were putting income into your own RRSP (a tax refund on contributions), but here’s the kicker: when the money is later withdrawn, it will be taxed in your lower-income spouse’s hands at a lower rate. ​​

  • Just be aware of the Canada Revenue Agency’s attribution rules: you can’t make a contribution in the same year you withdraw the money, or in either of the two previous tax years. ​​

Plus, the total combined contributions to your own RRSP and your spouse’s RRSP cannot exceed your own deduction limit.​

Tax SheltersMax your RRSP

  • Registered retirement savings plans (RRSPs) are the government’s weak apology for gouging citizens on their taxes.
  • You may as well use the bone they throw you and get the most out of this chance.
  • When speaking about borrowing to buy investments, maxing out your RRSP is usually a sensible decision provided that
    you are able to service the loan in a reasonable period of time.

Tax SheltersKeep contributing to TFSAs well past 71

And unlike RRIFs, there are no forced annual withdrawals.

Each member of a senior couple can invest $5,500 into his or her TFSA annually, meaning the two of you can convert $11,000 worth of RRIF withdrawals and non-registered savings into TFSAs each year.

Use RRSP, TFSA,RRIF & RDSP plans to Save TaxesRegistered Disability Savings Plan (RDSP)

For eligible Canadians, money placed in a Registered Disability Savings Plan (RDSP) grows tax-free and can net a staggering 300% return.

Tax SheltersEarn free tuition money

What would you say if someone offered a 20% return on every dollar you squirrelled away for your kid’s university tuition?

Well, setting up a Registered Education Savings Plan lets you do exactly that: with an RESP, the first $36,000 you contribute is eligible for the 20% Canada Education Savings Grant (CESG).

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