When gathering your tax receipts to bring in, be sure to include your RRSP contributions for the first 60 days of 2012. These slips MUST be recorded on your 2011 tax return – whether you claim them as a deduction or not. If they get missed, your return will have to be amended.
You want to make sure you get the deduction for contributions as you will have to pay tax on these funds when withdrawn.
RRSP contributions are usually claimed as a deduction when your income is in a higher bracket than it would be at retirement. RRSPs are a great savings tool and can be drawn on, if need be during a low income year.
RRSPs are also great for saving for your first home (Home Buyer’s Plan) and for returning to post secondary education (Life Long Learning Plan).
So… get saving!