Tax News & Tips: 2009 Money Saving Strategies
There is no better time than at the start of the year to take actions that will minimize your tax bill. Here is a few ideas to consider:
Maximize contributions to your Registered Retirement Savings Plan (RRSP):
The contribution cap for 2009 is $21,000. And don’t forget, you still have until March 2 to max out your 2008 contribution room of $20,000. The sooner you contribute, the sooner the money starts growing tax-free until you start to withdraw. Consider adding contributions to the usual monthly household payments you make. In return for your contributions you get a tax credit.