Get a bigger tax refund

RRSP strategies to reduce your taxes

4 strategies to pay less tax

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Max out your RRSP

Are you in a higher tax bracket? Contributing to your RRSP reduces your taxable income. The more you contribute, the more you'll get back. You can contribute the lesser of the following: $29,210 (set contribution room for 2022) or 18% of your annual income. Check your federal notice of assessment to find out how much contribution room you have.

An RRSP reduces your tax bill today while sheltering your investment income until you withdraw it. Once you withdraw money from your RRSP after retirement, it becomes taxable income.

Learn about RRSPs

  

Ready to contribute? Choose the option that’s right for you:

  

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Client with an existing RRSP

  

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Client without an RRSP

  

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Are you a new client or just looking for some tips?

  

Reinvest your tax return

Did you get a tax refund this year? Nothing's stopping you from treating yourself, but you might want to consider reinvesting a portion of your refund in your RRSP or TFSA right away.

This will reduce your taxable income so you're more likely to get a refund next year, which you can then reinvest into your RRSP—it's a win-win!

Woman seen from above does calculations with a calculator
Woman seen from above does calculations with a calculator
Woman seen from above does calculations with a calculator
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Set up systematic savings

Sometimes, it's easier to save little by little than to contribute a lump sum once a year. Set up automatic debits and make contributions to your RRSP on a regular basis throughout the year.

You decide how much and how often to contribute, like once a month or every payday. It's as easy as paying a bill. Just sit back and watch your savings grow!

See systematic savings
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Tip

Are you a business owner or self-employed worker? Explore our strategies to reduce the tax you pay this year.

Consider income splitting

What is income splitting? Income splitting is when an individual transfers money to their spouse who earns less to lower the total income tax paid by the couple. This is often a great strategy for retired couples.

You can also contribute to your spouse's RRSP even after you reach age 71, as long as your spouse is under 71. Good to know: the contributions you make to your spouse's RRSP belong to your spouse.

Reduce your post-retirement taxes
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Elderly man and woman sitting on a couch smile while looking at each other
Elderly man and woman sitting on a couch smile while looking at each other
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