How to Make the Most of Your RRSPs for the 2013 Tax Year + MORE Feb 12th

CTV NewsMexican police arrest one man, seek another in killing of Canadian coupleThe Globe and MailOne man is under arrest and another is being sought by police in connection with the grisly slaying of two Canadian seniors at a popular retirement spot in Mexico. Jalisco state Attorney-General Luis Najera says the man under arrest is the brother of a …Arrest made in Canadian couple's murder in MexicoToronto StarMexico police arrest suspect in slaying of Canadian coupleOttawa CitizenArrest made in Mexico slaying of Canadian coupleCANOE680 News -CTV Newsall 12 news articles »

At this time of year, everyone wants you to put money into an RRSP. Here’s how to minimize the tax bite when you take it out.

Registered Retirement Savings Plans (RRSPs) are an important part of your overall financial plan. They allow you to invest funds that will grow on a tax-free basis until they are withdrawn. To get the most out of your RRSPs, you need to understand how they will benefit you.
RRSP Do’s and Don’ts for 2013

DO Maximize Your Contribution Annually

For 2013, the maximum amount you can contribute to your RRSP is 18 percent of your earned income or $23,820, whichever is less minus your pension adjustment plus your past unused contribution room. By contributing the maximum amount each year, you will have a higher amount of savings in your plan, more money in retirement and potentially a good size tax rebate.

DO Take Advantage Unused Room from Past Years

If you have not made your maximum contribution to your RRSP in past years, you have the ability to make up for it. Revenue Canada tracks your unused room on your annual Notice of Assessment and includes the amount in your allowable RRSP contribution room for the given year…