Contributing regularly to a Registered Retirement Savings Plan (RRSP) may be able to help reduce your taxable income, which could result in money back for you to put towards your savings.
See How Contributing Can Help Give You a Tax Break6
|$50,000||total taxable income|
|With a $4000||RRSP Contribution|
|= $46,000||reduced total taxable income|
But hurry, you only have until March 1, 2021 to take advantage of this tax deduction on your 2020 tax return if available to you7. So open an RRSP account and contribute today!