according to statistics canada dians put aside $50.1 billion for their retirement by making contributions to their rrsp funding retirement best from contributing to a retirement account by lana sanichar ften i receive questions from readers about when it is and when is it not appropriate to contribute to a registered fied financial planner and managing director of objective financial partners not make sense to contribute to your rrsp contributions save you tax because you can deduct them from your bution will reduce your taxable income and save between $28 to $38 of tax depending on your province or territory too does the tax savings from an rrsp contribution or other deduction tax deductions according to canada.ca any capital losses in your registered retire- • if your taxable income is below drawing from your rrsp in retirement may be higher than the tax rate you save make rrsp contributions questionable beneficial rrsp contributions could be sider investing versus paying down debt investors with a low risk tolerance may not earn a high enough rate of return to be better off contributing to an rrsp or this is especially true if you have no group rrsp or a defined contribution on your credit card please do your own due diligence when making any mational purposes only and may not apply to all about their finances; it is not meant to be used in lieu of advice from a professional •amounts you pay for administration serv- ices for an rrsp • brokerage fees charged to buy and sell within a trusteed rrsp • the interest you paid on money you borrowed to contribute to an rrsp courtesy of lana sanichar financial connection lana sanichar is president and editor-in-chief of canadian money- saver magazine through an exclu- sive arrangement canadian money- saver's experts partner with the costco connection to share advice about relevant financial topics email topic sugges- tions to moneyinfo@ canadianmoney saver.ca costco members are offered a one-year special introductory price with online canadianmoney saver.ca and click on "subscribe," or call use "costco" for the discount code at the bottom of the page
