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Last-minute tips to save taxes and retire with more

(NC)—The deadline for making your RRSP contribution is coming up fast – but not too fast for you to take advantage of a few last-minute RRSP tips designed to help make your retirement more financially comfortable.

Maximize this year's RRSP contribution

• Borrowing can pay. The money you borrow will generate an immediate tax break and add to your tax-deferred RRSP growth potential. The key is to get a loan at a low interest rate and pay it back as quickly as possible.

• Split with your spouse to save. You can take advantage of a spousal RRSP to generate retirement income that is subject to less tax. This strategy works if your spouse's income will be lower than yours over the next few years or in retirement.

• Diversify for better, more assured growth. Because there is a limit on the amount you can contribute to your RRSP(s), it's a good bet you'll need additional income to fund the retirement of your dreams – and that's where your Tax-Free Savings Account and non-registered investment portfolio comes in. A well-balanced portfolio is based on an asset allocation plan that matches your risk profile and time horizon.

“With the right RRSP strategies you can save on taxes and retire with more,” said Jack Courtney, Investors Group advanced financial planning expert. “A financial planner can help make sure all your wealth-building strategies hit the bull's eye on your life and retirement targets.”

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Source: This column, written and published by Investors Group Financial Services Inc. (in Quebec – a Financial Services Firm), presents general information only and is not a solicitation to buy or sell any investments. Contacta financial advisor for specific advice about your circumstances. More information on this topic can be obtained from your Investors Group Consultant.

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