Contributing to an RRSP is always a great move, right? Not so fast. RRSPs reduce your taxes by sheltering income from tax when you contribute. You will pay the income tax later when you withdraw the funds, which is ideal when they’ve had a few years to grow (tax-free), and when you’re in a lower tax bracket because you’re retired or pulling back from your career. Here’s what to consider when you’re trying to decide whether, and how much, to contribute to your RRSP. The higher your income, the more you should contribute to your RRSP In general, the higher […]