The program allows you to invest before-tax dollars, as opposed to after-tax dollars, into your personal retirement fund. Therefore, if you are in a 40% tax bracket, this means Revenue Canada will give you a tax refund equal to 40% of your RRSP contribution. Other methods of tax savings should always be weighed against what you could save by contributing to your RRSP. This is especially true if building up that fund is a priority.
Tips To Turn Bad Debt Into Good Debt
Convert Mortgage Debt into Tax Free Debt Using an Existing Asset
Convert Mortgage Debt into Tax-Free Debt Over Time
Transfer Mortgage Debt to a Business or Rental Property