No document on tax savings would be complete without mentioning the Canadian classic - the RRSP.

Use an RRSP Loan to Reduce Your Taxes

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

Web site content is for informational or illustrative purposes only and is not be considered or used as a substitute for professional financial advice from an accountant, lawyer or certified financial planner. Click here to view our full legal disclaimer.