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Smart RRSP Moves You Can Still Make: 10 Last‑Minute Tips That Boost Your Tax Savings

  A few strategic RRSP decisions made right before the deadline can meaningfully reduce your tax bill and strengthen your long‑term retirement plan. These ten tips focus on high‑impact actions that are easy to implement, even at the last minute. 1. Confirm Your Exact Contribution Room Check your latest CRA Notice of Assessment or log into My Account to avoid over‑contributing. Staying within your limit prevents penalties and helps you plan the most efficient deposit. 2. Prioritize High‑Tax Brackets If your income is higher this year than it will be in retirement, an RRSP contribution delivers a stronger tax refund. This is especially valuable for anyone who received bonuses or extra income. 3. Use a Carry‑Forward Strategy If you can’t contribute the full amount now, contribute what you can and carry forward unused room. You’ll still benefit from tax‑deferred growth and can top up in future high‑income years. 4. Consider Borrowing for an RRSP A short‑term RRSP loan can mak...
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TSX rises as energy and consumer staples lead




The Toronto Stock Exchange’s S&P/TSX composite index ended up 71.66 points, or 0.3%, at 21,061.88 on Monday, approaching its 20-month high of 21,074.91 reached last week. The energy and consumer staples sectors were the main drivers of the gains, as oil prices recovered some of their losses and investors digested a Bank of Canada business survey.

The survey showed that Canadian firms saw their order books decline as interest rates crimped consumer spending, and they expected inflation to ease despite increased concerns over wages for the next year. The report could keep the door open for interest rate cuts in the first half of the year, according to some economists.

The energy sector rose 0.9% as U.S. crude oil futures settled at $72.50 a barrel, down 0.3%. The consumer staples sector added 0.8%, boosted by shares of Saputo Inc and Loblaw Co, which climbed about 1.6% and 1.5%, respectively. The utilities sector also ended 1.1% higher.

Trading volumes were lower than usual, with U.S. markets closed for the Martin Luther King Jr. Day holiday. On Tuesday, Canada will release its consumer price index report for December, which could offer more clues on the central bank’s policy outlook. Economists expect inflation to rise to 3.4% from 3.1% in November.

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