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Don't Miss The RRSP Boat!

ImageYou have until March 1, 2007 to contribute to an RRSP for the 2006 tax year. Do not miss this opportunity to reduce your tax payable and save for retirement.

Don't wait until tax season to think about RRSP's and consider your tax deductions. This is the perfect time to sit down with your tax preparer and discuss how you can reduce your tax payable.

Often because tax returns in Canada are not due until April 30, people miss the opportunity to contribute to an RRSP and miss out on a tax deduction. Don't be one of those people who find out you owe money to Revenue Canada when you could have purchased a RRSP prior to March 1 and got money back instead.

The best place to find out what your RRSP contribution limit is, is Revenue Canada. You can call and find out, if you know how much your line 150 amount was on your previous years tax return. You can also register with Revenue Canada online and get access to this information via your computer. You can also find out your RRSP contribution limit on the bottom of your latest notice of assessment.

As I said, this is the perfect time to sit down with your tax preparer and plan your RRSP strategy. It is important to know what your RRSP contribution limit is, because there is a hefty penalty for over contribution of more than $2000.

Pat

 
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