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RRSP Deduction Timing
It’s generally to your advantage to make your maximum RRSP contribution every year, but claiming the related deduction each year shouldn’t be automatic. You can carry forward undeducted RRSP contributions indefinitely, so if your income is currently in one of the two lower tax brackets but you anticipate it will be in the top bracket in the future, consider making your RRSP contribution now to take advantage of tax-free growth inside the plan, but don’t claim the deduction until a year when your income is in the top bracket. This way, you can maximize your tax savings.
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