- Canadian Tax Resource Blog - http://blog.taxresource.ca -

The RRSP Deadline Is Approaching

The last day you can contribute to your RRSP and claim it on your 2009 taxes is March 1, 2010.

If you contribute to an RRSP on or before March 1, 2010, you can deduct your contributions from your 2009 income taxes. The tax savings depends on your personal tax bracket. For example, if you make $40,000 your tax savings (federally) will be 22% whereas if you made more than $90,000 the savings would be 26%.

It’s Not Too Late To Set-Up An RRSP

If you have not opened an RRSP, you can open one up at many banks and brokerage firms. Simply complete the application forms and contribute your money. In many cases you’ll get an instant tax receipt.

If you are serious about investing and plan on trading a lot, Questrade [1] is probably your best option. Their fees are among the lowest in the country and they really have a great system.