Hi folks,

Here are my top 10 tips to get the most out of your Registered Retirement Savings Plan:

1. Maximize Your Contribution. A $10,000 contribution equals $4,500 in deferred tax savings (assuming your tax bracket is 45%). Got lots of contribution room? Consider a RRSP loan. The tax savings should exceed the interest paid on the loan.
2. Contribute Early. Making a lump sum contribution in early March rather than late February (the following year) will earn additional income through compounding. Can't do that? The next best strategy is to make regular contributions throughout the year.
3. Give Yourself A Raise. Getting a large tax-refund every year? You may be giving the government a free annual loan. Fill out a T1213 form. The CRA may grant your employer permission to deduct less tax and your take-home pay will be higher.
4. Tax Planning For Two. Consider a Spousal RRSP. Splitting your RRIF income with your spouse may help reduce your total tax bill.
5. Make Tax Efficient Deduction Decisions. The higher your tax bracket, the larger your tax savings.
6. Go For Growth. Overly conservative investing comes with risk as inflation can erode your investment. If you're not earning at least a 2% rate of return, you're probably losing money.
7. Resist The "Dip". RRSPs are taxed upon withdrawal. The only exceptions are the Home Buyer's Plan and the Life Long Learning Plan.
8. Tax-Efficient Investing. Place highly-taxed investments (i.e. interest income) inside RRSPs. Place tax-deferred investments (i.e. eligible dividends and capital gains) outside RRSPs.
9. Special RRSP Deductions. Take advantage of the Retiring Allowance and Pension Adjustment Reversal if you're a long-time employee or participate in a company pension.
10. Designate A Beneficiary. Designate a direct beneficiary on your RRSP. There are no probate fees on these assets and the tax-deferred status can remain if the beneficiary is a spouse, dependent child or grandchild.

I hope this helps but remember, these tax strategies may not work for everyone. Consult with a financial planner to determine the best fit.