How an RRSP contribution can help reduce tax owing on any COVID-related benefits

The March 1 deadline for registered retirement savings plan (RRSP) contributions for the 2020 tax year is less than 10 days away, and, even if you’ve never contributed before, this is the year you may want to consider making one to claim a deduction on your tax return and save some tax on any COVID-19-related benefits. Let’s review the basic rules and then look at a couple of examples of how making an RRSP contribution...