Attention Canadian taxpayers: how to slash your taxes and turbocharge your RRSP right now

MoneySense magazine explains how to save $7,000 a year in taxes; how to catch-up on RRSPs; and how to find the best mutual funds

TORONTO, Jan. 31 /CNW/ - This year, with the right knowledge, Canadians can easily meet the RRSP and tax deadlines (March 1 and April 30, respectively) with more confidence-and more money in their pockets.

Want to save $7,000 every year? While there aren't as many loopholes as there used to be, splitting income with a spouse and children can save thousands in taxes. MoneySense explains how.

Falling behind on your RRSP? It's not too late to catch up. These seven tips will help put your RRSP into overdrive. Among them:

  • Get your boss to help out: Company defined benefit pension plans, stock plans or RRSPs are a no-brainer when you want to boost retirement funds.

  • Treat your pay raise like found money: You're used to living on your current salary anyway. Why not build your savings by diverting the extra funds into your RRSP?

  • Borrow to save: If you can be disciplined about paying it back, an RRSP top-up loan can help you reach your goals sooner.

PLUS: Best Mutual Funds for 2011
Despite an economy that is (finally) growing, successful investing is still a challenge. Cash offers paltry interest, and returns on bonds are meagre. Against this backdrop, equities seem to be the best alternative-but they can be higher risk. Moneysense can help out with its 10th annual ranking of the best funds for your RRSP now. Our track record is impressive: Over five-year periods, almost 70% of our past mutual fund picks have gone on to beat the average for their categories.

About MoneySense:

MoneySense is Canada's personal finance and lifestyle magazine. Packed with smart features, practical advice and easy-to-follow financial tips on everything from home improvement to mutual funds, MoneySense attracts Canadians nationwide on the lookout for new ways to save, invest and spend. is Canada's best all-around personal finance website.

SOURCE MoneySense

For further information:

Louise Leger

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