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Understanding the difference between RSP contributions and RSP deductions is a great way to manage building your net worth, smoothing out taxes owing over more than one year and meeting a goal savings amount easily.

Watch the video to see what happens when you have available cash, available RSP room and know the difference between contribution and deduction.

Your tax return is a conversation between you and CRA. If you aren’t comfortable with taxes, feel lost in all of the numbers, would rather look away, try approaching it like a conversation. Tax is a large part of our financials at all stages and tax policy shapes our society. The more comfortable you are with how tax works, the more confident decisions you can make about your own situation.