RRSP carry forward: what you need to know

Peter Cishecki is sharing his expertise this week on CTV Morning Live (Vancouver). The topic? RRSP carry forward. Here’s the key takeaway: Don’t use all your RRSP deductions if it pushes you into too low a tax bracket. Sometimes, it's smarter to re-file and repay a portion of your refund. Below is a real example to help explain: • I overcontributed to my RRSP before filing, just to be safe. After tax season, and a review of my projected 2025 income, my accountant re-filed my 2024 return. She had applied too many RRSP deductions, which dropped me into a lower tax bracket than ideal. • Re-filing let me repay part of the refund and carry forward some of those deductions to 2025, when they'll save me more in taxes. Bonus: I won’t need to save as much this time around. Here’s the truth: the real money you make on RRSPs isn’t just about your rate of return—it’s about tax strategy. Make the most of your contributions. Tune in for the insights you need. SUBSCRIBE NOW In depth free personal finance advice. CTV MORNING LIVE SEGMENTS WEEKLY Short updates on current topics. Visit our website or call us today to get in touch with a qualified Financial Advisor. Subscribe to our channel for weekly personal finance advice and to listen to our "Your Money" podcast. Get in touch with Everything Financial Group Website: www.everythingfinancial.com Call: 1-888-424-4421 E-mail: sla@everythingfinancial.com