Personal Finance & Money Stack Exchange is a question and answer site for people who want to be financially literate. It only takes a minute to sign up.
Sign up to join this community
I am Canadian and I have a large amount of RRSP contribution room. I do have money to contribute, but I will have no taxable income this year.
Should I make my RRSP contributions now, or save the money and contribute it next year when I will have taxable income (and be able to get a break/refund).
You can defer RRSP deductions to future years. So, if you purchase $20,000 in RRSPs this year but had no income, you could use this to offset your income next year when you are making, say, $100,000. For more details, see Deferring claim of significant purchase of RRSPs
Note that I strongly advise you ensure you have sufficient emergency funds prior to purchasing RRSPs.
