As the March 2, 2025, deadline for making a Registered Retirement Savings Plan (RRSP) contribution approaches, many Canadians are looking for ways to maximize their tax savings. Financial expert Jamie Golombek, in a piece published on January 15, 2026, provides five actionable strategies to help savers take full advantage of this powerful retirement and tax-planning vehicle.
Leveraging In-Kind Contributions When Cash is Tight
One of the most practical tips addresses a common dilemma: what to do if you lack the cash to contribute before the deadline. Golombek explains that you can transfer investments "in-kind" from a non-registered account directly into your RRSP. You will receive a contribution slip for the investment's fair market value at the time of transfer, generating a tax deduction for your 2025 return.
However, this move comes with a critical tax implication. The Canada Revenue Agency (CRA) treats such a transfer as a deemed disposition. This means any accrued capital gains on the investment will be realized and taxed. Conversely, if the investment has an accrued loss, the tax rules prohibit you from claiming that loss on the transfer.
For investments showing a loss, a smarter approach is to sell the asset in the non-registered account, claim the capital loss, and then contribute the cash proceeds to your RRSP. If you wish to repurchase the same investment inside the RRSP, you must wait at least 30 days to avoid the CRA's superficial loss rule, which would deny the loss claim.
Navigating the Complexities of Spousal RRSPs
Golombek highlights that spousal RRSPs are a frequent topic of inquiry. In this arrangement, one spouse (the contributor) makes the contribution and claims the tax deduction, while the other spouse (the annuitant) owns the plan. The primary goal is often post-retirement income splitting, where withdrawals in retirement are taxed in the hands of the lower-income spouse, potentially yielding significant tax savings.
It is crucial to understand that spousal RRSPs are not designed for short-term strategies. A key rule is the three-year attribution period. If funds are withdrawn from a spousal RRSP (or the resulting RRIF) within three calendar years of the last contribution, the amount is taxed back in the hands of the contributor, not the annuitant, with few exceptions.
Remember, your contribution limit to either your own or a spousal RRSP is based solely on your available RRSP room. Your spouse's own contribution room is separate and unaffected by any contributions you make to a plan in their name.
The Enduring Role of the Home Buyers' Plan
Before the advent of the Tax-Free Savings Account (TFSA) and the First Home Savings Account (FHSA), the RRSP Home Buyers' Plan (HBP) was the premier tool for first-time homebuyers. Golombek notes it remains a powerful option. The HBP allows you to withdraw up to $60,000 from your RRSP to buy or build a qualifying home, tax-free, provided you repay the amount over 15 years.
This plan can be used strategically in conjunction with the FHSA and TFSA to assemble a substantial down payment, offering flexibility for new entrants to the housing market.
By understanding these five strategies—in-kind transfers, loss harvesting, spousal RRSP rules, contribution limits, and the HBP—Canadian investors can make more informed decisions to optimize their retirement savings and reduce their tax burden as the March deadline looms.
