RRSP’s Do’s & Don’t’s for Business Owners

As a business owner, you are likely wondering if maximizing your RRSP contribution is a better move than keeping money in your corporation for investment purposes.

There are many factors to consider, and it heavily depends on your individual situation and the size of your corporation. For some, RRSP contributions may result in more money in your pocket over time. However, there are other options that your accountant may take you through, including paying yourself a dividend or salary or investing in a corporate life insurance policy.

Although the answer isn’t straightforward, having a knowledgeable and professional accountant guide you through the process can help you navigate sometimes murky waters.