RRSP Deadline Nears

It's a busy Monday for banks and financial institutions. The deadline to make a Registered Retirement Savings Plan (RRSP) contribution for the 2015 tax year is midnight. Ron Rau of R.J. Rau and Associates says there's always those who wait until the last minute. "If you're clever you set up monthly deposits so you're contributing throughout the year," says Rau. "That way you're not worried about having to make a deposit at the end of the year, and your money is going in ahead of time and enjoying the benefits of compounding." A recent study by the Bank of Montreal says 61 per cent of Canadians planned to contribute to an RRSP by today's deadline, down from 64 per cent in 2015.