Make up for lost time – Take advantage of your unused RRSP contributions

If you haven't maxed out your RRSP in the past, then you surely have unused contribution room. Take advantage of your unused contributions to increase the value of your RRSP. If you don't have the cash required, start making regular instalments, and you'll see, you'll soon catch up your unused contribution room.

Borrowing to contribute to your RRSP could also be a profitable method that doesn't unbalance your budget. This strategy is quite effective when you apply your tax return to your loan¹.

1. If you are eligible for such a refund.