The RRSP season aims to provide a lot of advice about how to maximize your contributions, borrowing to contribute, the benefits of contributing, along with guidance on investing inside your registered retirement savings plan.

It doesn't seem illogical to make taxable withdrawals from your RRSP to pay down debt, particularly short-term debt. The problem is that one is likely to pay more in tax on that withdrawal than one save in interest costs by paying down the debt, particularly if the debt is short term.

In addition, on would have lost precious RRSP contribution room as one is unable to grab that room back again when you make a withdrawal.

One should be careful and responsible in case one has to transfer his outside RRSP investments to the RRSP investments itself, and should not transfer in the ones that have declined in value.

It is reported that the RRSP can work much better for retirement on putting away 40 per cent more money now and let that grow and compound for 20 or 30 years, that amount will be much larger.

If one possess both a spousal RRSP and a non-spousal RRSP, be careful of combining those accounts at some point, as then all of the money in the combined account becomes "spousal" RRSP dollars.