It's not too late to make an RRSP contribution to reduce your 2022 taxable income. The RRSP loan application can be done virtually and easily now while opening an account. Here is a list of who should maximize their RRSP Contributions in order of priority:
Approaching Retirement
If you are in the later years of your career and your retirement income is likely to be lower than your working income, this is your last chance to capture the differential between your working income tax bracket and your retirement income tax bracket. For example, if your current top tax bracket of Federal and Provincial taxes combined is 40% and your retirement income tax bracket will be closer to 25%, you save 15% instantly on whatever you contribute to an RRSP, in addition to the tax-free compounding of the investment while the funds remain in the plan.
HIgh-Income Earners
If you had a good income year in 2022, this is your chance to reduce the amount of your taxable income in the highest tax brackets.
People with spouses expecting lower retirement income
If spouse A is expecting a higher pension and/or other sources of retirement income, he or she can contribute to a Spousal RRSP in the name of spouse B, but still receive the tax deduction.--
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Investment Wary?
If you are concerned about where the markets might go, here is a link to a chart and other info that may reassure you, courtesy of Sun Life.