RRPP Challenge

As part of my savings plan, I am now regularly contributing to my RRSP (Registered Retirement Savings Plan), as I’ve been a little remiss over the last couple of years, only contributing sporadically to it. Aside from the end benefits of saving for my retirement, the biggest draw right now is the tax savings I’ll be getting on my income tax next year. Because I’m making more than I was at my last job, I’m inching closer to a new tax bracket, so getting any tax breaks I can is important.

To that end, Melanie and I decided to have an RRSP challenge. Because we’ve both been a little remiss in our contributions over the last few years, we thought a little friendly competition would help us along. We haven’t actually discussed a “prize” for the winner, however just being able to save on taxes should be prize enough.

Without further ado, here are the “rules”:

• The challenge runs from March 1, 2008 to February 28, 2009, the current contribution year.
• Both of us will report our savings on a quarterly basis.
• The winner gets the bigger refund next year at tax time.

On your marks, get set, go!