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Reinvesting your RRSP refund can supercharge your savings.
If you contribute $5,000 to your RRSP each year and your marginal tax rate is 30%, you’d receive a refund of $1,500. But if you reinvest that next year along with your regular $5,000, your RRSP contribution will be $6,500, netting you a $1,950 refund. After 10 years of continually reinvesting your tax refunds and 5% annual growth, your savings would be increased by more than $23,000.
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