Too many Canadians are leaving important retirement savings and planning strategies to the last minute as they rush to make an RRSP contribution before the March 3 deadline, says Jamie Golombek, managing director of Tax & Estate Planning at CIBC Wealth Advisory Services.

Read: Don’t just talk tax during RRSP season: Golombek

His new report, Getting the most out of your RRSP, focuses on the importance of thinking about RRSPs throughout the year.

To help clients get the maximum benefit from an RRSP, Golombek recommends five tips:

  1. Just Do It — Make an RRSP contribution
  2. Be Timely — Choose when to claim the deduction for the RRSP contribution
  3. Stick With It — Leave funds in an RRSP
  4. Cover Your Bases– Designate beneficiaries
  5. Plan for Redemption — Plan for RRSP conversion prior to age 71

“With these five simple tips, investors can take the necessary steps to invest smarter throughout the year, and get the maximum benefits from their RRSP savings,” says Golombek.

Also read:

Top tax tips for clients: Golombek

Golombek talks tax-efficient investments at STEP

6 common RRSP mistakes