Quote:
Originally Posted by GP_Matt
If you are getting your bonus in December then this is still doable but will take some prep work. If you fill everything out in advance of your bonus you can still get your company to withhold less tax so that you can contribute the full pre-tax amount to your RRSP and avoid a refund.
If your bonus comes in January or February there are more issues to deal with that I don't feel like considering at the moment.
All of the debate between RRSP and TFSA should assume that you will not be getting a refund or making a payment come tax time. If you are getting a refund you should try to eliminate this earlier in the year by paying less taxes. If you owe every year the government certainly ensures that you pay more taxes throughout the year to prevent it. If it is good for them the opposite should be good for you.
tl;dr refunds are bad and you should try to avoid them. You usually can without too much hassle.
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Yup, February. And there is no guarantee as to how large, either. All have been over 5 figures, though, it is a significant amount of your yearly income.