If you have already or will soon be receiving a bonus from your employer, have you given some thought as to what you plan to do with it? Many employers provide bonuses around Christmastime to show appreciation for their employee’s hard work throughout the year. If you benefit from receiving a bonus, it is important that you do some thinking before deciding what to do with this extra cash.
Are you already saving enough to attain your retirement goals? If not, consider putting some of your bonus into an RRSP. You may even have the option to have the bonus go directly into an RRSP so that you are not subject to the taxes right now.