investment question re severance pay

Hello David,
I just received a severance payment. What would be the best way to invest this money without incurring so much tax from the government. I have so much room for my RRSP. I am thinking of dumping it to my RRSP and just claiming my contribution every tax year. What do you think. Thanks for your advise.
david ingram replies:

Using an RRSP deduction is the easiest and safest way to cut down income tax and spread it out.

However, a better use might be to pay the tax and pay down a non-deductible mortgage or pay the tax and use the rest as a down paymnet on a house or condo if you do not own one now.

Paying off non-deductible debt can b e a better long term use of money than an immediate tax dedcution.

You should find a financial consultant in your area who will give you a written financial plan.

Some like Fred Snyder ( will give you  such a plan as part of his sale or 'no sale' process.

Fred also gives two free seminars a week for clients and potential clients or just someone who wants to drop in.  There are about 25 different seminars which we used to charge significant dollars for. They aree broken down into income tax, estate tax, estate planning, financial planning, buying your first house, mortgage interest as a deduction, etc.

There are not a lot of financial consultants who operate like Fred but you might find one in your area.

By the way, you can listen to Fred every Sunday morning on CKBD radio in Vancouver or  on the internet at from 9:00 AM to 10:30 AM Vancouver (LA) time.  The program is called "IT'S YOUR MONEY"

I am a guest on the program on the last Sunday of every month.