Tax season is kicking into high gear, so now’s the time to consider how you’ll be filing for the year that just ended, but also to make changes to reduce your 2017 taxes. According to a recent study, only 33 percent of Canadians will contribute to an RRSP this year, so now is the perfect time to review the tax advantages of an RRSP.

A Registered Retirement Savings Plan, or RRSP, is an investment strategy that allows savings to be placed into an account without being subject to taxation. Not only does it reduce your income now to potentially put you into a lower tax bracket, but it also allows those contributions to grow tax-free for many years. And usually, when you withdraw the money at retirement, you’ll be taxed in a lower tax bracket since your income is generally lower. If you need to make withdraws earlier, then two programs to consider are the RRSP Homebuyers’ Plan to help you buy a home and the Lifelong Learning Plan to help you pay for school.

Read more: Here’s How To Get The Most Out Of Your RRSP