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What do filing an income tax return, saving money and taking a cruise all have in common? Well, if handled well, you can 'have your cake and eat it too'! That's right, you can save money and take a cruise by utilizing your tax return properly.

In Canada for example, earners have the opportunity to invest in an RRSP ' a registered retirement savings plan. By saving in an RRSP, one can minimize the amount of income tax that they must pay. Most employees have income tax deductions taken off their pay based on their income, marital status etc. The RRSP contribution amount actually reduces the 'income' which lowers the amount of income tax payable. In short, this usually means a healthy income tax refund cheque.

Although there is a limit as to how much one can contribute to an RRSP for tax considerations, the year's amount can be increased if one has not taken advantage of previous years' investment limit. So, if one takes advantage of this 'top-up' the income tax payable is lower still, and the income tax refund increases.

Think about it for just a minute. By taking advantage of the RRSP contribution limit on your tax return, you can save money for your retirement and get a tax refund cheque with which you can purchase a cruise vacation! How's that for 'having your cake and eating it too'?

Many other countries or states have similar programs. By maximizing your tax refund, you are able to both save and spend.

Of course there is a deadline for placing the contributions for the current year's consideration. You certainly would not want to miss this contribution deadline. That would mean that you would have to wait until next year to take your income tax refund cruise vacation.

You have worked hard all year long. You have been given the opportunity to have your efforts work for you... again. So save your money and book a fabulous cruise vacation. You desrve it!