Today is the last day to make a contribution to your Registered Retirement Savings Plan (RRSP) for the 2014 tax year.

Some financial institutions will be open later than usual to help get those contributions in before the midnight cut-off.

According to a recent poll from CIBC, one third of Canadians plan to contribute to an RRSP for the latest tax year. Of those, about half say they wait until the last minute to file.

Financial advisers suggest just putting your money into an RRSP account account and worry about where to invest later. Advisers say making hasty decisions about where to put your last-minute RRSP contribution is not the way to go, since this is all about getting the tax refund.

rrspThe RRSP account is just a basket account where the money goes. Canadians still have to figure out what investments the money will go into.

For some, RRSPs may not be the best way to go. A tax-free savings account may be more effective for those making less than $40,000 a year.

Some experts say borrowing to invest can be a good plan considering mortgage rates are available for less than three per cent. However, if you have high-interest rate debt owning on credit cards that should be the first thing to take care of.

The RRSP deadline can also be used as a catalyst to set up monthly investments to avoid the last-minute rush next year.

Although you may be scrambling to get your RRSP contribution in, you need to be cautious of potential scams. The Better Business Bureau is reminding you that if it sounds too good to be true, it probably is.

“A responsible financial planner or investment advisor is never going to suggest that you’re going to have a guaranteed investment, that you’re not going to have to pay taxes and that you should lie about the return,” says Sandra Crozier-McKee with the BBB.

She adds legitimate registered financial advisors are a great resource for investors; they’ll want to meet with you personally and give you as much time as they can to consider your options.