Browsing Tag

RRSPs

Retirement

Mistakes that are often made with RRSPs and how to avoid them

A Registered Retirement Savings Plan (RRSP) is one of the best ways to build long-term wealth. However, if the account is not used carefully, it may result in significant opportunity costs. Over 6.2 million Canadians contributed to their registered retirement savings plans or RRSP in 2020, accumulating a total of $50.1 billion for their retirement.

Contributions rose 13.1% in 2020 compared to the previous year, while the number of contributors rose by 4.9%, according to a report by Statistics Canada. Despite everyone’s enthusiasm for these accounts, financial advisors warn that RRSPs won’t be very useful if you don’t understand how those accounts work. Although RRSPs are pretty famous, there are certain subtleties about them that you, as a consumer, should understand.

July 18, 2022

Investing

What You Should Know Before Contributing To An RRSP

Registered Retirement Savings Plans (RRSPs) are a great way to put money aside for retirement, however, there are some things you should know about RRSPs before putting your hard-earned money into one.

November 3, 2019

Retirement

Tips For Making A Last-Minute RRSP Contribution

We’re nearing the end of the 2017 RRSP deadline, and if you haven’t already done so, you may be considering topping up your RRSPs before March 1^st. In order to avoid over-contribution penalties, it is wise to have a good understanding of exactly how much you can contribute into your RRSP. Below are some steps to follow before making any further RRSP contributions.

February 27, 2018

Investing

I Wrote My First E-Book – Everything You Need To Know About RRSPs

Many of you who have already browsed my blog in the past know that I have written many articles about different topics relating to RRSPs. Due to my husband’s coaxing, I decided to try to write a short e-book on the topic so that it would be a useful reference for folks who were told they need to contribute to an RRSP but really have no idea what RRSPs are or how they work.

June 4, 2012

Taxes

Last Minute Tax Tips

Avoid the late filing penalty: Even if you can’t pay your balance owing, file your tax return by the deadline. It will save you the late filing penalty.
Both spouses should file: Make sure you or your spouse or common-law partner file a tax return on time if you want to begin or continue receiving the Canada Child Tax Benefit payment.

April 27, 2011

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