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Retirement planning getting you down? There are always smart ways to plan the financial aspects of your retirement.

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Can you maximize your RRSP and TFSA with an income of $0?

– moneysense.ca

Ask MoneySense
I have $119,000 room allowed in my RRSP and $81,000 room in my TFSA.

I am 47, live in B.C., currently not earning income as a caregiver for a parent. I have a business with a registered GST number to claim income now or in the future. But for my question, let’s assume I will be claiming $0 for the next three years.

I have a sum of $250,000 coming to me as a gift, and I am looking to invest/save it.

I plan to use the portions not contributed into my TFSA and RRSP in investments that will be earning interest as income—likely mortgage investments.

Based on my income projections, what amount makes the most sense to invest into RRSPs at this time?

Should I spread the amount out over a period of time? Same question for TFSA.

—Jennifer

Maxing out registered accounts: TFSAs and RRSPs

Jennifer, you likely want to maximize your tax-free savings account (TFSA), skip the registered retirement savings plan (RRSP) for now, and put the rest of your money into a non-registered account…

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