How much should I put in my RDSP? + MORE Jul 22nd

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– cbc.ca

A strong earnings report from Canadian National Railway helped push the Toronto stock market to a fresh record high close Tuesday as traders put geopolitical concerns aside for the moment and concentrated on the health of corporate North America.

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How much should I put in my RDSP?

– moneysense.ca

Q: I have $50,000 saved up and I’m adding to my savings every month. I want to buy a home in the next 5 years. I have lots of choices and I’m not sure what to do. My investment adviser doesn’t really know how an RDSP works.—Patricia, Vancouver
A: Patricia, I’m not surprised your investment adviser doesn’t know much about RDSPs. Even though they were introduced in 2008, they’re really not very prevalent. Only Canadians with disabilities, or their friends and family, can open an account. And among those who qualify, uptake has been limited.
RDSPs can be onerous accounts to open and they’re not very profitable for the investment industry as compared to other types of existing accounts either, so you’re limited in terms of where you can open an RDSP. Currently only 12 financial organizations offer them.
That said, they offer a lucrative investment opportunity. At your level of income (about $70,000) you can get government grants of $3,500 per year by contributing $1,500 to your RDSP…

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