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Michael McCullough is a contributing editor to MoneySense and a financial writer and editor in Duncan, B.C.
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Everything you need to know about RRSPs, TFSAs and RESPs
– moneysense.ca
With the March 1 RRSP deadline just a few weeks away, many savers are no doubt asking themselves whether they should be putting money into this stalwart retirement account or if they should be investing in the decade-old tax-free savings account, or their Registered Education Savings Plan (RESP), instead.
While it’s good to save in any of these vehicles, which one to use first will depend on how much you have to save and what you want to do with your dollars. With the RRSP deadline approaching, we thought we’d take another look at these three accounts.
RRSP: Still a solid retirement savings account
The Registered Retirement Savings Plan was created by the Federal government 62 years ago to help Canadians to save more for their golden years. At the time, people could only put away 10% of their income up to a maximum of $2,500.
While a lot has changed since then, the RRSP has stayed mostly the same. Canadians can still contribute a percentage of their earnings, though it’s now 18% of people’s income up to a maximum of $26,500 for the 2019 year (this year’s deadline is in 2020)…
While it’s good to save in any of these vehicles, which one to use first will depend on how much you have to save and what you want to do with your dollars. With the RRSP deadline approaching, we thought we’d take another look at these three accounts.
RRSP: Still a solid retirement savings account
The Registered Retirement Savings Plan was created by the Federal government 62 years ago to help Canadians to save more for their golden years. At the time, people could only put away 10% of their income up to a maximum of $2,500.
While a lot has changed since then, the RRSP has stayed mostly the same. Canadians can still contribute a percentage of their earnings, though it’s now 18% of people’s income up to a maximum of $26,500 for the 2019 year (this year’s deadline is in 2020)…
Under the agreement, Morgan Stanley will pay $19.15 per share for Solium, a firm that helps companies manage employee stock plans.
