Which savings plans should a 37-year-old with a military disability income contribute to, and when? Jul 28th

All about Canadian investments. Learn the ins and outs and get the latest news.
Latest News

Weekly poll: will you buy an iPad Pro (2022)? How about a vanilla iPad (2022)? - GSMArena.com news - GSMArena.com Oct 23rd

Weekly poll: will you buy an iPad Pro (2022)? How about a vanilla iPad (2022)? - GSMArena.com news  GSMArena.comiPad as camera isn't stupid, it's what we need  TechRadarIt's never been more difficult to decide which new iPad to buy  MacworldBest iPad Pro deals in Octobe.... More »
 stock

Best online banks and credit unions in Canada for 2024 + MORE Mar 20th

Where can you get the best digital banking experience in Canada? We set out to find out in this inaugural review of the best online banks and credit unions in Canada. To come up with the ranking, MoneySense partnered with Surviscor, a leading Canadian research and consulting firm specializing in fin.... More »

Oatly's blockbuster IPO shows healthy appetite for plant-based living is growing - CBC.ca May 23rd

Oatly's blockbuster IPO shows healthy appetite for plant-based living is growing  CBC.caThe future may be vegan but I'll hold off on the oats  The TimesView Full coverage on Google News.... More »

What will happen to Afghanistan’s economy under Taliban rule? - Al Jazeera English Aug 19th

What will happen to Afghanistan’s economy under Taliban rule?  Al Jazeera EnglishAfghan central bank's $10-billion in assets likely not within reach of Taliban, officials say  The Globe and MailAfghanistan: Pakistan fences off from Afghan refugees  BBC NewsFATAH: This.... More »

What should I do with physical share certificates? + MORE Oct 21st

A MoneySense reader writes: When my spouse was a kid, his dad gave him a few physical share certificates of BCE. But this was a long time ago, and he didn’t do anything with them. In fact, he didn’t even know where the actual certificates were.  Recently, he came across the actual sha.... More »
Q. I am 37 with a military disability income that will pay monthly until I die. Could you give your advice on which savings plans I should be investing in, and the order in which I should make my investments?
To date, I contribute to my and my spouse’s registered disability savings plan (RDSP), then our TFSAs. When I max out these savings plans, should I contribute to a RRSP, or should I use an unregistered trading account?
–Jason
A. Structuring your cash flow so that you have more money coming in than going out is an important first step in the retirement planning process. But once you have that extra cash flow, deciding the best ways to allocate it is not always simple.
I would generally prioritize paying off high interest-rate debt like credit cards before saving, but I will assume that is not a consideration for you and your wife, Jason. 
It sounds as though you both qualify for the disability tax credit (DTC), which is a requirement to open a registered disability savings plan (RDSP)…

Continue Reading On moneysense.ca »

Share

PinIt
Compare insurance quotes through Kanetix.ca - save time and money!