How to be a better investor Mar 1st

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

What do to with a spousal RRSP at age 71 Jun 15th

Ask MoneySense My question is in regards to a spousal RRSP that I have set up for my wife years ago. When she turns 71, do we have to turn it into something like a RRIF, which I did for my RRSP (I am older than her) and then withdraw from it annually? Or, could it be directly transferred to her TFSA.... More »

Where should working retirees put extra income: A TFSA or an RRSP? Jan 11th

Ask MoneySense I will be receiving CPP and OAS as of June 2024. I intend on working one more year until I reach 66. My question is: Should I put all my CPP money into an RRSP to shelter it from tax? Or should I pay the tax on it and invest in a tax-free savings account? –Gary Where to put r.... More »
 pension

Making sense of the markets this week: September 17, 2023 Sep 21st

Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors. U.S. inflation battle: Mission not accomplished  Despite increasing interest rates and hawkish talk from the U.S. F.... More »

2022 Income Tax: New tax credits for Canadians Nov 30th

It’s that time again… to get all your paperwork ready for tax season. We all know about having our T4 and registered retirement savings plan (RRSP) contribution statements ready, but what about the new tax credits for the 2022 tax filing season? What are they and how do they work? Don’t wo.... More »
 retirement savings

The one thing influencers Steph & Den want you to know about retirement + MORE Apr 26th

Financial influencer couple Steph Gordon and Dennis Mathu (@Steph & Den) started making YouTube videos about personal finance for Canadians in 2019. Once they found their groove on social media, they left their corporate jobs—Steph was in human capital at PricewaterhouseCoopers and Den was a c.... More »

How to be a better investor

– moneysense.ca

For both beginner and experienced investors, focusing on a few basic guidelines can make the difference between good results and great ones. Whether you’re investing in a taxable account or a tax-sheltered account like a registered retirement savings plan (RRSP), doubling down on the basics can help you make better-informed decisions and reach your financial goals faster.

Set clear targets 

Instead of vague aspirations like “save more in 2022” or “grow my RRSP,” set specific goals you can quantify and track over time. Once you have a goal, you can break it down into the steps needed to get you where you want to be. If you’d like to max out your tax-free savings account (TFSA) this year, for example, what do you need to put in monthly or weekly to reach $6,000—and could you automate your deposits to help ensure it happens?

Online calculators can help you decide on what’s realistic for you. Explore different contribution rates, return assumptions and time horizons…

Continue Reading On moneysense.ca »

Share

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