Not sure what to put in your RRSP and TFSA? Make contributions anyway Feb 1st

Not sure how to make a retirement plan? Read on…

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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 c.... More »

Why GICs are a good addition to an RRSP or a TFSA + MORE Feb 8th

It’s tax time again, which means Canadians may be thinking about tax-smart ways to invest to reduce their tax burden next year. Chances are, you’ve seen and heard more about guaranteed investment certificates (GICs) in recent months than ever before, and there are concrete reasons why. Read on t.... More »

What is the CPP Survivor’s Pension? How can Canadians claim this benefit? + MORE Feb 15th

Ask MoneySense My wife passed away, and I heard about the survivor’s pension. Can you tell me more about this benefit and how to receive it?—Kevin What is the CPP Survivor’s Pension? Thanks for your email, Kevin. Losing a spouse or common-law partner is one of the most challenging e.... More »

Should you withdraw from non-registered or TFSA investments in retirement? Mar 8th

Ask MoneySense I have stocks in my TFSA as well as some that are non-registered. I am at the point in my life (retired) now that I’d like to begin selling them and using the money. Do I sell from the TFSA account or just from the non-registered portfolio?—Catherine TFSA versus non-registered.... More »

Not sure what to put in your RRSP and TFSA? Make contributions anyway

– moneysense.ca

If your financial goals include putting more money into your registered retirement savings plan (RRSP) and tax-free savings account (TFSA), here’s a strategy that can help: making year-round contributions to high-interest registered savings accounts.

Whether you’re a saver or a stock picker, this simple strategy can help you max out your RRSP and TFSA contribution room every year—even if you haven’t decided how to invest the cash.

How to grow your savings faster

Money grows faster in tax-advantaged accounts. Not only do you save on taxes, but your savings compound over time.

RRSPs and TFSAs are two of the easiest accounts Canadians can use to benefit from tax-advantaged investing. Interest, dividends and capital gains are not taxable when your investments are held in these accounts. Plus, RRSP contributions earn you a tax deduction.

Not sure which investments you want to hold in your RRSP? No problem—while you decide, you can put money into a high-interest RRSP savings account, and it counts as an RRSP contribution for the tax year in which it was deposited…

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