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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Are Canadian pension buybacks worth it? Jul 20th

Ask MoneySense I am currently transferring my pension from a provincial to a federal government pension plan. I’m trying to determine if it is worth purchasing the balance of service and, if so, should I use my RRSP or TFSA funds. Here’s some relevant info: Service Credited: 7 years, 140 days.... More »
 retirement savings

Making sense of the markets this week: October 15, 2023 + MORE Oct 19th

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. Clearly, the biggest world news is the conflict in Israel and Gaza. This week we are holding off discussing the effects.... 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 »

RESP vs RRSP and TFSA: What’s the best option for education savings? Aug 31st

Welcome to Education Money, a new column that covers the questions and concerns parents and investors have about funding their child’s education. Andrew Lo, CEO of Embark, shares his thoughts and insights on how to make the most of RESPs. To kick off the column, he explains the different options C.... More »

How to double your CPP income Apr 25th

A series of academic papers being rolled out by the National Institute on Ageing (NIA) has added fuel to the oft-argued case for delaying benefits for the Canada Pension Plan (CPP) to the latest possible age: 70.  As I reported on my own site, when an introduction and ove.... More »
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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