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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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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