Stock news for investors: Cineplex and Aritzia post strong results despite industry headwinds + MORE Oct 11th

When you are in your career’s home stretch and approaching retirement, whether you do or do not contribute to your registered retirement savings plan (RRSP) becomes particularly important. Contributing to your RRSP—for most of your working life a wonderful tool for building wealth—can, in some cases, be detrimental to your financial security. 

When should you keep contributing to your RRSP?

If you have a group RRSP with matching contributions from your employer, this provides a significant boost to your savings. Many group plans offer matching contributions of 25%, 50%, or even 100% on contributions up to a certain dollar amount or percentage of income. To get your hands on this free money, you have to keep contributing. Defined contribution (DC) pension plans fall into this same category, with employer contributions making maximum participation a compelling opportunity. 

If you do not have much retirement savings or pension income, RRSP contributions are also generally advantageous…

A new KPMG survey reveals that eight in 10 Canadians with a professional financial plan feel confident they can retire at their desired age. Among those without one? Just 36%.

That’s a massive gap—and it’s widening at a time when more Canadians are rethinking their financial strategy. The survey of 1,045 Canadians found that 52% said economic uncertainty is causing them to consider creating a financial plan or overhauling an existing one.

Having a plan is clearly beneficial, so why aren’t more people doing it? According to the survey, there are three culprits: cost, complexity, and confusion about what a financial plan even is.

The barriers holding Canadians back

Nearly half (45%) of survey respondents haven’t worked with a professional planner before:

43% say they’re unsure about the process or whether it’s worth the money

42% think it’s too expensive

Only 44% have a “very clear” understanding of a financial plan entails

But here’s the thing: among the 55 per cent of Canadians who have worked with a professional planner, 56% say the value was completely worth the cost…

Here’s a round-up of news for Canadian investors this week.

Cineplex

Aritzia

Trilogy Metals

Barrick Mining

Cenovus-MEG Energy

Featured RRSP Accounts

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EQ Bank

Build your retirement savings with 1.50% interest, tax-deferred contributions and zero fees.

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Registered GIC rate

Earn a guaranteed 3.00% in your RRSP when you lock in for 1 year.

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Best RRSP rates

See our ranking of the best RRSP accounts and rates available in Canada.

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