What it’s like to work with a financial advisor + MORE Apr 6th

All about Retirement Planning in Canada. Learn the ins and outs and get the latest news.

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Best high-interest savings accounts in Canada 2022 + MORE Oct 5th

Generally, savings accounts offer very low interest rates. So, if you want to earn on your deposits (rather than simply using your account as a temporary “holding tank” or directing to longer-term saving and investing vehicles), a savings account with a high interest is a no-brainer. Howe.... More »

TFSA contribution room calculator + MORE Jan 11th

Find out your current tax-free savings account (TFSA) contribution limit by using this calculator. TFSA is a bit of a misnomer. While you can use it for straightforward savings, think of it more accurately as an investment holding account to store things like exchange-traded funds .... 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 »

The best ETFs for retirement income + MORE Aug 24th

While exchange-traded funds (ETFs) are appropriate for investors of all ages and life stages, they make particular sense for retirees and those close to retiring. Things like quick and easy broad diversification of asset classes and geographic exposure at a reasonable price are especially relevant w.... More »

Reducing risk in an RESP: How to invest as your kid approaches college or university + MORE Oct 5th

If you’ve opened a registered education savings plan (RESP) for your child or grandchild, congratulations. You’ve taken the first step towards financing their future college, university or trade school education. And now your family can start benefiting from generous government grants worth thou.... More »

What to do when you overcontribute to your RRSP

– moneysense.ca

I just read your article on “How do the RRSP contribution carry forward rules work?” Thanks for putting it out there.

I am new to Canada and have little knowledge about the RRSP system. Would you be able to guide me? I overcontributed by more than $2,000. What is my best option to avoid a penalty?—Mo

What is the RRSP contribution room?

The room to contribute to your registered retirement savings plan (RRSP) is generated each year, based on your earned income for the previous year. For most people, earned income is employment or self-employment income, but it can also include other sources like net rental income. This year’s RRSP room is 18% of last year’s earned income, up to a limit of $29,210 for 2022.

RRSP room is cumulative and carries forward each year.

How much is too much?

You are allowed to overcontribute to your RRSP–a contribution in excess of this year’s RRSP room–by up to $2,000. If you have more than $2,000 extra contributed to your RRSP, Mo, you are subject to a penalty…

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How can I protect my retirement income against inflation?

– thestar.com

Over time you want to make sure your income can keep pace with the rising cost of expenses, our expert says.

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What it’s like to work with a financial advisor

– moneysense.ca

If you’re like many Canadians, you’re probably weighing working with a financial advisor. Maybe you’ve just gotten married, started a business, expanded your family or come into an inheritance, or you’re planning your financial future as you approach retirement.

A financial advisor can be an invaluable resource in taking stock of what you currently have—and in developing strategies to protect and grow those assets. An advisor can provide a blueprint for your financial goals, identify what insurance products you need, help with tax planning and offer advice regarding your investments, savings and budgeting strategies.

What’s also important is that you find someone reputable who you can trust—a person who will be a good fit for you. Here’s how to ensure that process goes smoothly.

Narrow down your search

To find potential advisors, you can ask around for recommendations, or you can use MoneySense’s Find a Qualified Advisor tool. All of the advisors listed in the tool are members of the Financial Planning Association of Canada (FPAC)…

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Not sure what the best Retirement strategies in Canada are? Be sure to get the best advice possible – Visit our Retirement page for details.

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