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.
Latest News

Should you collect CPP and OAS while working in your 60s? Dec 7th

I have lived in Canada for 24 years and I’m 65 years old now. I am still working at a company making a $78,000 salary. Since my health condition is OK, I am going to continue to work for two to four years. My question is: In my situation, it is better for me to apply for OAS and CPP now or delay t.... More »
 freedom 55

Piper makes a good buck as a lawyer but still has piles of school debt. Is her dream of owning a downtown Toronto condo realistic? + MORE Jan 25th

Financial adviser Jason Heath says Piper needs to get her debt and expenses under control before even thinking about home ownership and retirement.... More »

The best RRSPs in Canada for 2023 + MORE Jan 4th

Registered retirement savings plans (RRSPs) are often described as “tax-advantaged,” meaning they offer tax-efficient ways for savers and investors to build wealth for the future, usually for retirement. To maximize their potential, you must understand how RRSPs work compared to other registered.... More »

Making sense of the markets this week: August 28 + MORE Aug 31st

Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, shares financial headlines and offers context for Canadian investors. Banking on stability and caution Canadian investors love their banks. Year in and year out, banks provide dependable dividend growt.... More »

The 60/40 portfolio: A phoenix or a dud for retirees? + MORE Oct 26th

For Canadian investors, one of the biggest shocks of 2022 is how poorly balanced mutual funds, exchange-traded funds (ETFs) and portfolios have performed. Investors with funds based on the classic pension fund asset allocation of 60% in stocks and 40% in bonds have been bewildered to experience loss.... More »
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?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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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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