What’s my RRSP contribution limit for 2022? Nov 16th

How to go about securing the best Retirement Plan in Canada.
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 registered retirement savings plan

I’m decades from retirement. Do I really need to contribute to my RRSP? + MORE Mar 15th

The biggest issue with contributing to an RRSP too early is the need down the road to withdraw the money for expenses other than retirement that come along, says experts.... More »

We’re living longer—here are two ways to boost retirement savings and income + MORE Jan 18th

Maybe you’re taking your first steps towards saving for retirement. Or maybe you’re in the home stretch. Either way, you will likely be using a registered retirement savings plan (RRSP). This Canadian tax-sheltered savings account is more than six decades old, and it has formed the backbone of r.... More »
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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 »

What is the CPP Survivor’s Pension? How can Canadians claim this benefit? + MORE Feb 15th

Ask MoneySense My wife passed away, and I heard about the survivor’s pension. Can you tell me more about this benefit and how to receive it?—Kevin What is the CPP Survivor’s Pension? Thanks for your email, Kevin. Losing a spouse or common-law partner is one of the most challenging e.... More »

Can you maximize your RRSP and TFSA with an income of $0? Feb 22nd

Ask MoneySense I have $119,000 room allowed in my RRSP and $81,000 room in my TFSA. I am 47, live in B.C., currently not earning income as a caregiver for a parent. I have a business with a registered GST number to claim income now or in the future. But for my question, let’s assume I will be c.... More »
If you’re like many Canadians, you’re hoping you’ve paid enough tax in 2022 and may even be looking forward to a hefty tax refund. (The deadline for filing this year is April 30, 2023, and since that date falls on a Sunday, you actually have until May 1, 2023 to file.) You can help ensure that happens by knowing the details of your registered retirement savings plan (RRSP), what sets this type of registered savings account apart, your contribution limit and a whole slew of other things. Here are the basics:

What’s an RRSP?

A registered retirement savings plan, or an RRSP is a savings account that you open at a bank or other financial institution. It is registered by the federal government of Canada for tax savings, and you can contribute to the account up to an annual maximum amount. 

What’s special about RRSPs?

Contributions to RRSPs are deductible, meaning they can be used to reduce your Contributions to RRSPs are deductible, meaning they can be used to reduce your taxes…

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