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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 retirement savings

Retirement Income for Life: Why Canadian retirees love Frederick Vettese’s books and his PERC + MORE Feb 22nd

Since I turn 71 soon, my attention is naturally becoming focussed on the inevitable question of what to do when my registered retirement savings plan (RRSP) must be collapsed. Do I keep it as a registered retirement income fund (RRIF)? Or should I convert it into an annuity? Maybe I do a combination.... More »
 retirement savings plan

Making sense of the markets this week: December 24, 2023 Dec 28th

Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors. It’s a tough job, but… It’s really hard to predict what the investment world will do. It’s even harder to predic.... More »
retirement

What investments can I put in my TFSA? + MORE Sep 14th

The less tax you pay, the more money you keep for yourself. How can you apply this to investing? By using registered investment accounts like the tax-free savings account (TFSA) and the registered retirement savings plan (RRSP). The TFSA is often the first investment account a new or young investor .... 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 »
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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