Make the most of this wealth-creation tool all year
Many investors only think about their Registered Retirement Savings Plan (RRSP) in February. But that’s really just a conditioned reflex, spurred on by financial institutions to get you to give them money in the first 60 days of each year. Any contribution made within those 60 days can be applied to the previous year and is deductible from your previous year’s income. That’s all well and good, but your RRSP really needs more attention than a panicky annual deposit just before the deadline.
Don’t wait until the last day of February!
Typically, you’ll get the RRSP contribution song and dance starting somewhere in January and lasting until the end of February. It’s really just a marketing push by financial institutions to scare you into giving them money in the first 60 days of each year. But that’s no way to do any serious RRSP planning. The better way is to start thinking about your RRSP contribution right now. You have lots of time to weigh the pros and cons, consult with your financial planner, and come up with some cash to contribute. Here’s what to do. READ MORE