Advice for RRSP procrastinators
Congrats—you're doing more than most Canadians
The best RRSPs in Canada for 2025
Here are the best accounts to hold your savings and investments.
Fewer Canadians are contributing to their RRSP
To put that in some context, a $3,000 contribution for a salaried employee earning $50,000 a year in Ontario can expect a meagre $848 tax refund. According to Statistics Canada men are slightly more likely to make contributions than women, continuing a trend that has been more or less unchanged for the past 15 years. Of those making contributions in 2015, 53% were men.
Remember if you’re racing to beat the March 1 deadline you don’t need to decide how you want to invest that money right away. You will earn the tax deduction as soon as you make your contribution and make your investment decisions later. Just don’t wait too long. The main advantage of putting your money into an RRSP is that the funds in it can grow tax free until you need them in retirement. Leaving your money in cash for an extended period of time does little to help you reach your goal.
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
Related Articles
Buying ETFs in Canada Tool: The MoneySense ETF Screener
Which ETFs should you invest in? Which ones best suit your risk tolerance? What about personal ethics? Check out...
Stock market news for Canadian investors: Loblaw, Walmart and more
Gildan Activewear also reported earnings this week. Here are the details for Canadian investors.
Sean Wilson, financial advisor
This is Sean Wilson, a Certified Financial Planner based in Calgary, Alberta.
Will the cost of borrowing and mortgage payments rise?
Homeowners expect monthly mortgage payments to rise upon renewal in 2025, according to a new survey.
Tech and mining companies top this year’s TSX Venture 50 list
Energy, resource and innovation companies topped the TSX Venture 50 list in 2024, the latest edition of the ranking...
How to stay invested in U.S. stocks without the tech overweight
Concerned about the heavy tech weighting in U.S. stock indexes? Explore ETF alternatives for balanced exposure to U.S. equities.
Ontario Trillium Benefit payment dates in 2025, and more about the OTB
The Ontario Trillium Benefit is a combination of several tax credits. Here’s how the OTB works, who’s eligible for...
How to reduce foreign exchange costs using Norbert’s Gambit
Converting between U.S. and Canadian dollars can be costly. This technique can reduce the cost from 2% or more...
Bitcoin or Ethereum: which is the best crypto to buy in 2025?
Plus, Trump wants to make crypto great again, Blackrock iShares launches a bitcoin ETF in Canada, and crypto coins...