Advice for RRSP procrastinators
Congrats—you're doing more than most Canadians
Why I’m optimistic about the markets in 2025–tariffs or no
This advisor isn’t losing any sleep over the markets. In fact, looking back at 2024 and forward into 2025,...
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.
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