Why RRSPs?

It’s that time of the year again when millions of Canadians make the mad rush to contribute into their RRSPs. For those that have not contributed throughout the year via a pre-authorized contribution plan, are subject to the anxiety that comes with “waiting until the last minute”.

Still, we make it through and manage to get our contributions in by the deadline (Monday, March 3rd, 2014 BTW). Do we know exactly why we do this? Perhaps, but I would venture to guess that the majority of us do it because it’s what a responsible Canadian does to save for their retirement. This begs the question, “how much does the average Canadian investor know about RRSPs?”

Here are 5 questions proposed by John Heinzl (The Globe and Mail) to challenge the most seasoned RRSP investor.

Do I have to claim my RRSP deduction in the same year as my contribution?

Is it possible to get money out of an RRSP tax-free?

Can I make a straight RRSP withdrawal before I retire?

When I get a tax refund, am I actually any richer?

So, what is the point of RRSPs then?

If you get stumped, read the attached article to be enlightened.

Regardless of your quiz record, RRSPs are likely the right investment vehicle for the majority of Canadians.

Speak with your TMFG financial advisor today for clarification or to make your RRSP contribution. Speak to one of our financial planning advisors today, to see if this strategy makes sense for you.

Related articles

Why Are We Always Making Financial Decisions? Podcasts

Why Are We Always Making Financial Decisions?

Almost every decision we make big or small has a financial repercussion. Whether it’s “should I go out for dinner or stay at home and cook “to locking in a mortgage, budgeting, or travelling. We are in a constant state of juggling all our financial choic…

Read More →
We Are Living Better Than Our Parents Podcasts

We Are Living Better Than Our Parents

Contrary to all the negative news headlines our lives are better than they were forty years ago.Join Senior Financial Advisors Rob McClelland and Mike Connon as they explore some fun facts they discovered in 24 charts that show we’re (mostly) living bett…

Read More →
Webinars & Virtual Events

Back To School

Aug 22nd, 12:00-1:00pm Back-to-school time is a great time of year to take the opportunity to make sure your financial life is in order. Learn …

Read More →

Financial Planning Advice from Canada's Top Financial Advisors

Sign Up To Receive Email Updates On The Financial Industry And Complimentary Workshops.

By providing your e-mail address you provide The McClelland Financial Group of Assante Capital Management Ltd. with your express consent to send you electronic communications. If you choose to discontinue receiving e-mails, you may withdraw consent by contacting [email protected].

FREE RESOURCE

Get actionable financial insights from the Top financial planners in Toronto.

Copyright Assante Wealth Management. © 2022

Disclaimer | Assante advisory services are offered through Assante Capital Management Ltd. Assante Capital Management Ltd. is a Member of the Canadian Investor Protection Fund and Investment Industry Regulatory Organization of Canada. The services described may not be applicable or available with respect to all clients. Services and products may be provided by an Assante advisor or through affiliated or non-affiliated third parties. Some services and products may not be available through all Assante advisors. Services may change without notice. Insurance products and services are provided through Assante Estate and Insurance Services Inc.

We have a team of advisors each specializing in varying portfolio sizes. Please let us know the approx. amount of your investable assets to help us to direct you to the advisor that is best suited to you.