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.

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