RRSP season is slowly coming to a close, if we are to believe the advertising campaigns from the banks and mutual funds. RRSP season is actually all year round, however March 1, 2017 is the deadline for contributing to an RRSP for the 2016 tax year. It is bad planning (in my opinion) to buy RRSPs at this stage of the game, but if you find money (and don’t have debt to pay off), it is an OK place to put found money. I have over the years written plenty of articles on RRSPs, and here are a few for you to read:
- The Spousal RRSP the Forgotten Savings Tool, is a useful tool.
- Are you getting tired of listening to all the financial jargon?RRSP Bingo is for those lucky folks who might be visiting their investment folks.
- RRSP Rebalance Season, if you are going to be looking at your retirement investments, maybe it is time to rebalance them too?
- Which do you do? RRSP then TFSA ? Of course I am assuming you have paid off your debt.
- In a more snarky line, TFSA Retirement Welfare Bums, is a discussion about all those rich folks who can put money in their TFSA for their retirement.
If this is RRSP season, remember that it is tax season as well. For folks in Ottawa who work for the Federal Government, there are tax problems. Over 50,000 have had issues with their T4 slips from the new Phoenix pay system. Ironically the CRA (who are also part of the Phoenix Pay system) say that there will be no dispensations for them. The CRA was kind enough to put up an FAQ Page for Tax Questions.
The ultimate concept in the #Fakenews? The status bar and how long it says it will take to install your software (several minutes, my arse!)
My Writings for Week Ending February 24th
Given we are in the RRSP Season, I had my own poke at the topic, which I borrowed from a discussion I had with Preet B. and Michael James about how so many folks seem to forget that an RRSP is a Tax Deferral Savings Plan. How many times have you heard someone tell you how much money they have in their RRSP and never mention the taxes they might have to pay on that sum?
A Money Thought
Kerry from Squawkfox is getting tired of being up sold services at the banks by tellers (and ATMs)
— Kerry K. Taylor (@squawkfox) February 22, 2017