RRSP banking web sites must be white hot with action today, as we all have an extra day to add more funds to our RRSP and then claim it on our previous year taxes. Leap Year adds one more day for the festive RRSP Rebalancing Season, and gives financial pundits another day to argue RRSP or TFSA ? The answer (of course) is it depends.
No doubt there will be countless articles today arguing that you should be trying to sneak a little more money into your RRSP, because you have an extra day to do it (and that is always the best reason).
You could also view this extra day, as a day to clean up a bunch of financial things you have been ignoring like:
- Putting Money in your RRSP !!! OK, enough of that.
- Make up a financial plan for the rest of the year (you have 10 months still to go, after all).
- Check that all your insurance policies are up to date.
- Make an extra payment on your debt, just because that would be cool!
I view a Leap Day with trepidation because I am not getting paid for this extra day, am I? I am working an extra day for free? Not really, as I get paid bi-weekly, but for those that are being paid bi-monthly, you are making a little less per day in February than you would normally.
Question of the day:
If you were given a free day to do whatever you want, what would you do? Today is that day.
We didn’t actually have an extra day to contribute to RRSPs this year. I believe it’s always 60 days into the new year, so non-leap year deadlines would be March 1.