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Canajun Finances Home » RRSP , Tax , TFSA , RESP, and RDSP Time and #MoneyTalk

RRSP , Tax , TFSA , RESP, and RDSP Time and #MoneyTalk

This is the time of the year when people get bombarded with a plethora of financial advice. Some might say that it’s RRSP season, while others might claim that it’s Tax Preparation season. But let’s not forget about TFSA season. It’s not just these financial aspects that you need to consider; it’s also RESP season and, for some, RDSP season. If you’re planning your finances and have children, it’s imperative to include RESP in your discussions. So, make sure you don’t miss out on RRSP, Tax, TFSA, RESP, or RDSP season.

RRSP, Tax, TFSA, RESP, RDSP or Dance Season?
Image courtesy of Danilo Rizzuti, at

The decision point for a lot of parents is always confusing but allow me two possible lines of attack for your financial decisions in February:

RRSP Pas De Deux

  • Put an amount of money into your RRSP (assuming you have spare cash, and no debt to pay off, if you have debt, pay off debt)
  • From the Refund that you receive (remember you are only deferring your tax on this money, they should really rename the thing, the Registered Tax Deferal Program)
    • ½ of the money into your TFSA, to build up (tax free) the tax you will need to pay when you take the money out of your RRSP.
    • ½ of the refund into your child’s (or childs’) RESP up to the max for the year. The RESP payment will get you added money from the government too.

RRSP Grand Jete (redux)

  • Put an amount of money into your RRSP (assuming you have spare cash, and no debt to pay off, if you have debt, pay off debt)
  • From the refund (again only deferred tax here), do the following
    • ½ of the refund up to the max for the year to your family member’s RDSP
    • ½ of the refund up to the max put into your kids’ RESP
    • Any remaining moneys put into your TFSA to build up the Tax Payment needed to take your money out of your RRSP.

The funny thing I see online is that many writers do not consider that many folks have many different registered accounts that “need to be fed.”

My Writings for Week Ending February 10th

This week I saw an excellent article on the Stats Canada Web site, which inspired me, You are Spending More, where I compare the numbers in the Stats Canada report and report and contrast them. You can use these numbers to help plan your financial future if you are not tracking your numbers.

A Money Thought

As usual, the folks at the Fraser Institute pokes at the Public Service with their latest report on the differences between the Public and Private sector employees.

Money News from the Ottawa Winter Wonderland

In Ottawa, we are celebrating Winterlude, which seems to be going well. Temperatures are conducive to the festival (not too cold, but not melting either) ”no mention of RRSPs down on the Rideau Canal these days.

RRSP? TFSA? Which One?

Kerry at Squawkfox brings us her spin on the topic with Should you contribute to an RRSP or TFSA? Is the answer, of course? Anyone? Bueller?

2016 Random Thoughts Year End

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