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5 Things to Remember about RRSPs

There are many more than 5 things to remember about RRSPs, many more, however here is a short list of things you need to know about the RRSP system.

RRSP: Tax-Deferred Savings Plan

Your RRSP is really just a tax-deferred savings plan, you will eventually have to pay the CRA for your deposit, one way or another (yes death & taxes). #RRSP

Leap into Your RRSPs and Financial Planning

If you were given a free day to do whatever you want, what would you do? Today is that day. What financially should you do in a leap year?

RRSP Time and #MoneyStories

If you were planning on rebalancing your RRSP or something similar you have until Monday (end of the day) to get this all done. There will be a plethora of exciting articles out there to read (including from me), but remember that the RRSP is really a Savings/Tax Deferral System, because you will have to pay your taxes on the money (hopefully not more than you saved by putting money in your RRSP in the first place). Is it worth madly panicking to try to make a last-minute RRSP deposit if you don’t have a specific need to do so? I don’t think so, you might do better putting the money in your TFSA (if you have room, for either, for that matter), or paying down debt?

The Expanding Ontario Debt

The Ontario Government decided that they wanted to have the biggest sub-national jurisdiction Debt in the world ($308 billion), so they continue to run big deficit budgets with big promises. I will be reviewing the alleged extra funding for the Autism programs (with a lot of input from Mrs. C8j, hopefully), $333 million over five years. Why couldn’t they just give me a cut of that? Speaking of huge debts, evidently the World Debt is Rising (according to Bloomberg) but who are we borrowing from then? Mars? Venus? Maybe that is how Pluto ended up being demoted from planet (it owed too much money to the Intergalactic Banks).

Did you realize that Mattel has brought back the Thing Maker as a 3D printer? In case you were wondering what to get me for Easter.

A thought for a Friday:

“Don’t confuse comfort, for happiness”

My Writings for Week Ending February 26th

Another very confusing week of weather here in Ottawa, but luckily my writings didn’t seem as confusing (I hope).

To absolutely no consumer’s surprise Stats Canada published last week the monthly inflation numbers and it showed that healthy food costs a lot more than it did a year ago, and even Gasoline is more expensive too? Given the new taxes the Ontario Government is going to put on booze and smokes, that won’t help these numbers either.

What is a Spousal RRSP? That is a question a few folks have asked me, and I keep thinking about how only 10 years ago it was really the only way to income split (in retirement), but now thanks to Pension Income splitting the Spousal RRSP seems to have disappeared off folks’ savings radar?

Read More »RRSP Time and #MoneyStories

The Spousal RRSP the Forgotten Savings Tool

Is the concept of the spousal rrsp now an outdated idea? No, the spousal rrsp is as important as it was before pension income splitting was available.

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