Your RRSP is a tax-deferred savings plan, you will eventually have to pay the CRA for your deposit, one way or another (yes death & taxes). #RRSP
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?
Attention! If you were planning on rebalancing your RRSP or any similar account, you only have until the end of Monday to get it done. While there may be exciting articles out there to read, always remember that the RRSP is more than just a savings account. It’s a tax deferral system, which means that you will have to pay taxes on the money you withdraw. But don’t worry, it shouldn’t be more than what you saved by putting money in your RRSP in the first place. Is it worth panicking to try to make a last-minute RRSP deposit if you don’t have a specific need to do so? Absolutely not! You will do better by putting the money in your TFSA (if you have room, for either, for that matter), or paying down debt. So, take action now and make the most of your investments.
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
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.
Forced savings or automated saving systems are the best way to make sure you are saving enough money for future needs (like retirement). You need to hide money from your present self to help your future self thrive.