rrsp checklist revised 2017

RRSP Checklist

RRSP season is coming up. Below are ideas which could be helpful to you.

  1. If you haven’t started saving, start now. It’s never too late to invest in your future.
  2. Invest early and often to take advantage of the “time value of money”. Investing today will let you reap more tomorrow. Because your investments are allowed to compound tax-free, there are significant advantages to investing on a monthly basis rather than at the end of the year.
  3. Put your money in the hands of professionals who have the investment know-how to help you reach your retirement dreams.
  4. Make contribution to your RRSP to take advantage of your single greatest opportunity to save for retirement and defer taxes.
  5. Understand your financial goals and risk tolerance. A diversified portfolio should include a variety of assets to minimize risk and maximize return.
  6. Think long-term instead of letting short-term market volatility sway your investment decisions.
  7. Take advantage of dollar-cost average with a pre-authorized chequing plan that spreads your investments purchases over time and gives you greater long-term returns.
  8. If you don’t have the cash available, consider moving non-registered investments to your RRSP in kind.
  9. Don’t wait until the last minute to meet the deadline, investment decisions shouldn’t be rushed. (Note: March 1, 2017, is the deadline for contributing to your RRSP for amounts you want to deduct on your 2016 income tax and benefit return.)

 

Of course, I wouldn’t say every tips above are suitable for your situation. To discuss over what you should do for this RRSP season, please fill out the form on the page: http://samuelconsultant.com/investment-questionnaires/.

This way, we could have a better understanding of your financial needs.

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Comments

    • Charlie S
    • January 7, 2012
    Reply

    My investments haven’t grown since 2008…although I am back to 2008 levels. My “regular” RRSP since then has gone against the mortgage which got a better return since 2008. My time horizon admittedly WAS much more limited than most – I retired on December 1, 2011.

    1. Reply

      Hi Charlie, thank you for your feedback.
      Stock markets have been riding on roller coaster in the past few years, especially in the years of 2008 and 2011. From time to time, it is extremly difficult to predict which asset class would be the best place to be invested in. For example, from 2004-2007, emerging markets had performed very well, while in 2008, global bonds have taken the lead. Therefore, for long term investments, it is important to have a well diversified portfolio.

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