RRSP season is coming up. Below are ideas which could be helpful to you.
- If you haven’t started saving, start now. It’s never too late to invest in your future.
- 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.
- Put your money in the hands of professionals who have the investment know-how to help you reach your retirement dreams.
- Make contribution to your RRSP to take advantage of your single greatest opportunity to save for retirement and defer taxes.
- Understand your financial goals and risk tolerance. A diversified portfolio should include a variety of assets to minimize risk and maximize return.
- Think long-term instead of letting short-term market volatility sway your investment decisions.
- 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.
- If you don’t have the cash available, consider moving non-registered investments to your RRSP in kind.
- 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.