As we’re in the RRSP season, you probably will hear a lot more about this four-letters word through different types of media. However, before you decide what to do for your RRSP this year, I’d like to share 10 brainstorming ideas for you to think about:
- What are the benefits to you in contributing to a RRSP account?
- What are the opportunity costs? (i.e.: Will there be other usage for the funding?)
- What are you trying to achieve using RRSP?
- When do you plan to use your RRSP funding?
- What’s the maximum amount I could contribute?
- Should you do a lump sum deposit? or monthly deposit?
- Should you contribute into a spousal account or your own account?
- How will you design your investments portfolio?
- Do you have the time to manage them yourself afterward?
- Where will you get your financial advice from?
What other considerations you have about for RRSP this year? I’d love to hear from you.
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