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 lead you to reap more tomorrow. Because your investments are allowed to compound in a tax-sheltered manner, there are significant advantages to funding 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 contributions 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 contribution plan that spreads your investments purchases over time.
- 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. You should not be in a rush when making investment decisions. (Note: March 1, 2018, is the deadline for contributing to your RRSP for amounts you want to deduct on your 2017 income tax and benefit return.)
Of course, I wouldn’t say every tip above is suitable for your situation. To discuss over what you should do for this RRSP season, please fill out the form on the page: https://samuelconsultant.com/investment-questionnaires
It allows me to have a better understanding of your needs, current situation, and expectation.
Disclaimer: All the details in this post are for general understanding only, not intend to provide any specific advice and could be subjected to changes without notice. Please contact us or consult with a financial professional before making any decision.