Plan now — and avoid next year’s RRSP scramble

Listen to this Podcast


Plan now — and avoid next year’s RRSP scramble

If you’re like a great many Canadians, making an RRSP contribution by the March 1 deadline feels like a mad dash to the finish line.

Take the stress off yourself and avoid the RRSP scramble next year — and the year after, and the year after…. With just a little planning and a few simple steps today, you’ll never have to worry about the RRSP deadline again.

Decide how much

The first step is to figure out how much you will contribute. Take a look at what you contributed last year. Was it enough to at least reduce your taxes owing to zero? Consider your long-term retirement savings plan. How long do you have to save and how much do you need to contribute each year to achieve your retirement savings goal?

Make it manageable

Whatever sum you come up with, divide it by 12 for your monthly contribution. Now, instead of having to find, say, $6,000 in March, you only have to worry about finding $500 a month — or, better yet, $230 on payday every two weeks.

Make it automatic

The best way to guarantee you follow through is to set up an automatic savings plan that transfers money from your bank account into your RRSP account. That way, you don’t have to make the decision to contribute each month, and you’ll never forget. You simply choose the frequency of withdrawals, the amount to be moved and the date of the transaction. After a few months you may not even notice the “missing money.”

Avoid over contributing

Being proactive is great — but don’t contribute more than you’re allowed, or you’ll pay a penalty. You can contribute up to 18% of your previous year’s income, to a maximum of $26,500 for the 2019 tax year, plus any contribution room you didn’t use in previous years. These amounts are documented on your latest Notice of Assessment, and on the CRA’s My Account website.

Reap the benefits

Not only does contributing through the year bring you peace of mind, it also gives your deposits extra time to enjoy compound growth. That means, with the same total contribution amount, your nest egg with monthly contributions will be higher than if you make annual deposits. Another benefit of contributing early is that you have time to formulate a carefully planned RRSP investment strategy.

Find a destination

Ready to get started, but not sure how you want to invest your money? Don’t let that stop the momentum. Call your advisor today. He or she will work with you to develop an RRSP investment plan that’s right for you.

2,163 thoughts on “Plan now — and avoid next year’s RRSP scramble

  1. mbt shoes says:

    I wish to voice my appreciation for your kind-heartedness in support of people that have the need for guidance on the niche. Your special dedication to getting the message up and down became surprisingly insightful and have continually helped individuals like me to reach their ambitions. Your amazing useful guideline denotes much to me and additionally to my office colleagues. Many thanks; from each one of us.

  2. hermes belts says:

    I am glad for commenting to let you understand of the awesome experience my wife’s daughter gained reading yuor web blog. She even learned plenty of issues, with the inclusion of what it’s like to have an amazing giving style to get the others effortlessly grasp chosen problematic subject areas. You truly surpassed readers’ expectations. Thank you for churning out such priceless, healthy, explanatory as well as unique tips on that topic to Lizeth.

  3. hermes says:

    I have to point out my admiration for your generosity for individuals that absolutely need assistance with this particular area. Your real commitment to getting the message all through ended up being really insightful and have regularly enabled women like me to achieve their targets. Your amazing warm and friendly hints and tips signifies this much a person like me and somewhat more to my colleagues. With thanks; from all of us.

  4. curry 5 shoes says:

    I must express my appreciation to the writer for bailing me out of this type of issue. Just after checking through the the web and finding basics that were not beneficial, I thought my life was done. Being alive without the presence of answers to the issues you’ve sorted out as a result of the short post is a crucial case, and the kind that would have in a negative way damaged my entire career if I had not noticed your web blog. Your own competence and kindness in playing with all the pieces was vital. I’m not sure what I would’ve done if I had not discovered such a thing like this. I can also at this point look ahead to my future. Thanks a lot very much for the impressive and results-oriented guide. I won’t think twice to suggest your web page to anybody who should have direction about this area.

  5. goyard says:

    My spouse and i have been now cheerful Michael managed to deal with his investigation while using the ideas he was given using your weblog. It is now and again perplexing to simply happen to be giving out instructions that the others might have been making money from. And now we consider we have got the writer to thank for that. The entire illustrations you have made, the simple web site menu, the relationships your site help create – it’s got many unbelievable, and it’s facilitating our son in addition to the family recognize that that matter is excellent, and that’s really mandatory. Thank you for all the pieces!

  6. calvin klein outlet says:

    I enjoy you because of each of your hard work on this web page. My mother loves getting into investigations and it’s easy to see why. Almost all know all regarding the lively means you deliver practical strategies by means of the blog and therefore attract contribution from visitors on that content so our favorite simple princess is in fact studying a whole lot. Enjoy the remaining portion of the year. You have been conducting a fantastic job.

  7. kd 12 shoes says:

    I want to express my appreciation to you just for rescuing me from this type of matter. As a result of scouting throughout the world wide web and seeing principles that were not powerful, I thought my life was done. Living without the presence of approaches to the issues you have fixed as a result of your good short post is a serious case, and the kind which might have adversely damaged my entire career if I hadn’t come across your web site. Your own personal capability and kindness in dealing with a lot of stuff was vital. I don’t know what I would have done if I hadn’t discovered such a thing like this. I can at this moment look ahead to my future. Thank you so much for the professional and result oriented guide. I won’t hesitate to refer your web sites to anybody who should get guidance on this subject.

  8. curry 4 says:

    I and my guys were looking through the excellent techniques located on the website and then instantly I had a terrible suspicion I had not thanked the blog owner for those techniques. Most of the young boys were very interested to study them and have in effect seriously been tapping into those things. I appreciate you for simply being really thoughtful as well as for having this sort of terrific things most people are really desirous to discover. Our sincere apologies for not expressing appreciation to you earlier.

  9. fitflops sale clearance says:

    I simply wished to appreciate you again. I do not know what I could possibly have gone through without the entire methods shown by you over that situation. It has been an absolute hard scenario in my view, nevertheless seeing a new expert strategy you resolved it forced me to jump for fulfillment. Now i’m happy for this advice as well as hope that you comprehend what a great job you were accomplishing instructing people all through your web page. I’m certain you’ve never met any of us.

  10. supreme clothing says:

    I enjoy you because of all your valuable hard work on this web site. Kim delights in making time for internet research and it is simple to grasp why. We all notice all of the dynamic tactic you make insightful ideas through your blog and as well encourage response from website visitors on that theme then our favorite simple princess is actually discovering a great deal. Have fun with the remaining portion of the year. You’re conducting a tremendous job.

  11. chrome hearts outlet says:

    Thanks for all your valuable effort on this web site. Betty really likes going through internet research and it’s obvious why. Almost all know all of the lively mode you deliver priceless tactics via the blog and even strongly encourage contribution from other ones on that situation while our favorite princess is in fact studying a lot. Take advantage of the rest of the new year. You are performing a fantastic job.

  12. kyrie 4 says:

    I intended to compose you the little observation in order to say thanks a lot over again regarding the breathtaking tips you have featured in this article. This is certainly remarkably generous of you to offer extensively what a number of us would have offered as an ebook in making some dough on their own, precisely considering the fact that you might well have done it in case you desired. The basics likewise worked to become great way to understand that the rest have the same dream similar to my personal own to learn a whole lot more related to this condition. I know there are some more fun sessions up front for those who discover your blog.

  13. yeezy 700 says:

    I precisely desired to thank you so much yet again. I’m not certain what I would’ve carried out without the actual ways contributed by you on this field. It was before a real frightening dilemma in my position, but looking at this expert fashion you solved the issue took me to cry for joy. I’m just thankful for the support and then pray you are aware of a great job you were accomplishing training many people all through your webpage. I’m certain you have never met any of us.

  14. vapormax says:

    I intended to create you the very little word to be able to give thanks once again on your breathtaking knowledge you’ve featured on this site. It has been really pretty generous with you to provide openly exactly what some people could possibly have offered as an ebook to generate some dough for themselves, primarily seeing that you could possibly have done it if you decided. The good ideas additionally acted like a fantastic way to be aware that many people have the same interest really like my very own to grasp significantly more related to this issue. Certainly there are lots of more enjoyable opportunities ahead for individuals who check out your site.

  15. kyrie irving shoes says:

    Thank you a lot for providing individuals with an extraordinarily breathtaking possiblity to read critical reviews from here. It is usually so brilliant and as well , full of amusement for me personally and my office co-workers to visit your blog at the least thrice a week to study the fresh guidance you have got. And definitely, we’re actually contented considering the staggering guidelines you give. Some 2 points on this page are truly the very best we have ever had.

  16. Ebony Shepperson says:

    Pleased to meet you! My identify is Shonda and I love it. The preferred passion for my little types and me is kayaking and now I’m hoping to receive funds with it. California is exactly in which my property is and I don’t plan on shifting it. Hiring is how I assist my relatives and I don’t believe I’ll adjust it at any time soon.

  17. Jerryneict says:

    Знаете ли вы?
    Российских легкоалетов могут сурово наказать за действия чиновников от спорта.
    Герои украинского сериала о школьниках с трудом изъясняются по-украински.
    Рассказ Стивенсона о волшебной бутылке был опубликован почти одновременно на английском и самоанском языках.
    «С любимыми не расставайтесь…» автор написал после того, как чуть не погиб в железнодорожной катастрофе.
    Бразильский дипломат принимал непосредственное участие в создании государства Восточный Тимор.

    http://arbeca.net/