Registered Retirement Savings Plans (RRSPs) can be a great way for Canadians to save for retirement as well as save on taxes. However, there is a great deal of confusion about what they really are and how they work.
I am dedicating this whole section to RRSP related topics to better help you understand what RRSPs are and how they may benefit you.
The Purpose of an RRSP
When Is It A Good Idea To Have An RRSP? – Discusses the purpose of having an RRSP and when it makes the most sense to take advantage of one.
Your RRSP Is Not Your Emergency Fund – A reminder of the costs associated with withdrawing from an RRSP. Don’t put money into an RRSP if you have no emergency money available.
How Much Should I Contribute To My RRSP? – Provides a brief description of how much you may want to contribute to your RRSP in any given tax year.
Should I Contribute To My RRSP This Year? – Things to take into consideration before making your RRSP contribution for the year.
What Tax Receipts Do I Get For My RRSP? – What to look out for when filing your taxes if you contribute to or withdraw from RRSPs.
RRSP versus Mortgage Debate
Is It Better To Pay Off Your Mortgage Or Contribute To Your RRSP? -This is a tough one and it boils down to your goals. Read the article for some thoughts on this subject.
RRSP versus TFSA Discussion
Should I Contribute To An RRSP Or A TFSA? -Outlines the advantages of contributing to each type of account.
Did You Overcontribute To Your RRSP? – Tells you what you can do if you discover you have over-contributed to your RRSP.
RRSP And Your Taxes
Five RRSP Tax Tips For Your Family – Some great tips to help you make the best use of your RRSPs.
Need A Legal Tax Shelter? Contribute To An RRSP – Shows you how you can use your RRSP to save on taxes.
Common Tax Questions Series 7 – TFSA And RRSP Questions – Addresses some of the most commonly asked questions relating to RRSPs and TFSAs.
The Best And Worst Time To Make An RRSP Withdrawal -Talks about the effects of making an RRSP withdrawal and when it makes sense to do so.
Is It Wise To Put Money Back Into An RRSP After A Withdrawal? -Factors to consider before contributing to your RRSPs after withdrawing from them.
Withdrew Money From Your RRSP in 2010? You Might Have An Unexpected Tax Bill – What to expect if you’ve made a withdrawal and how it can affect your taxes.
General RRSP Tips
RRSP Season Is All Year Round – A reminder that you don’t have to wait until the last minute to contribute to your RRSP.
Retirement Savings Tips For 2010 – General RRSP tips that can be applied to any tax year, not just 2010.
Save Money On Your Taxes – Use A Spousal RRSP – Talks about when it’s best to use a spousal RRSP instead of a regular RRSP to help your family reduce taxes.
The First Time Home Buyers Plan
Using The First Time Home Buyers Plan For A Home Down Payment – Describes how the First Time Home Buyers Plan works.