Tap into your RRSP’s full potential with these six tips. Contributing to a Registered Retirement Savings Plan (RRSP) is one of the most effective ways for Canadians to save for retirement. If an RRSP is part of your investment plan, here are some valuable suggestions you can take advantage of: 1. Make it automatic With a biweekly or monthly pre-authorized plan, you can avoid the rush before the contribution deadline and benefit from tax-deferred growth on your contributions t

Crunch the numbers with your advisor to see if an RRSP loan is right for you. As the calendar year winds down, many Canadians start thinking about contributing to a Registered Retirement Savings Plan (RRSP). Whether they make a single lump-sum contribution each year or contribute year-round with a “top up” before the annual RRSP deadline,[1] there’s a strategy that can help save more taxes this year and provide a head start on tax-deferred compounding. The first step is to wo

Here’s a few things to consider before setting up shop. Small businesses are a significant economic engine in Canada, employing thousands of people from coast to coast and representing nearly 98 per cent of all businesses in the country. Whether in a bakery, a bicycle shop or a bookkeeping service, every entrepreneur starts out with the drive to succeed, but the sad fact is that many businesses fold before they hit the five-year mark.[1] Given the amount of energy and money n

Determining the best approach. The debate over whether to invest in a Registered Retirement Saving Plan (RRSP) or a Tax-Free Savings Account (TFSA) comes up every year. Both are excellent tools that allow you to shelter investments from taxes, and both have their place in a well-defined financial plan. Here are some factors to consider as you decide which type of account to save in. Registered Retirement Saving Plan RRSPs are generally used for saving for retirement. Contribu