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2009 RRSP Deadline

As the end of the 2009 RRSP season draws near here are a few common questions answered.

When is the RRSP deadline?

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RRSP or Pay Down the Mortgage?

A common question is should I save in my RRSP or pay down my mortgage?  I believe the answer is both.  In meeting with clients one of the most celebrated financial accomplishments for many is when they are finally debt free.  Saving outside of the mortgage offers diversification, and saving in the home for retirement often means selling the home to access the money.  Both the RRSP and paying down your mortgage offer you a home and funds to draw from to fund your life style.

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What is better, RRSP or TFSA?

With the launch of the TFSA (Tax Free Savings Account), a common question is which one is better, the TFSA or the RRSP (Registered Retirement Savings Account)?  I have seen both TFSA and the RRSP win the title of “the best”, so which one is it?

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What is an RRSP?

I often here people stating extremes when discussing RRSP’s, some seem to love them, others hate them.  I believe RRSP’s are a tool, when used correctly they can be a powerful tool.  The key to ensuring you make sure they are used when they will benefit you is to understand how they work, and how they compare to the other common alternatives.

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RRSP checklist, are they right for you?

When choosing an RRSP there are many things to consider.  The following questions will help you make an informed decision about whether an RRSP is right for you.

 1.  Do you understand the basics of how RRSP’s work?

2.  How does it compare to TFSA?

3.  How does it compare to Paying down debt?

4.  Should I contribute in my name or my spouses?

5.  Should the contribution be spousal?

6.  Does it make sense to plan to use Home Buyers Plan?

7.  Does it make sense to plan to use Lifelong Learning Plan?

8.  When would taking money out of an RRSP make sense?

9.  Why designate a beneficiary on your RRSP?

10. How much can I contribute to an RRSP?

11. Could I benefit from Creditor Protection?

12. Does an RRSP loan make sense?

13. Could I benefit from the Gross up strategy?

14. Do you have a group RRSP?

15. Should I use and RRSP or IPP?

 Over the next 2 weeks I will be posting blogs on each one of these 15 points in hopes they will help you make a confident RRSP decision.

 I do recommend discussing these questions with a professionals who can help guide you through the process as a blog does not offer the tailored solutions that individual often require.  If you live in BC, we would be happy to answer your questions

 This post has been kept general, to find out if an RRSP is right for you, it is advised that you seek a professional opinion.  Details can be found on the Government of Canada website. This information is assumed correct, but is for information purposes only and it is up to the reader to verify it’s accuracy before acting on anything written on this site.  More details about the use of the content can be found on the site disclaimer located under the “Getting to know us” tab.  We do not offer any tax or legal advice.