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.
This entry was posted on Saturday, February 13th, 2010 at 9:29 am and is filed under Financial. You can follow any responses to this entry through the RSS 2.0 feed.
