Thursday, 28 February 2013

RRSP Deadline Dos and Don'ts

The deadline to contribute to your RRSP in order to claim it on your 2012 tax return is at midnight March 1st. This inevitable creates a day of mini chaos at banks across Canada. Many feel the pressure to put money in by the deadline so they can see a better tax refund later in the year. If you are thinking of making a contribution this year to your RRSP by the deadline, here are some dos and don'ts that should help your decision.

  • Don’t ever borrow to save into your RRSP.
  • Do rush to make a contribution by the deadline if you haven't paid enough income tax.
  • Don’t just shove money into your RRSP without thinking about where you will invest it.
  • Do pay down your monster mortgage, if they have one, rather than save in an RRSP.
  • Do set up a systematic investment plan (SIP) for your retirement.
  • Don’t just shove money into your RRSP without thinking about where you will invest it.
  • Do make sure the investments in your RRSP are set to DRIP.
  • Don’t buy Mutual funds in your RRSP.
  • Do make your RRSP a priority to your child’s RESP.
  • Don’t over contribute.
  • Don’t rely soley on the advice of you investment advisor.
  • Do learn to invest online using a discount brokerage.
  • Do understand all the fees associated with opening an RRSP.
  • Do make your RRSP contribution online. 

Any more tips on RRSP deadline dos and don'ts? Please share....


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