Ask MoneySense: RRSP or mortgage?
When it’s best to invest in your retirement savings and when it’s best to eliminate debt.
RRSP GUIDE 2013
When?
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TAGS RRSPsWhen is the contribution deadline?
The RRSP contribution deadline is March 1, 2013 for the 2012 tax year.
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Can I take money out of my RRSP without a penalty?
You can tap your RRSP if you’re buying a home or going back to school.
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TAGS RRSPs unemploymentWithdrawing from RRSPs between jobs
If your income is low enough, you’ll get the withholding tax back.
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What happens to my RRSP when I retire?
Most people transfer their assets into a Registered Retirement Income Fund, or RRIF, once they turn 71 to convert savings into regular monthly payments.
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TAGS RRSPsHow to assign contributions to prior years
You can declare contributions made in the first two months of the year for either the year before or the current year.
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What’s the best way to get money out of RRSPs?
Look for ways to keep your income from ballooning when you hit 71 or 40% of your savings could get siphoned off by the taxman.
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TAGS RRSPsWhat if I maxed out my 2012 RRSP contributions?
Can you add money to an RRSP in January and February, and count it as 2013 contributions?
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Low income? Hold off on the RRSP
There a lot of pressure to contribute to an RRSP, but Bruce Sellery says sometimes it makes more sense to wait.
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Understanding your RRIF
When its time to convert your RRSP into a RRIF Bruce Sellery says it pays to ask questions, but you might like the all of the answers.
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The procrastinator’s guide to the RRSP deadline
Hoping to get your RRSP contribution in under the wire? Here are some things to keep in mind if you want to get the biggest bang for your buck.
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TAGS planning retirementRRSPs in your 50s and 60s: The home stretch
If you’re behind on your RRSP contributions, now is the time to catch up on your savings.
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TAGS planning retirementRRSPs in your 40s: Just keep swimming
It may be tough with other debts to handle, but continue regularly contributing to your RRSP.
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TAGS planning retirementRRSPs in your 30s: Learning to juggle
It’s tough to balance your financial priorities and decide whether your money should go to your mortgage or your RRSP.
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TAGS planning retirementRRSPs in your 20s: Getting started
With endless expenses and competing financial priorities, there never seems to be enough money left over for RRSPs.
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How to tap your RRSP
Conventional wisdom says that when you retire, you should wait as long as possible before withdrawing your RRSPs. That advice is wrong
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RRIFing with your savings
I’m always surprised when I meet someone who has the completely wrong idea about a product that’s been around for a very long time. I should get over this because it actually happens a lot.
