RRSP Q&A: New to Canada and want to save. How can I do it?

Answers to your RRSP questions.

  48

by

Online only.

  48

egg_322
From February 16 to 19, 2010, MoneySense.ca’s top financial planners are answering your RRSP questions. For the full list of questions answered — or to submit a question of your own — click here.

I am 47 years old and new to Canada. I would like to work up to about 60 years of age. If I were to put aside just $200 a month, should I put this amount into an RRSP or TFSA? How do I go about choosing an institution dealing in these plans? — Ninan Mathews

Karin Mizgala: I’m assuming that the $200 a month savings is for your retirement.  If so, and you earn more than $40,000 a year, I recommend you open an RSP account at your bank or credit union. Set up automatic monthly withdrawals from your bank account to your RSP to make it easier to stay on track with your savings goal. If you earn less than $40,000, use the same approach with a TFSA instead.

Given that you have 13 years before retirement, your best bet is to invest in a mix of stock and bond index funds (assuming you are comfortable with market flucutations). If your financial institution doesn’t offer index funds, check out TD’s E-series index funds. Learn more about low cost investing at Investors-aid.coop or read “The complete couch potato roadmap”.

Next question: Not paying income tax this year — should I withdraw?

Back to main RRSP Q&A page.

Have another idea? Let us know in the comments.

48 comments on “RRSP Q&A: New to Canada and want to save. How can I do it?

  1. Consider putting away in your RRSP and taking the tax refund and putting it in to a TFSA.

    Reply

  2. Pingback: Check out my facebook profile

  3. Pingback: Toasty Redhead

  4. Pingback: Fathers Day Gifts

  5. Pingback: Black Friday 2011

  6. Pingback: Seo company

  7. Pingback: Wholesale Jewelry

  8. Pingback: July 4th Deals

  9. Pingback: clubpenguin

  10. Pingback: Tonsil Stones Removal at Home

  11. Pingback: The Birdhouses

  12. Pingback: Affiliate Marketing Programs

  13. Pingback: Concert Tickets

  14. Pingback: Sober House

  15. Pingback: Electronic Cigarette Reviews

  16. Pingback: Vacuum cleaners info

  17. Pingback: Acne Skin Care Product Reviews

  18. Pingback: vacuumcleaners

  19. Pingback: Gold Buying Business

  20. Pingback: Air Conditioner Filters

  21. Pingback: Ile Maurice Location

  22. Pingback: What Is Adoption

  23. Pingback: Villas in Mauritius

  24. Pingback: Villas Ile Maurice

  25. Pingback: Los Angeles Roofing

  26. Pingback: Online Paralegal Courses

  27. Pingback: stretch marks removal cream

  28. Pingback: Wooden Doghouse

  29. Pingback: Associate Degrees Online

  30. Pingback: divorce lawyers in houston texas

  31. Pingback: kansas city roofing

  32. Pingback: montserrat vacations

  33. Pingback: roofing contractor los angeles

  34. Pingback: roofer los angeles

  35. Pingback: roofing services houston

  36. Pingback: Best Online Dating Sites

  37. Pingback: Location Vacances Ile Maurice

  38. Pingback: make easy money online

  39. Pingback: Mauritius Accommodation

  40. Pingback: PS3 Release Dates

  41. Pingback: Ink For Cheap

  42. Pingback: Stair Lifts

  43. Pingback: best small business

  44. Pingback: Cheap Car Insurance Quotes Online

  45. Pingback: seo

  46. Pingback: roofing contractor austin

  47. Pingback: Cheap Personal Secured Loans

  48. Pingback: Credit Card Consolidation

Leave a comment

Your email address will not be published. Required fields are marked *