The short-term motivation to make a contribution is likely a tax refund in the spring but the end of this year’s RRSP season brings an opportunity for a long-term view. Here are five resolutions to get your retirement plan on the right track.
The revelation comes one week after an Edward Jones survey showedTogether, the surveys suggest more of us are blindly saving for retirement.
You can also boost your contributions by re-contributing your tax refund, which will result in another tax refund.INVESTMENT STRATEGY As an example, regular contributions to a market-weighted exchange traded fund that tracks an index like the equity benchmark S&P 500 will likely go up over the long-term because major stock markets always have.
Remember, RRSP contributions and the investment gains they generate over time are fully taxed when they are withdrawn. RRSPs that grow too much in value are subjected to a higher marginal rate and could result in Old Age Security claw backs later in life.
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