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Will you be taking an RRSP season guilt trip this winter?
If a heavy debt load is stopping you from making an RRSP contribution, skip the guilt trip and focus on debt over saving. As much as we all need to take a long-term view with our finances, there are times when living in the moment takes priority. Administering an estate is no one’s idea of fun. But with Canadians expected to transfer as much as $1-trillion worth of inheritances over the next decade, more and more of us are bound to become intimately familiar with the emotionally fraught, bureaucratic obstacle course that is distributing the assets of a deceased family member.
Also, don’t forget to check if there are any exclusions due to age in your coverage through a credit card or any other plan. Doing so will ensure you don’t have a false sense of security where a plan offers options that you are ineligible for. If it isn’t clear, contact the provider to confirm your eligibility status and source other options if the coverage isn’t available to you.
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