By Bridge Force Financial Group Inc.
Edited by Admin
RRSP Contribution Deadline 2016
Tips to help you make the most of your RRSP
- Know the deadline for RRSP Contributions
- Make your Maximum Contribution
- 18% of 2014 income to a maximum of $24,930
- Maximum amount you can deduct for each tax year is shown on your latest Notice of Assessment or form T1028.
- Establish a Regular Contribution Schedule
- Starting a pre-authorized chequing (PAC) plan is an excellent option that will let you invest regularly and make your RSP year-round priority.
- Consider an RRSP Loan
- RSP loans offered at attractive rates.
- Helps you to catch up on your unused RSP contribution room.
- Make A Contribution in Kind
- If you hold securities outside your RRSP, consider rolling them into your RRSP.
- Consider a Spousal RRSP
- If your spouse is in lower tax-bracket than you are it may be advantageous to contribute to a spousal account.
- By contributing to a spousal account, withdrawals at retirement will be taxable in the hands of the lower income spouse.
- Invest in a Tax-Free savings Account
- Invest money outside your RRSP into a Tax-Free savings Account (TFSA)
- Contribute up to $46,500 in 2016.
- No tax on investment growth and withdrawals.
8. Talk to a BridgeForce Advisor
- Saving for your retirement doesn’t have to be complicated. To make sure you get the most out of your retirement nest egg, be sure to speak to a BridgeForce Advisor who knows your personal financial goals.