How we can help you

Am I on track for retirement?

That’s always the million-dollar question, and the answer for you really depends on the decisions you’ve made (or will make).

Creating your retirement plan

An Investors Group Consultant can help you figure out how much you need to save for the future, and how to balance it with your priorities for today.

Common questions about retirement

  • Should I contribute to my RRSPs?

    Yes – contributing to your RRSPs is very important to your retirement plan because it helps lower your taxable income, and your wealth increases exponentially over time through tax-deferred compound growth the longer you’re invested.    

  • Can I take money out of my RRSPs?

    Yes you can, but there’s a catch. While there is technically nothing preventing you from accessing your RRSPs, you should leave them alone at all costs because any amount you take out will be taxed at your marginal tax rate . Plus, the amount you can contribute to an RRSP in your lifetime is limited, which means you can never re-contribute the amount you withdraw from your RRSP.

    While the Home Buyers’ Plan and the Lifelong Learning Plan do allow tax-free withdrawals from your RRSP with the ability to re-contribute, you still can’t replace the tax-deferred growth that was lost by withdrawing that money from your RRSP in the first place.

  • Can I take money out of my TFSA?

    Yes you can. It’s so much more tax-effective to take out money from your TFSA, instead of your RRSPs, because there’s no tax on a TFSA withdrawal, and you can re-contribute the amount you withdrew to your TFSA in a future year.

  • When should I contribute to my RRSP?

    While you can wait for the RRSP deadline every year to make your annual contribution, you can actually increase your investment returns by making contributions earlier in the year.

    If you start contributing to your RRSP annually on January 1, it provides more time for your money to grow, which makes a significant difference on your retirement savings. You can also contribute monthly if your budget doesn’t allow for one lump sum contribution at the beginning of the year. 

  • Should I claim my RRSP contribution this tax year?

    If you expect your income to be significantly higher in the coming years, it’s a good idea to hold off on claiming the deduction for your RRSP contribution(s) until you’re in a higher tax bracket.

    For example:

    • A $10,000 contribution deducted at a 29% tax rate will generate $2,900 in tax savings.
    • A $10,000 contribution deducted at a 45% tax rate will generate $4,500 in tax savings.