Retirement. Are RRSPs enough?
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Transcript

Top 10 RRSP tips

Whether retirement is five years or 25 years away, the best strategy for reaching any goal is to have a plan - and these important RRSP strategies can help you get started.

Tip

Give yourself a raise

File a T1213 form to the Canada Revenue Agency (CRA), and you could potentially reduce the amount of income your employer withholds from your paycheques, putting more money in your pocket for your immediate use – like your RRSP.

Tip

Tax planning for two through spousal RRSP's

A spousal RRSP is an RRSP for the benefit of one spouse, but contributions are made, and deducted, by the other spouse. Spousal RRSPs are a good strategy if you expect one spouse to be in a lower tax bracket in retirement because they provide the benefit of balancing retirement income.

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If your company has a pension plan or group RRSP that matches contributions, make sure you do so. It’s free money.
A 25-year-old who begins with a $2,000 RRSP contribution, and adds $2,000 each year will have $330,095 by the time they are 65, assuming compound annual growth of six per cent.
You won't pay any tax on investment earnings as long as they stay in your RRSP. This tax-free compounding allows your savings to grow faster.
With retirement 25+ years away, short-term market predictions shouldn’t influence your long-term investment plan. Stay focused on the plan you put in place.

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