RRSP Deadline for 2017
If you are looking to invest in your RRSP and want the contributions to be reflected in your 2016 Tax Return then you must invest by Wednesday March 1st 2017. All contributions must be received in good order by your Financial Advisor or Bank Advisor by Midnight on March 1st 2017. Do not delay get your contributions in early to avoid long lines and potentially missing your contribution deadline. If you are a new Client or new Investor, then it will also take some time to set up your account…
RRSP Maximum Contributions for 2017
The annual contribution limits for your RRSP is capped at 18% of your annual income, to a maximum of $25,370 for 2017. To do a simple calculation multiply your Annual income by 18% to find your maximum amount. So if you earned $100,000 of Income in 2016, then the maximum you can contribute to your RRSP would be $18,000. But do not worry, for your unused room, it will carry forward to future years, when you may choose to max out your RRSP contributions.
We Make Investing Simple…
If you are in need of a better way to invest and have confidence in your RRSP, then you have come to the right place. We have helped Hundreds of families create a savings program that they feel good about and can sleep at night when it comes to investing, and their financial future, we do this by using a very simple 3 step approach to your savings
- Online Account access
- Consolidate and monitor
- No fee Advice
We are Independant Financial Advisors and work with Canadas Top Investment Companies
What you need to know:
When using your RRSP as a long term savings vehicle, it is important to manage it wisely. You need to be able to save in a convenient way, such as a monthly PAC, but you also have to be actively invested based upon your age and risk tolerance. Simply saving isn’t enough, it has to be actively managed to take advantage of the Miracle which is Compound interest.
If your RRSP isn’t being actively managed by anyone other than yourself, then it may be time to work with a Professional. Wouldn’t it be nice to have an ambassador to your Savings Account? Wouldn’t it be nice to know that your money is growing while you sleep? Wouldn’t it be nice to have the peace of mind that there are people managing your money……..
Time is one of your greatest allies when it comes to investing. The more time you have before retirement allows your money to compound and grow. Making money off of money is a great way to watch your retirement savings account grow and grow.
Risk is how much of your portfolio you are willing to put into the markets. The more you have invested in the markets directly, the more risk you take. A good balanced Portfolio will have a nice balance of fixed income along with market invested funds. The older you get the less Risk you should be taking.
The return you get is proportional to the risk you take. But do not fret, you don’t need to be overly risky to get good returns. With a well balanced approach to investing we can balance a risk/reward formula that will give you the best opportunities, while allowing you to sleep at night.
Here is what we can Do for You…
New and Existing Investors
We will sit down with you and understand what your Risk Tolerance and Time Horizons are and then devise a plan to maximize any opportunities that are available. Here is how our Investment Process works with new and existing investors.
- Meet with an Advisor, and understand where you currently are, and where you would like to be.
- Devise a plan that takes into account your Age, your Investment Amount, and your Comfort with Risk.
- We will determine if an RRSP or TFSA is appropriate for your situation, and it may be a combination of both
- Match up your needs with one of Canada’s best Investment Companies based on your Profile
- Set up a monthly Pre-Authorized amount that you feel comfortable with to fund your investment account.
- Then we monitor your Savings program through our online analysis program.
RRSP or TFSA or Both?
If you are wondering which tool is best for your Future Savings and Income, then you are probably wondering which is the best tool to use?
If you are young and saving for both your short term savings goals and also your long term savings goals, then a TFSA may be the best tool for you. A TFSA will allow you to save and enjoy Tax Free Investment Growth, but does not give you a Tax Deduction when you contribute. This is valuable for young savers who are in a lower tax bracket, and do not want to have future tax obligations on their Investment Account.
If you are purely saving for your retirement, and not worried about shorter term savings goals, then an RRSP may be the best choice for you. You receive the tax deductions when you contribute, and also enjoy tax free growth until retirement. You only pay back the tax, when you start drawing off your RRSP.