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Sunday, February 27, 2011

RRSP Deadline is Approaching

It's coming up. March 1st. I have only contributed $1000 but I am not going to be adding anymore before the deadline. I do have a goal of at least another $1000 for this year though. Slowly building it. Better slow than never though right?

I consider my RSP as money I will never touch until retirement. I know that you can take it out as part of a home buyer's plan and that could be an option but will have to investigate that further when that time comes. I consider the TFSA as spendable money, planned spending though. Things like a car or a downpayment.

This was actually the first year I EVER added money to an RSP. Are you adding more to your RRSP before the deadline?


  1. Good for you for adding!!! You're young and you have a long time for that to compound and build. I saved $1500 and that is all I can do this year. My goal will be the same for the next year as well. After that I should be done my vehicle loan and I can up it.

  2. That's really good news, and yes better to add slowly than not add at all! And retirement savings accounts should be grown slowly during the beginning and more aggressively as you have a higher income. I just opened an certificate of deposit with Aurora Bank and look forward to grow my funds for later years! Congrats for your progress towards healthy retirement years :)

  3. I did my taxes today and end up getting a very small refund, so won't be contributing more to my RRSPs. I get money taken out each pay period and once a month in an ING streetwise fund. It was thankfully enough so I don't end up owing this year!

    Congrats for starting to contribute in your 20s!

  4. These accounts are not familiar to me at all, so we obviously dont have them here in Oz.
    I,m not sure if it is a similiar thing but I add extra money weekly to my superannuation fund, around $2,000 yearly, and the government adds about another $900 to this amount. Plus what my Employers add which I think is 9% of my wages.

    I am also putting away an extra $50 a week into a savings account for when I retire.

    Wish I had been a lot smarter like yourself and started earlier. Good for you.

  5. My accounts are set-up to bi-weekly deposit money into my RRSP accounts. So for 2010, I'm topped up already (a little over actually).

    What RRSP vehicle are you choosing? Because if you're doing a lump buy, don't do mutual funds unless you're certain the ones you're buying will go up as it's better to "spread the love" over a course of a year.