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Currency Events, Financial Fundamentals

Tis the season … for RRSP contributions

An article in the Tuesday KW Record titled Canadians want to save for retirement, but likely won’t says CIBC poll, reported that a recent study suggests the “majority of Canadian respondents … say they plan on putting money away for retirement this year”.

RRSP Deadline

“The study, released Monday … found that 60 per cent of those polled say they want to contribute to their RRSP, tax-free savings account, or both in 2013.”

Linda Nguyen, who wrote the article, went on to explain that “Twenty-eight per cent say they plan on setting aside money in both accounts; 19 per cent say they will just contribute to an RRSP and 13 per cent say they will only use a TFSA.”

Jamie Golombek, a managing director of tax and estate planning had this to say; “If you don’t have the money to make a contribution to your retirement savings, the solution may come from having a hard look at your budget. Saving for retirement is really about delaying some consumption from the present to the future.”

“The poll also found that 31 per cent of those surveyed say they aren’t planning on putting away retirement savings at all this year, a jump from 28 per cent in 2012. The top reason last year among those polled who didn’t make any contributions was that they didn’t think they could afford it.”

Golombek went on to suggest that “making smaller, regular contributions throughout the year is much easier than making one large lump-sum contribution to your RRSP.”

This goes hand in hand with what I suggest to my clients. The first step is simply a review of your cash flow statement, which sounds like a daunting task, but really is a simple process when I give you the easy to use tools. After the cash flow statement has been completed, conclusions can be drawn on where cutbacks can be made. From there the budgeting process takes flight and we find money to put away.

If you are ready for this RRSP season and want to discuss new or current investment options please do not hesitate to contact me, and on the contrary, if you are not prepared to put some money away for retirement, and would like assistance in budgeting please get in touch with me so we can set up an appointment.

Remember: the deadline for RRSP contributions is March 1st!

Tyler Brown – Financial Security Advisor
tylerb@riskman.ca
WP: (519) 648-9580
CP: (519) 212-9859
FX: (519) 489-2740
http://www.riskman.ca
244 Woolwich St. South, Unit #1 ~ P.O. Box 261 Breslau, ON ~ N0B 1M0

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