{"id":2184,"date":"2021-09-07T13:39:38","date_gmt":"2021-09-07T19:39:38","guid":{"rendered":"https:\/\/www.wiegers.ca\/?p=2184"},"modified":"2024-02-05T10:47:24","modified_gmt":"2024-02-05T16:47:24","slug":"how-to-make-the-most-of-your-rrsps","status":"publish","type":"post","link":"https:\/\/wiegers.ca\/how-to-make-the-most-of-your-rrsps\/","title":{"rendered":"How to Make the Most of Your RRSP"},"content":{"rendered":"

Your life is ever-evolving and multi-faceted, and so are your goals. Wiegers Financial & Benefits offers a holistic approach to financial planning to ensure that no matter how your circumstances and goals change and no matter how complex they become, we cover all of the bases. In our latest blog post, Taylor Szeto, a trusted financial advisor explains how to make the most of your RRSP.<\/span><\/p>\n

Matching each saving option to your specific financial situation<\/strong><\/p>\n

Building savings can be challenging; after all, there are plenty of other things to spend your money on.\u202f That being said, the satisfaction of watching your savings grow will likely outlast the thrill of your latest online purchase.\u00a0 To maximize your savings potential, you can add guaranteed investment certificates<\/a> (GICs), mutual funds, segregated funds, stocks and bonds to your registered retirement savings plan (RRSP) or tax-free savings account (TFSA)<\/p>\n

Accelerate your savings<\/strong><\/p>\n

Here are a few options you can consider to make the most of your contributions:<\/p>\n

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  1. Pay yourself first with a pre-authorized chequing contribution plan<\/strong><\/li>\n<\/ol>\n

    A pre-authorized chequing\u202f(PAC) contribution plan helps you make regular, automatic contributions to your investments. It\u2019s \u201cpaying yourself first\u201d by treating regular saving like any re-occurring payment. This strategy is more effective because contributing more frequently gives you the advantage of dollar-cost averaging.[2]<\/a><\/p>\n

    Talk with your advisor<\/a> or investment representative about adding an option that gradually increases the amount you contribute over time. It\u2019s like giving your investments an annual raise, which can make a big difference to your savings over time.<\/p>\n

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    1. Catchup on unused RRSP contribution room with an RRSP loan<\/strong><\/li>\n<\/ol>\n

      An RRSP loan can boost your savings by allowing you to catch up on RRSP contributions[3]<\/a>.\u202fBy catching up on contributions using a loan, you\u2019re giving your investments the most available time to grow[4]<\/a>. It helps you now and in the future because it:<\/p>\n