This is often a good time of year to review your financial goals.

This is often a good time of year to review your financial goals and needs.

The deadline for 2015 RRSP contributions this year is Monday Feb 29 2016.

Should you be contributing to RRSPs?  Some of the positives include that RRSPs reduce your income tax owing at the income tax rate that you pay. That also means that if you’re in the 30% tax bracket and you contribute $100, your real cost is only $70.

Money held within your RRSP’s and RRIF’s etc. grows tax free but is taxable at your personal income tax rate at the time you make withdrawals. Some things to consider can include what your expected rate of return is, how many years your investments will be sheltered and what your income tax rate might be when you take money out of the RRSP.

The maximum RRSP contribution limit for 2015 is $24,930 (based on your income in 2014), plus any unused deduction room you might have left over from previous years. Your 2014 notice of assessment should have these figures for you.

The start of a new year can be a good time to review your financial needs, ask a few pointed questions about how your plans will meet your future goals and also share any changes in your circumstances with your financial advisor.

Everyone knows that hope is not a plan so if you’re self funding your pension and RRSP’s or wish to provide yourself with an increased retirement income, have you considered investing in worry free savings that will provide you with a guaranteed income for life regardless of the markets or how long you live?


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