RRSP Truths

By Tom Bradley

In the current edition of MoneySense magazine, there’s an article on RRSPs entitled, ‘Surprising Truths about Your RRSP’. There is a ton written about RRSPs at this time of year, but I thought this piece did a good job addressing some key issues. In the magazine, there are seven truths, while the on-line version has been trimmed to the most important three.

The article serves as a reminder that reinvesting your tax refund (versus spending it) is key, there are taxes to pay when you start dipping into your RRSP (or likely RRIF) and bear markets are a great time to top up your contributions.

For those who are new to RRSPs, or just need a refresher, give it a read.