It's Contribution Time!
Lois Smith
Senior Wealth Advisor, Smith Falconer Financial Group, Wood Gundy, CIBC Private Wealth
February 2019 eUpdate
The more you contribute to your Registered Retirement Savings Plan (RRSP) (within allowable limits) and the earlier you do it, the greater the impact of tax-free compounding over time. Your contribution for earned income in 2018 should have already been made, but to take the best advantage of time, we suggest you make your 2019 contribution for earned income now.
Where feasible, if you have unused contribution room carried forward from previous years, make that contribution too. Being disciplined about this can make a significant difference in your post-retirement years. Our contribution checklist offers suggestions on making the most of your RRSP.
Download Your Contribution Checklist
If you have not yet made a 2019 contribution to your Tax Free Savings Account (TFSA), it's time! Many investors downplayed this savings vehicle when it was introduced in 2009, thinking it was too small to worry about. With the total allowable contribution now at $63,500 per person, we believe every client should avail themselves of this tax-free growth opportunity.
We all pay plenty of tax in Canada. Why not take maximum advantage of the few tax-free savings opportunities we do have?
Talk to us and we'll recommend the most effective investment strategy for your specific situation. We look forward to assisting you.