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To get the most from your RRSP, you need to
take a comprehensive approach. This means looking
beyond simply meeting the RRSP contribution deadline and
considering your retirement goals, your current financial
circumstances, your opportunities to minimize taxes,
and your overall portfolio of retirement savings.
It doesn't have to be difficult.
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Here are five steps you can take to manage your retirement investments:
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| Step 1 |
| Establish Goals To effectively manage your RRSP: You will
need to consider what you want from your retirement
savings. The makeup of your portfolio should be
influenced by your tolerance for risk, your age, the time
remaining until you retire, how much you have available
to invest, your net worth, and your anticipated retirement.
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| Step 2 |
| Establish the right mix: Your mix of investments should
reflect your goals and financial situation. For example,
those with a higher risk tolerance and long time horizon
until retirement may be best suited to equity investments.
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| Step 3 |
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Go International to potentially enhance your
returns, Invest Internationally: You can hold up
to 30% of the book value (the original
cost) of RRSP investments in approved foreign
investments.
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| Step 4 |
Contribute early and often This may be the best investment
advice you are likely to hear. While it's never
too late, starting early gives you the opportunity to
take advantage of the power of compounding so that
your investment will have a greater opportunity to
grow. You can make your annual RRSP contribution as
early as January of the current tax year, or you can
make a series of smaller contributions throughout the
year through a monthly investment plan.
The Power of Compounding graph below shows how
significantly an investment grows when you allow it
to compound over time.
Put time on your side - start NOW!
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| Step 5 |
Be Tax Smart: An RRSP lets your money grow tax-free until
withdrawn. There are other strategies than can enhance tax
benefits. For example, a spousal RRSP can be an effective
income-splitting tool. Click here to read more information
about the importance of implementing a tax-effective RRSP
strategy.
Click here for RRSP Reminders.
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| Best rates based on a minimum $5000 investment.(7/24/2008) |
| Term |
Average
Big 5 Rate |
GIC Direct's
Best Rate |
| 1 yr |
2.25% |
4.05% |
| 2 yrs |
2.60% |
4.41% |
| 3 yrs |
2.85% |
4.60% |
| 4 yrs |
2.95% |
4.70% |
| 5 yrs |
3.20% |
4.76% |
| 'Big 5' refers to average rates taken from
BMO, ScotiaBank, CIBC, Royal Bank, and TD for respective terms. |
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| Best rates based on a minimum $5000 investment.(7/24/2008) |
| Term |
Big 5's
Best Rate |
GIC Direct's
Best Rate |
| 1 yr |
2.25% |
3.96% |
| 2 yrs |
2.60% |
4.40% |
| 3 yrs |
2.85% |
4.60% |
| 4 yrs |
2.95% |
4.70% |
| 5 yrs |
3.20% |
4.75% |
| 'Big 5' refers to average rates taken from
BMO, ScotiaBank, CIBC, Royal Bank, and TD for respective terms. |
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