Loonie Journey’s plan to financial independence, including asset location, asset allocation, emergency funds and insurance policies.
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Category: RRSP
Asset Location: How to prioritize contributions between TFSA, RRSP & other accounts
Everyone would love to max out every tax-advantaged account, grow taxable accounts and repay mortgage all at the same time. But cash is limited, so contributions should be prioritized into the right accounts to grow wealth.
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RRSP 101: maximize tax deferral benefits to save you money
The main benefit of the RRSP is that any contributions can be deducted to reduce your taxable income in a given year. This means that you won’t get taxed on the deduction amount and will likely receive a tax refund. If you reinvest the refund amount, you can use your refund to further grow your investment balance.
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RRSP 101: understanding the basics
With RRSP season in full swing this month, it’s important to understand this popular retirement account. In the first of a series of posts, we will cover the basics of the RRSP.
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