Chris Worby is a Trusted Regina based financial advisor and Wealth Management services provider. With over 20 years of experience, Worby Wealth Management has been committed to providing a high standard of financial service to individuals, families and business owners in Regina and area. Worby Wealth Management listens and provides a personalized financial plan. In their latest Worby Wealth Management Trusted Regina Financial Tip, they share details about Registered Retirement Saving Plan (RRSPs).
Registered Retirement Saving Plans (RRSPs)
By Chris Worby - May 2023
Retirement Savings Plan (RRSP) is an investment that is registered with the Canada Revenue Agency (CRA) which allows for the deferring of taxes owed on the money contributed and any investment income
earned until future years when the funds are withdrawn.
The money you
contribute to an RRSP now allows you to reduce the income you pay tax on for
the previous taxation year. 2 months into the next calendar year is the usual
deadline to invest into RRSPs for the previous taxation year. That means January and February is the
perfect time to invest in an RRSP for the previous tax year.
“Wait, did you mean now as in now, or as in now…
eh I’ll get to it soon now?”
That old adage is
never more relevant –
" The best time to invest was 50 years ago… the
second best time to invest is right now! "
The 2022 limit is
$29,210 or 18% of your earned income reported on your 2021 tax return (whichever
is less), minus any employer-sponsored pension plan contribution, plus any
unused contribution room from previous years.
Check your most recent CRA Notice of Assessment (NOA) to determine
No minimum contribution age exists, but you must
have earned income reported to CRA. At
Worby Wealth Management, we’ll never promote child labour; regardless, my
children seem to think spending time on Roblox counts as performing a household
The sooner you start contributing to your RRSP, the
better to take advantage of the power of compounding. Contributions can be
made until you turn 71, when they must be converted to an RRIF, or you must purchase an Annuity.
investments can be held in an RRSP, including cash, GICs, bonds, mutual funds,
ETFs and individual stocks. However,
before choosing your investment approach, it’s always best to consider Retirement, Tax,
and possibly even Estate issues.
Questions regarding RRSPs?
If you have
questions about account or investment options, contact Worby Wealth Management to get your
questions answered and start investing in an RRSP or other investment accounts
Some of the services that Worby Wealth Management can help you with:
TRUSTED REGINA FINANCIAL ADVISOR Chris Worby from Worby Wealth Management helps you live your dream!
comments herein are a general discussion of certain issues intended
as general information only and should not be relied upon as tax or legal
advice. Please obtain independent professional advice in the context of your
particular circumstances. This Blog was
written, designed and produced by Chris Worby for the
benefit of Chris Worby, a Financial Advisor at Worby
Wealth Management, a registered trade name with Investia Financial Services
Inc., and does not necessarily reflect the opinion of Investia Financial
Services Inc. The information contained
in this article comes from sources we believe are reliable, but we cannot guarantee
its accuracy or reliability. The
opinions expressed are based on an analysis and interpretation dating from the publication date and are subject to change without notice. Furthermore, they do not constitute an offer
or solicitation to buy or sell securities.
Mutual Funds approved exempt market products and/or exchange-traded
funds are offered through Investia Financial Services Inc.