Retirement

Retirement is a step that entails obligations you need to be informed about, since they will have a major effect on your taxes and finances.

Use your RRSP for short- and medium-term projects
Your RRSP isn’t just for your retirement dreams.
Borrow to invest
It can be to your advantage to take out a loan to bring your RRSP contributions up to the maximum allowed.
Contribute early, contribute your maximum
Use periodic payments to help you begin contributing to your RRSP as early as possible.
Use your unused contribution room
If you can't always contribute the maximum to your RRSP, you keep the right to contribute the remaining amount in the future.
Compare TFSAs and RRSPs
While RRSPs are designed to help you retire more comfortably, a TFSA will help you grow your savings tax-free to cover occasional expenses like a new car, trips, or renovations.