With the new year comes a new RRSP season for us Canadians. Allow us to share some tips from Gordon Pape taken from the Business section of the Toronto Star:
- Don't Get stuck in the wrong plan: evaluate the returns and if necessary discuss it with your financial planner. Depending on your goals, you have many choices as to where to place your TFSA.
- TFSA or RRSP?
- Don't make the mistake of using TFSAs for education savings: An RESP ( Registered Education Savings Plan) is what you need if you want to save up for your child's future college education
- Don't Over-contribute: Over-contribution will result in taxation so be very careful about your limits.
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