This year’s deadline for contributing to your Registered Retirement Savings Plan (RRSP) is March 2, 2015.

An RRSP is an account that you use to save for your retirement. It is registered with the federal government, and you set it up through a financial institution. There are different investment products that you can hold in your RRSP account. You can discuss with your financial advisor what types of investments an RRSP account can contain. You can also visit the About Investments section of InvestRight to find out more about various investment products.

Your financial advisor can help you build an RRSP portfolio. You should be engaged in the process by asking questions about strategies, products and fees. Having regular meetings throughout the year to ensure you are meeting your financial goals is a good idea.

You do not have to rush into a decision about a particular investment product at deadline time. As long as you make your contribution by the deadline, you can determine where you want the funds to be allocated at a later date.

When working with an advisor, you should understand how RRSPs fit into your overall investment strategy over the long-term. There can be tax implications when withdrawing funds from your RRSPs, so be prepared to discuss this with your advisor before making a withdrawal.

When developing a relationship with a new financial advisor, meet in person to discuss your investment options, ask for their credentials and check their registration, and learn about their experience in delivering your chosen products and services.

Suggested Reading

Investment Caution List: 14 New Additions

Earl Jones: I like to help people

Part 1: BC’s over-the-counter rule goes national

More Resources

In your community this month – May 2011

BCSC staff ambassadors tour the province, helping people to protect themselves from fraud and unsuitable investments. Our goal is to enable BC investors to develop critical thinking skills so they can become more informed of steps they should take to protect themselves when investing. Where we are this month   Richmond – InvestRight seminarMay 4 […]

Three companies and suspended registration added to caution list

BCSC staff added two Panamanian companies to the Investment Caution List after the country’s national securities commission issued a warning about them. The Panamanian securities regulator warned that InovaTrade Inc. and InovaTrade Panama Inc. are not licenced to do business in the country’s securities industry. The U.S. Commodity Futures Trading Commission also took legal action […]