RRSP Deadline is Fast Approaching

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.