RSP Season is here, where would you be putting your contributions?

[sm91]

Curious to know where people are putting their contributions, and what rates they are receiving.

I currently have my group RSP with ATB, but looking to find the best rates. What would you recommend a 25 year old to do.

Also, would you put your money in a TFSA or RSP right now?

[AudiLai1]

Primerica

[lasthuzzah]

Bonds.

[GiangZilla]

I.A.P.

[sidgautama]

At 25 years old you should be putting your RRSP's into equites while the markets are low. This is quite likely the buying opportunity of a generation!

[Masked Bandit]

A coffee can in the back yard.

[max_boost]

Originally posted by sidgautama
At 25 years old you should be putting your RRSP's into equites while the markets are low. This is quite likely the buying opportunity of a generation!

True. Just look at your annual statements, ignore the daily fluctuations.

Also, buy gold or get exposure to precious metals! All the countries in the world are printing billions and trillions to try to stimulate their economies, this huge influx of $$$ is going to cause inflation issues down the road. Gold is the only 'real money' out there.

[sputnik]

Originally posted by AudiLai1
Primerica

Have you considered just flushing it down the toilet instead?

[Beerking]

What is the total yearly deposit I can make in one year for my RRSP contribution?

My company does not contribute anything, and I am in the 50k/yr group. Any idea?

I put in every month, but is it better to put in at the end of yr?

[max_boost]

^^

$21,000 is the max limit for 2009.

Your contribution room is basically taking 18% of your earned income from all your years of working.

It's easier to make monthly contributions than one lump sum at the end of the year.

There's a CRA number to call and it'll tell you what your limits are etc. but I forgot what it was.

[blownz]

^ you can put a million bucks in one year if you have the contribution room. Look at your last years notice of assessment to see how much room you have.

I personally do my contributions every two weeks. I don't have a plan through work and I just find it easy to know that every second Friday along with my mortgage payment the bank will also take out $500 for my rrsps. Simple and you don't need to think about it.

[Godfuader]

Everything is on sale. Buy whatever group of funds which has companies you believe will be around for 10+ years like Canadian Resource or Dividend Mutual Funds.

[Canmorite]

Originally posted by sputnik




Have you considered just flushing it down the toilet instead?

Way faster alternative

[max_boost]

Originally posted by blownz
^ you can put a million bucks in one year if you have the contribution room. Look at your last years notice of assessment to see how much room you have.

I personally do my contributions every two weeks. I don't have a plan through work and I just find it easy to know that every second Friday along with my mortgage payment the bank will also take out $500 for my rrsps. Simple and you don't need to think about it.

No sir. There's a cap.

http://www.rbcroyalbank.com/products...rsp-rules.html

You might have that 'contribution room' but the max contribution limit is set.

RSP's are just for your average folks man.

[Beerking]

Thanks Gents, that is what I figured.

Im with Scotia and at the end of every month they automatically withdrawl $200 and put it into Mutual funds (Canadian balanced fund I believe its called..) Im loving it now with how cheap the units are right now, Im probably going to buy more now that I think about it while they're cheap.

[blownz]

Originally posted by max_boost


No sir. There's a cap.

http://www.rbcroyalbank.com/products...rsp-rules.html

You might have that 'contribution room' but the max contribution limit is set.

RSP's are just for your average folks man.

Yes sir.

from your link...

Carry-forwards
If you can't make your maximum contribution one year, you can make up that portion of the contribution in later years by carrying it forward. The amount of your unused contribution limit is shown on your federal Notice of Assessment.

You can put in up to your whatever number is on your notice of assessment. And for many people that is 6 figures plus.

[Aleks]

Yep I am contributing over that max limit for 09 because I have more room than that.

[kenny]

If you guys are doing your own monthly contributions (by your bank, etc) be sure to submit a T1213 form so your employer withholds less tax on each paycheque.

You wouldn't want to make the same mistake as Jim Rome whos employer obvously took way too much tax off each pay period resulting in him not getting paid for his overtime until the following year

Remember, your goal is to not get a tax refund each year.

Link: http://www.cra-arc.gc.ca/E/pbg/tf/t1213/t1213-04e.pdf

[civic_rida]

I just put money into my rrsp every pay cheque.
My company also matches.

[Aleks]

Originally posted by civic_rida
I just put money into my rrsp every pay cheque.
My company also matches.

Same here but this year I sold a bunch of company options before the crash that weren't taxed at the time.