Quiet RRSP Season

Normally by this time of year (Mid-February) the airwaves should be inundated with reminders to get your RRSPs bought for this  year’s taxes, but this year, I have seen very little “pomp and fanfare” about the whole situation and assume the banks have figured out:

• People worried about their jobs are less likely to be worried about their retirement
• People without jobs aren’t going to buy RRSPs
• Banks have cut back on advertising due to their own financial shortcomings.

I may be wrong, but I certainly have not heard the normal crescendo of advertising campaigns about getting RRSPs bought before the end of February.

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Worried About Your Job

If you have money to put in your RRSP but are holding off, at least put your money into a TFSA to have it grow without taxes. However, maybe think about putting it into an RRSP anyhow. The TFSA is a safe bet and is a good "holding place" for now.

If you have money you want to put into your RRSP now, just make sure it is in an investment that can be liquidated quickly (or does not have HUGE penalties for taking money out early) and the following scenario might occur:

• Put money into RRSP and get back tax money from last year (where you might have been in the highest tax bracket).
• If you get laid off this year, you might need to withdraw the money by year's end. You could be in a lower tax bracket in that case. Crunch the numbers but think about that possible scenario if it fits your life.

Weird Inquiries

Someone from MTV made a weird inquiry, back in February 2009. They claimed to be about a show they are doing on laid off people. The show is about how they have to adapt their lifestyle now that they aren't making a big salary. They were looking for folks much younger than me, so I didn't answer, but I could think of some possible titles:

• Dude where is my career?
• The E.I.  (a parody on The O.C.)
• Dump'ed  (as in job)

I had to smile reading the e-mail. Now if the CBC wants to talk to me, I am all over that!