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Random Thoughts: It’s RRSP Time!

Oil Prices Explode!

The RRSP season continues on with many great posts from many different bloggers. However, a more insidious thing is happening. The price of Crude Oil is exploding due to unrest in the Mid-East. Gas prices in Ottawa jumped overnight to $1.20 per litre with promises of this going up even more, as things in the middle east get more and more enjoyable, which could mean an inflationary spike, that could start a lot of financial dominoes to start falling (i.e. interest rates, more price increases, etc.,). All of this price jump is synthetic for now. There has been no talk of Oil Wells being shut down or sabotaged yet. Once that happens, look for gas prices to keep going up.

Have you decided what to do about your RRSPs or TFSAs? That is a big water cooler conversation these days. The chique answer is to say you don’t believe in RRSPs any more and are instead putting money into your TFSA. Given the way I dress, you can guess the chique answer doesn’t really turn my crank much. I have a pretty solid pension for now. My RRSPs are not being added to much. I would put more money in them if I had more disposable income to use. You should do what you think is right for your situation (i.e. what I do, is what I do, and you should decide on the basis of your own financial needs).

A week of Economic Data, Taxes, Money tracking and warning notices about coming expenses in my writings:

  • With Inflation Steadies in January I pointed out that while inflation has steadied at 2.3%, it is still growing a full 1% higher than last year at this time, and now with Gasoline exploding this month, watch for the CPI numbers to start spiking again.
  • Given it is getting close to Tax Time, Medical Expenses and Taxes, I point out that even if you do have a health plan. You still may be due moneys back from the government. This is possible if you have good accounting of how much you spent.
  • With Where did my money go I started off pointing out a fun site to track bills geographically but then pointed out that data about your spending habits already exists and what might be coming in the future.
  • With Here comes the summer (big spending list) I ran with an idea that the Big Cajun Wife gave me, and then went introspective on what my summer spending might turn into (quite scary).
  • Random Thoughts: Love Week is a recap of Valentine’s Week in 2011.

As a note, I actually enjoy all comments (even the ones that question my sanity), and will try to respond to most comments, so please feel free to comment away.



Other Financial Bloggers had more insights about the RRSP season and the financial turmoil in the world these days:

RRSP, RDSP
40th President of the U.S.A.

Remember

"The taxpayer - that's someone who works for the federal government but doesn't have to take the civil service examination."

Author: Ronald Reagan (see above image)

Feel Free to Comment

  1. Thanks for the mention!

    Yeah, gas prices climbing higher really sucks, in a word. I’m just glad we’re spending less time on the roads now; we moved a bit closer to work.

    I’ll let you know how the credit report goes. Could be interesting…

    Have a great weekend BCM!

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