RRSP Bingo
When you talk to an investment person, do you feel like you are at an RRSP Bingo game? I have a card to help you out at these meetings.
RRSP to TFSA Grand Jeté
I like to call it a “Grand Jeté”—that elegant leap from an RRSP to a TFSA. It’s not a ballet move in the financial world, but it sure feels like one when executed well. The idea is simple: use your RRSP tax refund as a funding source for your TFSA.
Here’s how it works: You contribute to your RRSP (say $5,000), get a tax refund (maybe around $1,300), and then—gracefully—you “leap” that refund into your TFSA. Assuming you have room in both accounts, it’s a smart way to double down on your savings without stretching your budget.
For me, this is one of the more elegant moves in personal finance. If you’re debt-free and planning for retirement, this strategy lets you leverage the tax-deferral benefits of the RRSP and the tax-free growth of the TFSA—a financial choreography that builds long-term wealth.
Keywords: TFSA, RRSP, tax refund strategy, Canadian personal finance, retirement savings, tax-efficient investing, RRSP to TFSA strategy
Pensions and Spousal RRSPs
Are pensions and spousal RRSPs natural financial enemies of each other, or do they compliment your retirement plan perfectly ?
RRSP Deadline Let the Taxes Begin!
Today is the end of the RRSP season (I dropped by my bank to deposit a cheque, and saw that there was still mayhem and such). Â You can still today “do your RRSP” if you… Read More »RRSP Deadline Let the Taxes Begin!
I did my RRSP and TFSA Now What?
After contributing to my RRSP and TFSA, I often hear people ask, “Now what?” It’s a fair question—but the real question should be: What did you invest in once the money landed?
Far too many people drop funds into a TFSA “savings” account earning 1.2%, or worse, let their advisor push them into mutual funds with high MERs (Management Expense Ratios)—sometimes as high as 3.2%! That’s not wealth-building. That’s giving your money away in fees.
The TFSA is a powerful tool, but only if used properly. It’s not just a tax-sheltered savings account—it can (and should) be a vehicle for investing in low-fee, long-term growth assets. The same goes for your RRSP.
Bottom line? If you’re handing over $2,000 to a stranger at a bank and saying, “Do something with it,” you need to spend more time learning about your money than shopping for your next TV. Otherwise, the real cost isn’t the MER—it’s missed opportunity.
Keywords: TFSA, MER, RRSP, personal finance, Canadian investing, mutual fund fees, financial literacy, low-fee investing
