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Markets
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95.15
22,207.61
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170.85
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137.57
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€ 0.6822
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£ 0.5853
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* AEM:CT $82.51 -0.98
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* CAE:CT $27.09 +0.05
* CAR-U:CT $44.80 +0.34
* CCL/B:CT $68.78 +0.84
* CCO:CT $67.08 -0.37
* CM:CT $67.81 +0.3
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* CNR:CT $177.32 +0.57
* CP:CT $119.40 +0.85
* CSU:CT $3,625.41 +36.16
* CTC/A:CT $135.03 +1.09
* CVE:CT $28.51 +0.11
* DOL:CT $107.87 +7.51
* EMA:CT $47.41 +0.28
* ENB:CT $48.41 +0.02
* FM:CT $15.47 +0.3
* FNV:CT $163.25 +0.26
* FSV:CT $217.67 -0.68
* FTS:CT $53.20 0
* GIB/A:CT $146.70 +0.18
* GIL:CT $49.23 -0.55
* H:CT $39.16 +0.19
* IFC:CT $218.68 +0.59
* IMO:CT $97.56 -0.28
* K:CT $8.60 -0.07
* L:CT $149.79 -0.16
* MFC:CT $33.45 +0.23
* MG:CT $71.80 +0.7
* MRU:CT $71.28 +0.16
* NA:CT $113.40 +0.48
* NTR:CT $76.38 +0.34
* OTEX:CT $51.50 +0.11
* POW:CT $37.81 +0.26
* PPL:CT $48.34 +0.21
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* RCI/B:CT $53.69 +0.14
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* PERSONAL FINANCE
Feb 9, 2024
6 RRSP CONTRIBUTION MYTHS DEBUNKED
By Dale Jackson
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DELOITTE CANADA: ONLY 14% OF NEAR-RETIREES IN CANADA CAN RETIRE CONFIDENTLY
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Dale Jackson
Personal Finance Columnist, Payback Time
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With the February 29 Registered Retirement Savings Plan (RRSP) contribution
deadline looming, a new poll finds 61 per cent of Canadians know more about
their favourite TV show than their pension plans.
The poll, commissioned by the Financial Services Regulatory Authority of Ontario
(FSRA), also finds 91 of respondents agree more should be done to educate people
about pensions.
You don’t need a formal poll to conclude there are plenty of myths and
misunderstandings surrounding RRSPs. Here are 6 of the most basic ones that
could be hindering your road to retirement.
1. RRSPS ARE RETIREMENT INVESTMENTS
No, they are not investments at all. RRSPs are federal government-sponsored
accounts that allow taxpayers to deduct contributions from their taxable income.
The bigger the contribution, the bigger the deduction.
RRSPs are administered through private financial institutions that usually
provide investment options. You can invest within your RRSP account whenever you
want in just about anything, such as stocks, bonds, mutual funds or exchange
traded funds (ETFs).
It’s important to note that some financial institutions only offer mutual funds,
which often have high annual fees. Be sure to ask about all fees.
2. RRSPS PROVIDE A TAX EXEMPTION
Wrong. Tax exemptions are forever. RRSPs provide a deferral, or shelter, from
taxation until funds are withdrawn; ideally in retirement when you are in a
lower tax bracket.
The tax deferral provided by RRSPs allow investments to grow tax free until
retirement - provided your refunds are reinvested in the RRSP. The refund is
just Ottawa returning part of what you already paid during the year through
payroll deductions from your employer.
3. FEBRUARY 29 IS THE RRSP CONTRIBUTION DEADLINE
Sort of. Midnight February 29 is the deadline to contribute if you want to
deduct any unclaimed contributions from your 2023 taxable income. You can
contribute any time.
Tax savings can be maximized by deducting larger amounts in high-income years
when you would normally be taxed at a high marginal rate.
4. YOU SHOULD CONTRIBUTE AS MUCH AS POSSIBLE
The RRSP contribution limit for 2024 is 18 per cent of the income you are
reporting on your 2023 tax return to a maximum of $31,560. Unused allowable RRSP
contribution space can be carried forward to future years.
However, maxing out your allowable RRSP space could be a costly mistake for
those with plenty of time before retirement. Even if you don’t contribute the
maximum allowable amount, the investments in an RRSP can grow too large and push
withdrawals to a higher marginal tax rate.
On top of that, Ottawa will eventually force you to make minimum withdrawals. If
the amount is too high you could face Old Age Security (OAS) benefit clawbacks
as well.
5. YOU SHOULD CONTRIBUTE SOMETHING TO YOUR RRSP
Not always. There are times when your dollars would be better spent elsewhere.
With borrowing rates now at a three-decade high, there are no RRSP investments
that could guarantee returns even close to the double-digit interest rates on
consumer and student loans, lines of credit, or credit card balances - even
after you factor in the tax savings. If you’re one of the many Canadians
struggling with a high level of debt, pay it down.
If your debt is under control but your income and marginal tax rate are low, a
better option could be investing in a Tax-Free Savings Account(TFSA), which can
not be deducted from income but is not taxed when it is withdrawn.
6. YOU CAN NOT WITHDRAW FROM YOUR RRSP UNTIL YOU RETIRE
Not true. It might make sense to withdraw from your RRSP in years when your
income is severely reduced and you are being taxed at a low marginal rate
anyway.
Withdrawals before 65 years of age are subject to a withholding tax at the
source but any excess amount will be returned when you file that year’s tax
return.
Early withdrawals can also be made with no tax consequences for first-time home
purchases or continuing education provided they are returned within a specific
period of time.
Forum Research conducted the online poll between December 7 – 14, 2023 with a
sample size of 1,000 Ontario residents 18 years or older.
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