Consolidated Credit | February 2, 2012

This year 60 per cent of Canadians will be contributing to their Registered Retirement Savings Plan (“RRSP”) reports CIBC to save for a healthy financial future. What happened to the 40 per cent who aren’t making a contribution? They may need a prescription from a qualified professional, like a trained credit counsellor or their financial advisor, to nurse their finances back to health.

The deadline to contribute to a RRSP for a deduction for the 2011 taxation year is February 29, 2012. An RRSP is a tax-effective retirement savings account because the income earned inside the RRSP accumulates tax-free. In addition, contributions made to an RRSP are deductible in the year they are made.

Here’s Consolidated Credit’s prescription for ways you can contribute to an RRSP before the deadline or throughout the year:

Silvia Jacinto, Senior Tax Manager, Soberman LLP, Chartered Accountants offers the following advice on your 2011 RRSP contribution:

“If you are using automatic withdrawals from your bank account, you will want to determine how much you have already contributed so that you can determine if there is room for a top-up payment. Remember, if you over-contribute to your RRSP penalties may apply.

You may contribute to your own RRSP until the end of the year in which you turn 71. You may contribute to a spousal RRSP until the end of the year in which he or she turns 71 provided that you have unused contribution room.”

Consult the Canada Revenue Agency or a certified financial advisor for more detailed information on Registered Retirement Savings Plans.

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AFCC (Accredited Financial Counsellor Canada)

AFCC (Accredited Financial Counsellor Canada) is a distinguished professional designation, indicating that a counsellor has successfully completed the program and has specialized knowledge, unique skills and expertise as a qualified Credit Counsellor.

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