lerico

I use everything TD. Their online system is so good! Just purchased RRSP last week, quick and easy! So far the performance of their mutual funds is doing quite well compare to others.

lerico

原帖由 快樂牛郎 於 2008-2-12 00:59 發表
It may be too early for you but watch out for "overcontributing".
Not over your RRSP limit but having too much money in RRSP by the time you become 65 can also be a liability.

Absolutely agreed. Banks keep pushing people to contribute more and more to RRSP, advertise how it can save you tax now, and save for retirement. However, this might not be true to everyone.

Remember, RRSP is only going to DEFER your tax. It doesn't mean you don't have to pay the tax.

For those with stable job, in their mid-20s, and in a company that has a pension plan. When you retire, you might have TOO MUCH RRSP so that you are in a even higher tax bracket. That is, your RRSP money you are taking out plus your monthly pension might be higher than your pre-retirement income.

If you think you are in that case, it's way better to put your money in your mortgage or other investment than RRSP.