Check your annual contribution limits and plan accordingly

It’s important to check your contribution limits to make sure you don’t pay penalties for over-contributing. Here are the contribution limits for the 2020 – 2021 taxation years:

• 2020: $27,230

• 2021: $27,830
   

The deadline for 2020 RRSP contributions is March 1. You can log in to your CRA My Account portal or check last year’s notice of assessment for more details about your personal contribution limits.
 

Use your full RRSP contribution room

If you’re looking for a way to catch up or top up your investments, we can help. Our Registered Investment Go! Loan and our Registered Investment Link Line can help you get ahead, so when you receive your tax return, you can put that money back onto your loan.
 

Consolidate your RRSPs

Although diversifying your portfolio is important, spreading your RRSP accounts across multiple financial institutions may result in additional account fees and may make it difficult to track your investments. Plus, in order to make proper recommendations, anyone advising you should have a full understanding of all your holdings and their combined diversification and risk.
 

Set preauthorized debits for the next year

Start working ahead — put your savings on autopilot and have preauthorized amounts deducted from your chequing account regularly throughout the next year. You’ll improve your chances of making the maximum contribution to your RRSP every year, and get the advantage of tax-deferred compound growth working for you earlier.
 

Ask for advice

Talking to an SCU deposit specialist on a regular basis can help you explore your options. To book an appointment: