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LIVE CHAT: RRSPs
On Tuesday, February 16th, CTV Morning Live and Coast Capital are hosting a live chat on RRSPs.
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LIVE CHAT: Your RRSP questions answered
The RRSP contribution deadline is just around the corner (February 29). But what are the benefits of an RRSP? Who should have one? And how are RRSPs different than TFSAs?
Join Coast Capital Savings' Ian Thomas for a live Q&A on Tuesday, February 16th from 7 – 9 a.m. You can submit your RRSP questions NOW in the following ways:On this page, use the "Quick Login" option in the top left corner, enter your question and hit "Comment" to submit
Posting to CTV Morning Live’s Facebook page
Tweeting us @CTVMorningLive with the #CTVRRSPs
- Emailing us at livechat@ctv.ca
We look forward to answering your questions Tuesday. We hope you’ll join us!
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when is it good to borrow money for an rrsp contribution? any adverse effects? I believe you get about 30% tax shelter on your rrsp and borrowing rate should be pretty low. then you can use the 30% tax refund to pay off the borrowed rrsp.
Ray Wongvia Facebook on February 14 at 3:38 PMGood morning Ray! It can be good to borrow to contribute to your RRSP. Some factors to consider would be having a high taxable income, so therefore you do get a high amount of tax back for the amount that you borrow. You are correct, borrowing rates are low, but keep in mind that the investment that you put into your RRSP also should provide a return that is competitive to your interest rate. - Tyler -
2:48 PM - 10 Feb 2016
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Hi OceanScented - An RRSP is a tax shelter, while a high interest savings is an investment vehicle. You could put a high interest savings into an RRSP, but it depends what the goal of your money is. High interest savings are generally for emergency savings or short term savings, while RRSPs are typically longer term savings. Thanks for the question! - Tyler -
Was laid off from my job last fall. I'm wondering what happens to my group RRSP? -
@CTVMorningLive @Coast_Capital My husband and I are in our early fifties...what kind of investments should we hold in our RRSPs?10:03 AM - 14 Feb 2016
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Hi Diane! There's lots of investments available to you. The investment that you choose will be based on your future income needs as well as the amount of risk that you want to take. A higher risk investment has higher potential return - but you may also need that return to pay for your retirement. Even as you get close to retirement, given that people live a lot longer, it may still be prudent to have growth investments. - Tyler -
I couldn't make an RRSP contribution this year. What happens to my Home Buyers Plan repayment? @ctvmorninglive #RRSPs1:22 PM - 15 Feb 2016
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Hi Tina. The portion of RRSP contribution that you were supposed to make to pay back your home buyers plan becomes part of your taxable income - and therefore, you would have to pay tax on that portion. An easy way to save is on a monthly or bi-weekly payment plan, so next year you have your contribution ready. - Tyler -
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what options are available for seniors who don't have RRSPs?
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is an rrsp even worth it if u contribute 25 bucks a month
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Hi @CTVMorningLive! Like many, my RRSP portfolio has taken a beating as of late. Thoughts on where I should invest this year? #CTVRRSPs3:20 PM - 15 Feb 2016
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Hi Brendan! If the original plan on when you were going to use the funds hasn't changed then it's best to stick to your long term plan with regards to your asset allocation. Chasing the "hottest" sector rarely pays off. If the decrease in the market is causing lost sleep, then it's probably a good time to look at the amount of risk that you really want to take and adjust accordingly. - Tyler -
@CTVMorningLive As both a home renter and soon-to-be university graduate, would it be better to put my money into an RRSP or TFSA?11:39 PM - 15 Feb 2016
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Hi Rebecca! As it sounds like you're still in university, and therefore, have some tuition credits as well as possibly not a full-time job yet, a TFSA would likely suit you better than an RRSP, based on the fact that you have the tuition credits and a lower income. Congratulations on being able to save while going to university! - Tyler -
Hi CTV! I'm wondering how many types of RRSPs an individual should have? For example, if investing in spousal RRSPs should we have individual ones as well? -
My company offers an RRSP matching program. Is it a good deal? Should I take advantage of it? @ctvmorninglive #RRSP1:21 PM - 15 Feb 2016
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Hi Tina! It's always a good plan to take advantage of RRSP matching programs, as it's a gift of money. It's always positive to get as much from an employee benefits package as you can! - Tyler -
What's the better fit for being in your 30s. RRSPs or a high interest e-savings?
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@Coast_Capital @CTVMorningLive Sorry! I didn't see there was a hashtag.by OceanScented via twitter 2/16/2016 3:58:01 PM -
10:07 AM - 14 Feb 2016
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Hi again Diane! As we near retirement, your RRSP investment should change as you get closer to the goal of utilizing your RRSPs. Generally speaking, people get more conservative with their investments as they near retirement. Any changes to your asset allocation should be in consultation with your financial planner to help make the decision. - Tyler -
Isn't it better to go with TFSA than RRSP if one can't do both? -
Got a question about #RRSPs? We've got a live chat with @coast_capital TMRW from 7 - 9 a.m.! Leave your questions right here in the comments! ???????????? #Vancouver #Vancity #YVR #money #coastcapital #livechat #rrsps #saving
by CTV Morning Live via Instagram 2/16/2016 4:13:14 PM -
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What are my options if I don't have the money right now to contribute to an RRSP? @ctvmorninglive #RRSPs1:20 PM - 15 Feb 2016
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Hi Tina - if you don't have the funds to contribute to an RRSP right now, the options that exist for you would be to take out an RRSP loan to be able to contribute for the 2015 tax year - or if you don't need to make the contribution for 2015, you could start a monthly contribution to get ready for 2016. - Tyler -
When should my husband and I start ramping up our RRSP contributions? We are 30 and 31. -
We've been looking into REITs - are these comparable to RRSPs?
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if i have a mortgage, should i put more dollars to that vs saving in an rrsp?
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better to pay down debt or contribute money to savings/rrsp?
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I'm 34 and paying down loans from my time at SFU. If I'm still in debt, can I get a loan for RRSPs? How easy is it to get an RRSP loan? -
I've got a question! I'm looking at 22-ish years to retirement. I haven't got anything in an RRSP. I have a savings of around 30,000 right now, in a regular savings account. What's my best plan of action?
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I left my full-time job last year to pursue blogging full-time. I was contributing to an RRSP but with my income all over the place - some months much higher than others - it's been hard to stay on track. Is there a penalty for not contributing regularly? If I'm looking to save smaller amounts of money should I pursue a different kind of savings? -
Another question as well: how much should someone in their late 20's iut into rsp -
I AM TURNING 71 ON MARCH 1. HAVE NOT SET UP RRIF. IS THIS MANDATORY? OR AUTOMATIC? STILL WORKING FROM HOME PT. THANKS.
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Hello. I am a canadian citizen who has been living and working in the U.S. for the last 10 years. I have recently moved to BC. I have no RRSPs but I do have a 401k. Can I transfer these funds to Canada, where I intend to retire? Currently 50 years old.
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When are you supposed to start saving for rrsp? Does it matter if you start after 30?
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is the money in an RRSP tax free? what about a TFSA? when do you pay taxes?
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what's the diff: RRSP, TFSA, high interest e-savings?
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Hello Keri and Brent! I'm 49 years old, and my RRSP savings are not as high as they should be. I'm wondering if it's worth borrowing to invest more in my RRSPs? I've been talking to friends and family and there are mixed opinions over whether or not this is a good idea. -
I own my own bakery in Langley and read an article that suggested small business owners don't necessarily need RRSPs. Can you elaborate?
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can I use RRSP savings to help fund my wedding? or can I take out the money and tell them it is for something else (home down payment)?
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My RRSPs aren't earning anything, especially in the last 2 years!!! Should I evalulate my investments? -
I am 58 and have about $110,000 in rap and rrsp. $50,000 in rrsp. I've heard that if you have no savings when you retire you receive full amount of govt help. If you are wealthy, it doesn't matter, you're home safe. What about people like myself, who have a little? Will they cut my govt help because I have a small amount.
Should I keep saving in my rrsp?
Sue Taylor
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