RRSP season is here

It’s that time of year, and here are three tips to help you stay on track with your retirement savings

RRSP season has arrived, and you may be wondering if anything’s changed with the pandemic. No need to fret – we have a quick rundown of three key tips that can help you get more out of your retirement savings. 

  1. Automate your contributions

If you’re not already set up for monthly contributions in the Advantages Retirement Plan™, grow your savings faster by making regular, automatic RRSP contributions. Then you won’t have to worry about making a last-minute lump sum contribution before next year’s deadline.

  1. Make sure you’re paying yourself the right salary

Looking ahead, the RRSP contribution limit for the 2022 tax year is 18% of your earned income, up to a maximum of $29,210. So for physicians who have been setting up pay schedules for the year, you’ll want to make sure you increase your salary enough to take advantage of the RRSP room.

  1. Don’t forget the TFSA

With 2021 underway, you can contribute another $6,000 to your TFSA. And if it looks like you might be getting a tax refund in the spring, you can consider putting it to work in a TFSA in the Advantages Retirement Plan™.

Have questions about contributing to the Advantages Retirement Plan™? You can reach the OMA Insurance team at info@omainsurance.com or 1-800-758-1641 (select option 1).