RRSP season is here
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.
- 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.
- 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.
- 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 email@example.com or 1-800-758-1641 (select option 1).