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, here is a quick rundown of three key tips that can help you get more out of your retirement savings.
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.
Looking ahead, the RRSP contribution limit for the 2023 tax year is 18 per cent of your earned income, up to a maximum of $30,780. 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.
With 2023 underway, you can contribute another $6,500 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.