What are the criteria for contributing to an RRSP?

You must have an eligible income and a valid Social Insurance Number. You can contribute until age 71.

What types of investments can I hold in an RRSP?

Stocks, ETFs, mutual funds, GICs, and other eligible investments are possible depending on your objectives and risk tolerance.

What are the Home Buyers' Plan (HBP) and the Lifelong Learning Plan (LLP)?

The HBP allows you to use an RRSP for your first home. The LLP funds studies. The amounts must be reimbursed according to the rules.

When should I contribute to an RRSP?

Ideally, before the annual contribution deadline, generally at the beginning of the following year, to maximize the tax advantage.

RRSP or TFSA: which is more advantageous for me?

This depends on your current income, your objectives, and your investment horizon. The RRSP favors tax deferral, while the TFSA offers more flexibility.

Vincent Morin

Vincent achieved financial independence and took early retirement (FIRE) at the age of 35. After a career in financial technology with a major American investment bank, he founded Retraite101, a personal finance website that reaches over 350,000 unique visitors annually and has more than 40,000 social media followers. Passionate about finance, reading, cycling, hiking, and travel, he continues to write for several Quebec media outlets to inspire and motivate those who want to take control of their finances.

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