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RRSPs for reluctant savers: An ostrich's guide to nest eggs

Categories: Canada, Community

Is this your approach to saving for your future? (iStock)

It's RRSP season again, and if you're feeling like a metaphorical ostrich with its head in the sand, the CBC Community Team would like to embolden you to take a look around.

Let's be honest: some of us barely know what RRSP stands for (registered retirement savings plan, just in case) let alone how to take advantage of tax breaks and special savings accounts.

 It's not so scary to look around with friends. (iStock)Only 24 per cent of eligible tax filers contributed to an RRSP in 2011. Plenty more were focused on paying off household debts, or putting their hard-earned money toward any number of duties in the here and now.

If you are among the many Canadians who would like to make this year count, you can start by circling March 1 on your calendar.

That's the deadline for RRSP contributions and the date to keep in mind if you are looking to get a tax break applied to your 2012 income.

The next step is to demystify RRSPs in a safe, accessible space -- and that's where we come in!

In this week's episode of CBC Live Online, host Lauren O'Neil spoke with financial experts who gave advice for Canadians of all age on the basics of RRSPs and whether not they are the option that make the most sense for you. 

Younger workers or low-income seniors, for instance, may be better off investing in a tax-free savings account.

Whatever your choice, the important thing is that it's an informed one.

This week, our special guests included

  • Jason Heath: an advice-only, fee-only certified financial planner. He is managing director of Objective Financial Partners Inc. in Toronto. He is also a columnist with the Financial Post. 
  • Warren MacKenzie is the President and CEO of Weigh House Investor Services in Toronto. He is a chartered accountant and a certified financial planner, among other credentials, and has been providing investment advice to Canadian families since 1987.
  • Adrian Mastracci: a fee-only portfolio manager and president of KCM Wealth Management Inc., a financial advisory firm headquartered in Vancouver.
  • Cherith Cayford: a certified financial planner, registered financial planner, and fee-only financial educator and planner with CMG Financial Education of Victoria.
Watch the full chat replay here:

Tags: Business, Canada

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