An Honest Low-Down on RRSP’s

For years I’ve been told by most people who advise me in finances to buy RRSP’s, however while I file their advice away, I know RRSP’s aren’t for me. My dad had explained to me years ago how they just wouldn’t work for me, and it’s nice to see an official advisor say it as well!

He opens the article by pointing out ‘countless articles on the benefits of a Registered Retirement Savings Plan (RRSP) and told you over and over how important it is to have one.’

He then proceeds to say that just like all other things in the financial planning spectrum, this may not be the ‘one-stop solution’ for you.

Those who fall in the low-income brackets, close to retirement or those with a large pension plan may want to reconsider this option, or proceed with caution and calculations!

For more info, see Original Article here.

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Be Sure to Verify Direct Deposit Info With CRA

It’s Tax Time! – Be sure to update/verify your direct deposit info!

What happens if it’s not correct? Well it will try to deposit into your old account, then once it bounces back, the CRA will wipe your old Direct Deposit info from the their website, however, there is no indication from the CRA that the deposit has failed.

How do you know all this? Well, I tried updating it last year, but it appears not to have held. I had submitted my taxes as normal, using Genutax, and was promptly told a deposit date. The date goes by – nothing. I know sometimes there’s a delay, but by day 3, I started to get worried. I called the CRA, who advised me of the situation, updated my information, but this now adds an extra 10-15 days before I see the deposit.