Money Dates | Canadian Money Brief What's Paid, Due or Changing This Week Week of Monday, November 16, 2026 Three dates matter this week: a big inflation report on Monday, then two benefit payments on Thursday and Friday. Here is the week, plus what is coming over the next five weeks. This Week: Nov 16 to 22 Date What What to know Mon, Nov 16 8:30 am ET October inflation report (CPI) Statistics Canada's CPI for October. September came in at 3.1%, up from 3.0% in August. The Bank of Canada watches this before its Dec 9 decision. Thu, Nov 19 Canada Disability Benefit Up to $204.20 a month. Paid on the third Thursday of each month. Fri, Nov 20 Canada Child Benefit (CCB) Up to $679.75 a month for each child under 6 and $573.58 for each child aged 6 to 17, for families under the income threshold. Not this week: CPP and OAS (Nov 26). The Groceries and Essentials Benefit, formerly the GST/HST credit, is not paid again until Jan 5, 2027. The Ontario Trillium Benefit was paid Nov 10....
As the RRSP contribution deadline for 2024 approaches, it’s essential to understand the basics of Registered Retirement Savings Plans (RRSPs) and make informed decisions about your financial future. Let’s dive into the key points:
What Is an RRSP?
An RRSP (Registered Retirement Savings Plan) is a tax-sheltered investment vehicle available to Canadians. Here’s how it works:
- Tax Deductions: Contributions to your RRSP are tax-deductible. When you contribute, your effective earned income decreases, resulting in a lower marginal tax rate.
- Tax-Deferred Growth: Any gains made within an RRSP are tax-deferred. You only pay taxes when you withdraw funds.
- Annual Contribution Limit: RRSPs have an annual contribution limit, which carries over any unused room from previous years.
RRSP Contribution Deadline for 2024
The RRSP contribution deadline for the 2023 tax year is February 29, 2024. Contributions made during the first 60 days of the year can be applied against the previous taxation year or any subsequent year.
Why Contribute to an RRSP?
- Tax Benefits: RRSPs offer attractive tax characteristics. Contributions are both tax-deductible and tax-deferred.
- Retirement Planning: RRSPs help you prepare for retirement by building a nest egg.
- Investment Flexibility: RRSPs can hold various investment vehicles, including bonds, mutual funds, equities, and more.
Should You Contribute?
While RRSPs remain stalwart financial choices, some experts advise caution. Consider the following factors:
- Stretching Finances: Many Canadians feel stretched when saving for retirement.
- Alternatives: Newer options like the First Home Savings Account (FHSA) may be worth exploring.
- Individual Circumstances: Assess your financial situation and goals before contributing.
Remember that RRSPs play a crucial role in long-term financial planning. Consult with a financial advisor to determine the best approach for your unique circumstances.
Maximize your RRSP contributions where possible, stay informed about deadlines, and make decisions that align with your financial objectives. Whether you’re a seasoned investor or just starting, RRSPs remain a valuable tool for securing your financial future.
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