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Oil Swings, Records Fall, and Bank Earnings Roll In: Markets Update — May 28, 2026

  Thursday is shaping up to be an eventful one for markets. A sharp rebound in oil prices — triggered by fresh U.S. military strikes in Iran overnight — is rattling futures this morning, even as Wall Street closed at fresh records on Wednesday. Here in Canada, the TSX pulled back sharply, weighed down by energy-sector volatility and mixed signals from the big banks. Traders are also keeping a close eye on two major U.S. data releases due today: April PCE inflation and the Q1 GDP second estimate. Canada The TSX had a rough Wednesday. The S&P/TSX Composite shed 241.82 points — roughly 0.70% — to close at 34,412.05, as energy stocks were dragged lower by falling crude prices. The loonie dipped slightly as well, with the Canadian dollar trading at 72.29 cents U.S., compared with 72.40 cents the day before. It's a big week for Canadian bank earnings, and results so far have been mixed but largely solid. Bank of Nova Scotia and BMO Financial Group both reported stronger second-quar...
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RRSP 2024 Deadline: What You Need to Know (and Whether You Should Contribute)

 


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:

  1. Tax Deductions: Contributions to your RRSP are tax-deductible. When you contribute, your effective earned income decreases, resulting in a lower marginal tax rate.
  2. Tax-Deferred Growth: Any gains made within an RRSP are tax-deferred. You only pay taxes when you withdraw funds.
  3. 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?

  1. Tax Benefits: RRSPs offer attractive tax characteristics. Contributions are both tax-deductible and tax-deferred.
  2. Retirement Planning: RRSPs help you prepare for retirement by building a nest egg.
  3. 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:

  1. Stretching Finances: Many Canadians feel stretched when saving for retirement.
  2. Alternatives: Newer options like the First Home Savings Account (FHSA) may be worth exploring.
  3. 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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