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Holiday Ginger Cookies Recipe

  Ingredients: - 2 1/4 cups all-purpose flour - 2 tsp ground ginger - 1 tsp baking soda - 1 tsp ground cinnamon - 1/2 tsp ground cloves - 1/4 tsp salt - 3/4 cup unsalted butter, softened - 1 cup granulated sugar - 1 large egg - 1 tbsp water - 1/4 cup molasses - 1/4 cup additional granulated sugar for rolling Instructions: 1. Preheat Oven: Preheat your oven to 350°F (175°C). Line baking sheets with parchment paper. 2. Combine Dry Ingredients: In a medium bowl, whisk together the flour, ginger, baking soda, cinnamon, cloves, and salt. 3. Cream Butter and Sugar: In a large bowl, using an electric mixer, beat the butter and 1 cup of sugar until light and fluffy. Add the egg, water, and molasses, and beat until well combined. 4. Mix Ingredients: Gradually add the dry ingredients to the wet ingredients, mixing until just combined. 5. Form Dough Balls: Roll the dough into small balls, about 1 inch in diameter. Roll each ball in the additional granulated sugar to coat. 6. Bake: Place the...
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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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