Preparing for RRSP Season #MoneyWiseMoms #RRSP


rrsp1RRSP Season is upon us! Are you ready? I’ll be honest, I wasn’t exactly sure what RRSP’s were until recently and thankfully my wonderful friends at made it easy to learn about RRSP’s with their handy, What Is an RRSP page.

What is an RRSP exactly? Well in a few words —

  • A Registered Retirement Savings Plan (RRSP) is a savings and investment plan that sets aside the funds you’ll need after you retire from the workforce and are no longer earning a regular income.
  • The idea behind RRSPs is that any funds placed within them stay in the plan until you turn 71. You’ll then receive them either as a lump withdrawal or in increments, similar to the paycheque you received when you were working.
  • The amount you can contribute, also referred to as your deduction limit, depends on how much you earn; generally, you can put as much as 18 percent of your income from the previous year.

RRSPs are a great way to prepare for retirement. However, if you’re not quite ready to set up an RRSP and are just looking for ways to save to put money aside for retirement, it may be worth doing some research into finding ways to help you plan for retirement. Once in retirement, you could look into equity release – this guide to equity release will provide more information. This is a way of getting some money in retirement if you haven’t got massive savings. No one said this aspect of life was going to be easy, but it is not impossible to find the best ways for you to sort out this aspect in life. This is something the majority of us will have to think about sooner rather than later. So, it was worth doing some research to see what you can find out. For example, if you are eligible for social security benefits and what types of Social Security retirement benefits are you entitled to.

However, if you are someone who’s interested in an RRSP, you can get more information from: How to Start an RRSP.

The RRSP contribution deadline is fast approaching, with a deadline of February 29th. Now is the time to get everything ready.

RRSP Guide:

guideOur friends over at have put together this wonderful RRSP Guide. It’s full of information and resources you need to know about RRSPs. Best of all? It’s Free to sign up for!

What I’ve recently just learned about RRSP’s:

  • There is no limit! You can have as many RRSP accounts as you’d like.
  • RRSPs can be used to put you in a lower tax bracket
  • You can contribute to an RRSP from any time after age 18 until you turn 71 (December 31st of that year)
  • RRSPs can hold many types of investments including GICs, Bonds, Mutual Funds, Income Trusts and more! has put together this interesting video about Canadian Retirement I found extremely informative; Are YOU saving for retirement yet?

Are Canadians Retirement Ready?

What are you waiting for? You can now sign up here for the program. Once you sign up, you will receive a welcome email within 24 hours, and then one email every three days for a total of 10 days (4 total emails).

Everyone who signs up for the program will be entered to win a $2,016 cash prize. Now is the time to get signed up, and get going! Ends Feb 29th, and open to residents of Canada excluding Quebec.

I’ve never really looked into RRSP’s before, but I think it’s a great idea for someone like myself who is now 30 (31 in July, ah!) to think about. Six Time Mommy, is my income and I am my own boss. I have no insurance, I have no bonuses and I definitely don’t have a pension so for me to even think about the years to come, especially once I’ve hit over 50 (can I still blog then?) I’d like to know I will be okay, and I have some sort of plan for the future in place.

As a mother to six, this is something I have to seriously start to consider and I’ve never been more interested in RRSP than I am right now. I’ve found all this information extremely helpful and I think you will too. Especially if your future is important, and something you’d like to consider preparing for!

guide2Secure YOUR Retirement Savings With the Best RRSP GICs in Canada! What are you waiting for?

Are you saving for retirement? Are you ready to start? Are RRSPs something you’d consider?

Disclosure: This post was Sponsored by However all opinions are mine and 100% true.


  1. Thankfully I am married to an accountant and he has planned well for our retirement (so far). He knows exactly how to invest :)

  2. As someone who retired a couple of years ago, I can attest to the wisdom of starting your retirement savings when you are young, if only a few bucks a week. It matters because it compounds.

  3. I love that my husband’s employer requires 12 percent of each paycheck be directly deposited into our retirement savings. After 12 years of employment we have a good chunk saved already. I would definitely suggest that way to do it so you don’t even see the money coming into your checking account. Just save it!

  4. It’s so important to save for retirement. When I was in my 20’s I never thought about it and that’s exactly the age I should have started. Great info!

  5. This is a great idea for adults, especially those who aren’t very good at saving without the extra boost from the plan. Thanks so much for telling me about this. Honestly, I’d never heard about RRSP’s before.

  6. We are working with a financial advisor to get ready for retirement. Sadly we made some foolish mistakes when we were younger so we aren’t as far ahead as we would like to be and are playing catch up. They really need to teach this stuff in school. There are just too many kids graduating that have no idea they need to plan for the future!

  7. This is great information, I had not heard of this program. I have a pretty decent retirement plan through my job.

  8. Saving for retirement is something many people don’t think about until it’s too late. We try to set aside some money each month for savings! Thanks for sharing this important reminder!

  9. I can see this being a great idea for families looking to save over time. Preparing for retirement is something everyone should think about.

  10. I have never heard of RRSP season before–is it just a Canadian thing? Thankfully I’m married to an investment advisor so he knows a ton about saving for our retirement.

  11. So it’s basically a pension? I was totally lost at first. LOL.

    It is so important to plan for the future as you can’t rely on the government to do it.

  12. Planning ahead for retirement is always a good idea! Even though I’m only 23, it’s something I’m already thinking about and saving for. It’s NEVER to early <3

  13. I was all over the place trying to guess what the letter stood or before actually reading. hahahahaha I started taking care of my retirement plans when I was young. I pay into via percentage so my portion increased with my salary. I pray it is enough to support me later in life.

  14. This is great information on the RRSP indeed and I really didn’t know what is was til your post. Planning ahead and saving for your retirement is an important thing for everyone to do for sure. This is indeed a great RRSP boot camp and thanks for sharing the information.

  15. First time I have heard of this so thanks for bringing it to my attention! I know I need one, they say by the time I get to retirement age there will be no pension so I need to accumulate my own wealth for retirement!

  16. I think it is super important to save up for retirement. To me the retirement age is Canada is kinda steep, most 71 year olds are starting to have health issues that would make working hard. I’m sure the US will make this change before I’m ready to retire.

  17. Such an important post indeed. It is very important to plan yourself for the life after retirement. Most of the companies provide retirement saving plans now a days, but you must make sure to choose the best one. Will check it out for my parents and in laws.

  18. It’s interesting you asked if I have looked into Retirement savings because just the other day I was looking into my social security statement and reading about medicare, even if I’m eons away from retiring. I definitely will look into a traditional and Roth IRA!

  19. We need to sit down soon and finalize our budget so we can start saving. We just bought a house so I need to see what our budget looks like now.

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