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Are You Getting The Most Out Of Your RRSP Savings? Five Important Tips From CIBC

With the RRSP contribution deadline fast approaching, CIBC provides tips to help guide Canadian investors' retirement planning

TORONTO, Feb. 6, 2014 /CNW/ - CIBC (TSX: CM) (NYSE: CM) - Too many Canadians are leaving important retirement savings and planning strategies to the last minute as they rush to make a Registered Retirement Savings Plan contribution before the March 3 deadline, says Jamie Golombek, Managing Director of Tax & Estate Planning at CIBC Wealth Advisory Services.

"When you combine the tax deduction for the amount you contribute with the fact that you don't have to pay tax on the accumulated investment income, most Canadians should have RRSPs," says Mr. Golombek. "But many Canadians aren't taking full advantage of the benefits RRSPs offer."

Mr. Golombek's new report, Getting the most out of your RRSP, focuses on the importance of Canadians taking the time to look at all of the benefits available from their RRSP throughout the entire year.

To get the maximum benefit from an RRSP, Mr. Golombek recommends five simple tips in his report:

  1. Just Do It -- Make an RRSP contribution
  2. Be Timely -- Choose when to claim the deduction for your RRSP contribution
  3. Stick With It -- Leave funds in an RRSP
  4. Cover Your Bases-- Designate beneficiaries
  5. Plan for Redemption -- Plan for RRSP conversion prior to age 71

"As the end of February approaches, many Canadians rush to make an RRSP contribution", says Mr. Golombek. "With these five simple tips, investors can take the necessary steps to invest smarter throughout the year, and get the maximum benefits from their RRSP savings."

Since retirement savings plans differ for everyone depending on their needs, Mr. Golombek recommends obtaining advice from a qualified expert. A CIBC advisor can help investors evaluate different savings and investment options for their RRSP.

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