When Did You Start Your RRSP??
- Thread starter drlove
- Start date
As soon as I found out about the Home Buyers Plan. Getting paid to save up a downpayment is a great idea.
Damn, I know this makes me sound and feel really old, but...
I am in my mid-40's.
I started in my early thirties...too late.
I had a useless broker, and I lost virtually everything and had to start again.
As trite as it is, start as early as you can.
And, you don't need to hit home runs as compound interest and regular contributions are all you need if you start early enough.
I am in my mid-40's.
I started in my early thirties...too late.
I had a useless broker, and I lost virtually everything and had to start again.
As trite as it is, start as early as you can.
And, you don't need to hit home runs as compound interest and regular contributions are all you need if you start early enough.
I worked part-time at a bank when I was 19 so I started one then. Mulroney was still PM (and was actually popular at the time) and interest rates were quite high. I bought a simple GIC at the bank and locked in for 5 years at 12% or something like that. Since I only worked part-time, my earnings were low and I was only able to contribute a max of $1200.
During university I didn't really work much but I still contributed a paltry amount to a bank RSP (GIC). Then I started working for real and thus started contributing for real. Been at it ever since.
During university I didn't really work much but I still contributed a paltry amount to a bank RSP (GIC). Then I started working for real and thus started contributing for real. Been at it ever since.
This raises a second question; How early is early enough, and how large a contribution is adequate??JuanCarlos said:
As an aside, for those who start late, RRSP catch up loans are a great way to reduce contribution room and eventually get to the point where you are maxing out every year. The only downside is that you have to invest money in large chunks for a time, in order to make up for the shortfall.
I will though.)