Financial Planning: When Not To Make RRSP Contributions

Hi, my name is Taivi Tayler and I am a practicing Certified Financial Planner & Wealth Manager and I work with people all over the Province of Ontario.

Don’t blindly make an RRSP contribution.

You have decided to put some money away for your retirement. Do me a favour, please don’t blindly make an RRSP contribution just because you think you should. I have listed 3 of the MANY careers that should NOT make a personal RRSP Contribution (like ever).

1. Teachers – you have OTPP.
2. Nurses – HOOP
3. Fireman – you have OMERS.

If your participation in one of these plans happens to be optional, please sign up.

These pension plans are world class and they will protect your retirement income. In my role as a Certified Financial Planner, finding out that clients have a guaranteed source of income for their retirement is a huge bonus.

That being said, these people should still be saving, they just have to do so in a different tax efficient account. 

Contact us to find out which one and how we can build you a portfolio that is right for you. Plan, protect, and grow your wealth with Tayler Insurance & Estate Planning.