Take back control of your RRSP with these three easy steps
If you’re like most Canadians, you probably don’t have all the answers when it comes to registered retirement savings plans. But that’s no reason to neglect one of the most significant savings vehicles available to you. With that in mind, here are three basic steps that can help any investor take back control of their RRSP. For those who are further along, I’ve also included some pro tips to help you maximize your savings.
Step 1: Know what you own
Approximately one-third of RRSP assets are invested in mutual funds according to the Investment Funds Institute of Canada (IFIC). From experience, I can tell you that many investors are unclear on exactly what they own in their accounts. This uncertainty is magnified by the names of many financial products, meant more for marketing than clarity.