FINANCES
an elderly parent who is unable to care for themselves. While RRSPs are an important part of many retirement plans, Huynh says timing is everything. “If you are young, just starting your career and in a lower tax bracket, you might want to hold off on RRSPs until you are making more money,” he says. “Save that valuable RRSP contribution room for the future when you are in a higher tax bracket. This will reduce the amount of taxes you would have to pay to CRA or can possibly increase your tax refund.” In the interim, for young investors, he suggests investing in a tax-free savings account (TFSA), which allows you to make money without having to pay tax on it. Huynh’s last bit of advice is to find a financial advisor you trust to help guide you through the planning process.
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MATURE 11
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