It’s February in Canada and that means ice fishing and RRSP deadlines. We have until the end of February 2024 to make deposits into an RRSP and apply those deposits to our 2023 income. With all the ads you’re likely seeing, RRSP contributions are likely top of mind. And you may also be wondering, should I be putting my savings into a TFSA instead? The answer to which one you should use isn’t something I’m going to cover here – it requires more information about your personal circumstances.

I’ve done a fair bit of reading on personal investing, and taken some advanced actuarial science courses on the theory behind investing. I’m not going to provide you specific investing advice here, instead I’m going to touch on some topics that you can research further to hopefully start making sense of the advice you do read online. Goals When you’re starting out, your goal for investing/savings might be as simple as ‘to get the best interest rate or returns’.