Advice on contributing to RRSP
Currently, I am making around $60K and am contributing to a pension. The point of the job is to gain experience for a higher paying job/role, which may or may not include a pension.
I was thinking about contributing to an RRSP to make sure I have a good start on retirement savings in case of no future pension. My retirement timeline is around 30-35 years out. I have maxed my TFSA and FHSA contributions. Most of these contributions are in GICs for a home purchase once I can secure a new position, with a smaller portion invested in ETFs. I also have a HISA for my emergency fund and some extra savings. Considering this, I am wondering which scenario would make the most sense:
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Max my RRSP contributions using my extra savings and defer the deduction until I progress in my career (anticipated timeline 1-3 years).
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When my GICs come due, re-invest the equivalent amount of my RRSP contribution in ETFs within my TFSA and then use my extra savings to replace this with non-registered GICs for a future home purchase.
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Invest my extra savings in ETFs in a non-registered account until I have secured my new role then weigh the pros and cons of an RRSP at this time.
My understanding is that option 2 should result in less taxes paid than option 3 based on current GIC interest rates. I would appreciate any advice, including options that I should consider that I have not listed here. Thanks.
Posted Jul 19, 2025, 7:55 PM UTC