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Last minute RRSP contribution tips

(NC) In a perfect world, investors would contribute to Registered Retirement Savings Plans on a regular basis to make sure enough money is in place when they need it. But with family, jobs, bills and unexpected expenses popping up, sometimes investing gets put on the back burner.

“Many investors are well aware of the importance of financial stability during retirement,” says Don Reed, president and CEO of Franklin Templeton Investments Corp. “But we often find that the decision on how much to contribute to our RRSPs is avoided until the last minute, and investors either rush the decision-making process or forget about it entirely.”

To help investors get the most out of their RRSP contributions this year, Reed offers the following tips:

• Understand limits – RRSP contribution limits are set at 18 per cent of your total salary up to a maximum contribution of $23,820 (for the 2013 tax year). While many investors might not be able to contribute that much, it's important to talk to an advisor who can help you determine an amount that makes sense for you.

• Every little bit counts – Because most Canadians don't withdraw from their RRSPs for many years, the investments can grow significantly over time. Investors should focus on the long term and be aware that any contribution amount helps.

• Always speak with an advisor – In order to get the most out of your contribution, it's imperative that you select investments that are in line with your personal investment objectives and risk tolerance. Talking to an advisor will help ensure that you are maximizing the effectiveness of your contributions in moving you closer to your retirement goals.

• Think ahead – Whether contributing a lot or a little this RRSP season, investors should always be thinking about their next contribution. This year's deadline is March 1, 2014 – don't make last minute contributions a habit.

More information is available online at

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