March 1st was the deadline for making any additional 2020 contributions to your RRSP. Here’s hoping you were able to take full advantage of your RRSP this past year.
With the RRSP deadline behind us, and 2020 income tax filing coming due soon, this is a great time to look at your overall financial health. Eliminating high interest debt is a great place to start.
Credit Card & High Interest Loans
Not all credit cards are created equally. Be sure to compare the different interest rates and terms your financial institution offers against other cards. If you’re carrying balances on a department store card, double check the interest rates and repayment terms. Getting oriented to your financial landscape in terms of debt is the first step.
This is where consulting a professional can be worth every penny you invest. You should always seek the advice of a money professional — your accountant, investment advisor, or wealth manager for example.
An effective strategy for simplifying your money is to consolidate high interest debt, like credit cards, into a lower interest rate payment. This approach will ease your monthly burden and can move you further ahead to realizing your financial goals.
We've helped thousands of Canadians simplify their money,
so feel free to call if you'd like to learn more — 1-800-639-2274.