I have 3 more pay periods before the cut off for RRSPs for the 2011 tax year. I’ve been diligently saving $100 every two weeks for the last few months to make sure I pay back the minimum I need on my New Home Buyer’s Plan (HBP). Basically the HBP is a loan to yourself that you take out of your RRSPs for the purpose of buying a home. The government gives you a time frame in which you must pay yourself back; if you don’t pay yourself back in time the missed payment gets added to your income come tax time. This year is my first repayment year, which for me means I have to put at least $1000 into my RRSPs. I have little over $700 in my savings account currently, so this shouldn’t be a problem.
Though you’ll notice I said savings account, not RRSP…
For whatever reason, when I set up my account the ability to transfer money from my savings account to my RRSP account wasn’t set up. I can transfer into my investment accounts and TFSA, but not the RRSP. The RRSP account I have is completely self-directed online, so it doesn’t make sense that I should have to make an appointment at the bank to transfer money from one account to another.
I’ve known for a little while that I needed to talk to someone about it…. I just haven’t.
So, this is my Thursday kick in the butt. Today I need to phone the bank and get my savings account connected to my RRSP account so I can make sure the money is put in there on time. My taxes depend on it!
What are getting off your plate this week? Have you made your retirement contributions yet?
If you do participate in Procrastination Thursday please credit Digging Out And Up and link back here. Thanks a lot!
Recommended Reading: The Importance of Sleep.