Arrrgggghhhhhhh! Fresh off Christmas and straight into RRSP season, which is much like the starting gun to an often taxing tax season.
And then there are the regular bills, dreams of cool toys to be had and the knowledge that everything is becoming more expensive. It is tough for a fiscal conservative to live large when times are tight.

By way on introduction, I am using the name Jack, which allows me to protect some anonymity and, hopefully, my dignity. Therefore, I can share financial blunders, successes and my fiscal worldview in a culture that does like to discuss how individuals use their money.

Ever notice the emphasis is on capitalistic trinkets we acquire like big homes in great ‘hoods, cars to lust after and the annual vacation of a lifetime? Never is the question asked: are you making the best use of the money available to you?

I am a single dad in his early-40s living in a spacious rented “garden suite.” I like to joke that I have the same assets now that I had when I graduated from high school: a Japanese car (now coveted) and a killer stereo. Actually, the picture is not that bleak. I am debt free, have some long term savings and wish to enjoy today while working for a better future. As long as Nancy allows, I will share my ongoing dealings with my money with the hope you find it interesting to know what a fellow financial sojourner is encountering.

And back to the RRSP question. I was fortunate enough to earn some extra money last year doing some freelance work above and beyond the day job. I have yet to pay tax on it, a fact that will not go un-noticed by Revenue Canada. As I am still sitting on the entire pot of money, I plan to slide all of it into my RRSP, which means I don’t have to pay tax on it until it comes time to withdrawal those funds.

I resolve not to make a panic decision in terms of what to do with the RRSP. I’ll just make the deposit, claim the tax credit and then, over time, decide how best to invest the funds sitting in the RRSP.

Cheers. And panic not, for you are in control of your money.

Jack