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By Robyn Stubbs
24 Hours
Tuesday, February 28, 2006
Like waiting until the last minute to do your homework, it's that time of year when financial advisors go cross-eyed over paper work as people rush to contribute to their RRSPs.
Adrian Mastracci, investment counsel at Vancouver’s ‘fee-only’ KCM Wealth Management, says, "Skip the madness before the deadline. Just invest the deposit, and any other cash amounts, into a 60- to 90-day vehicle, like a treasury bill.”
With the March 1 deadline looming, many Canadians either don't invest in RRSPs, or make hasty investment decisions.
But it doesn't have to be that way. A good piece of advice is to "skip the madness before the deadline. Just invest the deposit, and any other cash amounts, into a 60- to 90-day vehicle, like a treasury bill. It's not very exciting, but it serves a great purpose," suggests Adrian Mastracci, investment counsel at Vancouver-based KCM Wealth Management.
"Then, with the pressure off, you can do your homework. Reflect on what you need to accomplish with your nest egg."
After the March 1 rush, your financial advisor should have more time to discuss your portfolio and options, and you won't miss the boat in the meantime.
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