Photo: MoneySense
1. What is an RRSP"

Of course you know what an RRSP is?it?s that thing you?re putting money into to save for retirement, right" Beyond that, many people?s understanding of RRSPs is pretty fuzzy. A common misconception is that the RRSP is a type of investment like a mutual fund, but it?s not. It?s simply a saving or investing account with certain tax-saving characteristics. When your bank sells you an RRSP, all they?re selling you is a prepackaged investment?usually a collection of mutual funds or a wrap program?that happens to be in an RRSP or registered account. But you can also open an empty RRSP account at your bank or discount brokerage and put whatever investments you want in it. You can even hold several different RRSP accounts with different institutions. ?It?s really a personal pension plan,? says Peter Volpé, senior vice-president of the Toronto wealth management firm Integra. ?For those of us who don?t have a pension plan to fall back on, it?s our best opportunity to build our own pension.?  2. How much can I contribute to my RRSP this year"

Up to 18% of your income to a maximum of $24,270 for the 2014 tax year. For 2015, the maximum will be $24,930. But if you didn?t max out your contributions in previous years (and most people didn?t) you can probably put in much more. Check the notice of assessment form the government sent you after processing last year?s tax return. The amount you can contribute will appear on the form.
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