A 12-month approach to RRSP season

Those special situations, Hickey says, include clients with less consistent monthly income, those who maybe receive more in bonuses or other forms of less regular compensation. Those could also include clients who qualify for matching plans with their employers, who need to wait until January 1st to confirm what will be matched. They also include clients who are coming closer to retirement, and maybe still have carry forward room to fill.

That doesn’t mean that in January in February Hickey’s clients don’t hear from her about their RRSPs. She begins the calendar year with a newsletter that covers RRSPs, this year’s deadlines, and a video explainer. That newsletter invites questions and input too.

Hickey notes that many clients who have a PAC plan but also have leftover contribution room get a bit of FOMO at this time of year. They see the prospect of some tax savings and start to wonder if their own retirement plans are on course. Hickey can talk them through the calculations and tax considerations that inform their monthly RRSP contributions. Those conversations, though, can result in a change in the PAC plan and higher contributions, if the tax and saving decision is right for the client.

While many clients see RRSPs as the be all and end all of their retirement plan, Hickey stresses that these are primarily a tax tool within a wider set of planning decisions. She highlights the tax implications of various RRSP decisions for clients once they enter retirement, including the risk of old age security clawbacks. She emphasizes that TFSAs can also play a crucial role in the wider retirement plan, especially if the accounts were opened at an earlier point in an investor’s life. If they have room in their TFSAs, Hickey encourages her clients to fill that too to access additional tax free compounding.

Beyond her interactions with clients about RRSPs, Hickey produces content in the form of YouTube videos covering RRSP questions and strategies. She discusses the account in the context of wider retirement planning and positions herself as a holistic planner. By creating that content and positioning it to capture interest throughout the year, she can market herself and her knowledge of RRSPs during periods when the largest voices in the industry aren’t talking about these accounts. She drives home the importance and advantages of regular RRSP contributions outside of just RRSP season, highlighting that spreading out contributions throughout the year can open up greater investment opportunities rather than making investments at a single point in the year, when the market may be at a peak.