Need to make your client aware of over-contributing to registered plans? Try this tip.
Be proactive with clients who are new to Canada. Tell them they won’t be able to contribute to an RRSP until they’ve worked here for a year. Then, use their income at their new job, or their pre-move income, to estimate how much they can expect to contribute next year. Use this as a savings goal to motivate them in the interim. Don’t forget to set up a meeting for next year, so you’ll be on top of their new RRSP eligibility level.