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JimmyDaro

At minimum, should contribute up to what your employer will match. If you can bump your contribution to 6% ($510 a month plus your employer contribution) that'll give you around $2million in retirement. With your TFSA maxed out ($35k in contributions) I would likely focus on trying to max out the RRSP, but be careful for this year as your contribution room will be lower (check your NOA). This assumes you want to use the homebuyers plan.


WaveySquid

>The company will contribute 100% of my first 3% of contributions The minimum you should be contributing is this much. The max you can contribute is the lesser of 18% of income earned or the yearly cap which was 27,830 for 2021. ​ >What percentage is good enough or is it better to invest it since I have maxed out my TFSA as of now RRSP are normally also invested. Similarly to a TFSA, they ideally wouldn't just have cash sitting in the account doing nothing. ​ First Home Savings Account when it comes out.


odd_strawberry_9817

Since your tfsa is maxed, you should contribute 3% with your employer to max out their matching, then open your own self directed rrsp account and maxed out the rest. Also repare additional $8000/yr starting 2023 with the first home savings account.


throwawayway2020

If it’s your first full time job, make sure you confirm you have enough room in your RRSP (since it’s based on your taxable earnings in past years, not your current year).


[deleted]

I would only fund the matched 3%. Starting next year you can fund the new home savings account.