A self-directed RRSP allows you to make a wider variety of investments. The most common self-directed RRSP investments are shares and debts of public corporations, B.C. and Canada Savings Bonds, mutual funds, and home mortgages.

There is usually an annual administration fee for a self-directed RRSP in the range of $100 to $150. Such fees are not tax deductible. Generally, you should have at least $15,000 of assets in a self-directed RRSP to make it worthwhile to pay the average administration fee.

If you're looking for more control and flexibility over your RRSP investments, look into a self-directed RRSP.

Information for Tax Tips is provided as a public service by the Chartered Accountants of British Columbia.