Starting contributions to your RRSP can be the best idea you’ve had! Do you think you’re too young to contribute to an RRSP? Getting started on your contributions at a young age is to your advantage.
The RRSP is an great product for anyone who has income because all money invested in an RRSP is 100% deductible from your taxable income. The younger you are, the more time you have to invest, this investment will start to accumulate interest while tax-sheltered and then you can factor in the value of compound interest. Make interest on interest!
There are also many reasons why you should make year-round contributions to your RRSP, rather than waiting until the last minute contribution deadline. By contributing regularly, many members find they end up putting more money aside. That significantly cuts their tax bill. Another thing to consider is that they would be able to file their taxes sooner, this means they get their tax refund sooner.
A year-round strategy is a financially sound and less stressful way to get the most out of your retirement savings. If you make regular contributions, your money goes to work sooner and can produce higher returns.
If you are interested in starting an RRSP please let us know! It’s a quick process, you can contribute weekly bi-weekly or monthly. Whatever your comfort level we can make sure you are in good hands. If funds on hand are a little short, you can apply for an RRSP Line of Credit. You can make your contribution today and make payments toward your Line of Credit every pay. The deposit is held at the CU. We offer Our RRSP Lines of Credit at the credit union’s prime rate. Don’t wait until the deadline looms and you are forced into hasty decisions that may not be in your best interest. The process is here is easy!
Contact our offices at 416-238-5606 today to find out more about how to maximize your RRSP savings.
Some conditions apply please see staff for details.
