Always remember the importance of saving, even when your expenses seem high. Staying committed by making smaller contributions is a great way to make your plan fit your lifestyle, even as life changes. Use registered savings accounts like RRSPs, TFSAs, and RESPs to save more with a lifetime of benefits, grants, and tax savings.
There are many benefits to contributing to your RRSP, including tax-savings during your highest earning years. Plus, features such as the Home Buyers Plan and Lifelong Learning Plan make RRSPs a great option when saving for your future.
Let’s face it, we make plans with the best of intentions, but sometimes life has other plans. An effective savings plan should be adjusted to meet your needs, not the other way around.
Work with a financial advisor and take the guesswork out of investing.
Getting an RRSP loan can help you catch up on your retirement savings and help boost your savings plan. RRSP loans offer low interest rates, extra payment options, and an annual cash rebate through the memberSHARE Loyalty Program.
With an RRSP loan you can also take advantage of the 60 day payment deferral option and push off your first loan payment until you receive your tax refund. It’s a savings win-win.
From short to long term goals, financial advisors and financial planners can help you make the most of your savings. Find the right plan based on your eligibility, lifestyle, and saving needs and take advantage of government incentives and grants.