WHY CONTRIBUTE TO AN RRSP Why Start Planning Now?
(As per Statistics Canada) • People are retiring earlier and living longer. • You may be retired for as long as you were working. • The cost of retiring early increases exponentially. • There is no guarantee that government plans will provide sufficient retirement income. HOW TO MINIMIZE YOUR TAXES AND CLAIM HIGHER TAX REFUND • Saving more now can make a huge difference in your retirement income later. • RRSPs offer immediate tax savings. • It’s cheaper to borrow from your RRSP. • You can use a tax refund to pay off all or a portion of your RRSP Loan. • You can take advantage of unused RSSP contributions. Types of Funds: • GROWTH – focused on earnings, less focused on price • VALUE – focused on price, longer holding period • BLEND – focused on growth at a reasonable price (GARP) • MULTI-MANAGED – fund of funds approach, best of class managers Please remember to do following: • Try to contribute monthly as compounding will make it grow faster and the volatility of the buying price will
