10 Tips to Grow Your RRSP
1. Start Now
The earlier, the better. You’ll accumulate more by retirement and enjoy the full effects of compounding.
2. Routine is good
Sync up regular contributions with your paycheque and you won’t even miss the money.
We make it simple and automatic with a Monthly Investment Plan.
3. Maximize contributions
You’ll save on taxes. The RRSP limit for 2018 is $26,230.
4. Don’t wait until the last minute
Contribute before the deadline - or better yet, throughout the year with a Monthly Investment Plan. Your money will have more time to grow tax-free.
5. Put your tax refund to work
Roll it into your RRSP right away to jump-start next year’s contributions.
6. Consider borrowing
A loan may be a good option to help with contributions, and you can use your tax refund to repay part of it.
7. Use spousal RRSPs to your advantage
Save taxes in retirement through income splitting.
8. Check out your work plan
Some employers match a portion of RRSP contributions, while others offer stock purchase plans.
It doesn’t hurt to ask.
9. Hands off until retirement
In most cases, early withdrawals are taxed. Talk to a Prospera advisor about investment options such as TFSAs if you have other savings goals.
10. Work with a Prospera Advisor
Putting your money to work is the most important step towards the retirement lifestyle you want. We’ll build a diversified portfolio to meet your retirement goals and review your plan regularly to make sure it keeps up with life’s changes along the way.