Whoa! There are only a few weeks left of RRSP Season. How’d the time go by so fast?
Back in January, we put together an RRSP campaign kit and we had a ton of sign ups- so I thought I would release one last-minute RRSP kit just in case you missed the first one and you want one last push to make your RRSP season epic.
What’s included in the kit?
- Top 5 reasons for an RRSP Infographic (share this on your website & email marketing)
- 6 RRSP social posts (make sure you link these back to your website)
- An downloadable word doc about the top 5 reasons for an RRSP (share this on your website & email marketing)
So sign up for a your free kit. (It’s a .zip file so if you have trouble downloading it.. email me!)
There are some great reasons to open a Registered Retirement Savings Plan (RRSP) to save for your retirement. Here are the top 5 reasons to open an RRSP:
Contributions are tax deductible
You can claim your RRSP contribution as a deduction on your tax return and even carry forward unused space to a future year where you may have a higher income. All of this combined means that your retirement savings pot can grow even faster.
Savings grow tax free
You won’t pay any tax on investment earnings as long as they stay in your RRSP. This tax-free compounding allows your savings to grow faster.
Convert RRSP to receive regular payments
You are able to convert the money saved in your RRSP into a RRIF or annuity when your time comes to retire. You’ll pay tax on the regular payments you receive each year- but if you’re in a lower tax bracket in retirement, you’ll pay less tax.
Spousal RRSP can reduce your combined tax
Reduce your combined tax burden. If you are married and you earn more money that your spouse, a spousal RRSP may benefit you as you can add to their tax-free savings to build a joint retirement income which is likely to mean that you pay less tax in the long run.
Borrow from RRSP to buy your first home or pay for your education
You can borrow money from your RRSP under certain conditions
If you want to buy your first home (Home Buyer’s Plan) or pay for your education (Lifelong Learning Plan), you can take out up to $25,000 (HBP) or $20,000 (LLP) respectively from your RRSP to fund it without paying tax on the withdrawals (providing that the money is paid back within the specified time).