At CCEC, RSP loans are available until February 23, 2021! The deadline to contribute to an RRSP for the 2020 tax year is March 1, 2021.
We know that we are in unprecedented times and finances may be tight this year. Saving for your future may not be top of mind. However, even contributing a small amount to your RRSP today will go a long way in the future. It’s not just about long-term growth but also benefits, like lowering this year’s taxes. More important, your funds at CCEC are invested in your community, your neighbours and local businesses.
Are RRSPs worth it in the long run? Even though you have to pay the tax back when you withdraw the funds, yes, they are worth it. They are a valuable tool to reduce your tax burden and save for the future. We encourage our members to include an RRSP as an investment option in your financial plan. And, be sure to review your plan each year.
If you would like to contribute, ask us about an RRSP loan so that you can maximize or top-up your RRSP contribution. Consider starting a monthly contribution plan, you can earn compound interest making more than if you contribute a lump sum.
Call us today and ask how you can contribute to, top up or start an RRSP. Be sure to also ask about our other investment options including TFSA’s.