A gentle reminder RRSP contribution deadline is Monday February 29th!
February is here and many investors are scrambling to make their yearly RRSP contributions so they can benefit from the last-minute tax deduction before the deadline.
Consider discussing various options regarding how and when to invest with your Financial Advisor, you could be sitting back enjoying ‘RRSP season’ in stress-free comfort.
With systematic deposits you benefit by putting money aside every month. That money can be automatically deducted from your account and deposited into RRSP savings options such as mutual funds. You can commence automatic payments for as low as $25.00 dollars a month, why not pay yourself first!
Regular contributions result in dollar cost averaging the purchase price which is an effective investment strategy.
Develop a saving habit by reviewing and adjusting as circumstances change, if you get a raise, pay off your car, or receive a bonus allocate some of the new found cash flow to savings.
Similar to the systematic plan borrowing last minute for that lump sum contribution generates both the deduction and the monthly payment plan. If you apply the tax refund to the loan you can pay down the loan even faster.
If you would like assistance to determine if an RRSP contribution makes sense for you please contact our office www.brittaingroup.com or by phone: 519-756-7171.
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