We asked one of our member to share what their experience was like when they chose to open a Registered Retirement Savings Plan and why they chose to open one. Read on to see what they had to say!


I always knew saving for retirement was the right thing to do, especially when my husband and I started a family. I didn’t think there would be a need to start a Registered Retirement Savings Plan (RRSP) quite yet until I spoke with my advisor at Interior Savings who told me about the benefits of starting sooner.


I knew a RRSP was dedicated to my retirement but what I didn’t realize was how much it can help me now. Since the money I put into it is tax deductible, I actually get tax savings on this year’s tax returns! I also found out that it my RRSP grows completely tax sheltered. This means that since my tax bracket should be lower at retirement, whenever I start making withdrawals, they may be at a lower tax rate than I am in now. So, I reduce my taxes now, and when I retire!


And a RRSP isn’t just helpful for the future, it can help me save right now. As long as I pay back whatever I withdraw within 10 years, I can actually use my RRSP to help buy a house or to pay for school. Having that freedom while still managing to save for my future has given me more confidence in my finances and the decisions I make with my money.


After setting up my RRSP, Interior Savings showed me how I could grow the money I invest. Once they showed me that my account wasn’t just limited to cash deposits, I made sure to include our term deposits, index-linked term deposits, and mutual funds*. They even showed me the incredibly helpful Retirement Calculator to help me find out and keep track of my savings for a comfortable retirement.


Because RRSPs have a contribution limit of 18% of my gross income, Interior Savings showed me how I can invest any additional amounts of savings we had into my Tax-Free Savings Account. And for the years when I don’t contribute up to the limit, the unused contribution room carries forward!


I can contribute to my RRSP until I turn 71. So, although I have quite a way to go until then, it’s comforting knowing I’m already taking the necessary steps to prepare for retirement. I only wish I had done it sooner! It’s never too early to start saving for the future especially when it can help so much in the present.


Thanks, Interior Savings.


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*Mutual funds are offered through Credential Asset Management Inc. Mutual funds and other securities are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments and the use of an asset allocation service. Please read the prospectus of the mutual funds before investing. Unless otherwise stated, mutual funds and other securities are not insured nor guaranteed, their values change frequently and past performance may not be repeated. Credential Securities is a registered mark owned by Aviso Wealth Inc.



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