RRSP Loan
What is RRSP Loan?
RRSP loans allow you to borrow money to contribute to your Registered Retirement Savings Plan (RRSP) to maximize your contributions for the year
Why take out an RRSP Loan?
Tax advantages
RRSP contributions lower your taxable income for the year, unlocking the potential of tax deductions and investment returns through an RRSP.
Retirement Benefits
RRSPs are designed to help you save for life after retirement. The more you contribute to your RRSP, the more you can enjoy down the road.
How does RRSP work?
An RRSP is a retirement savings and investing vehicle for employees and the self-employed in Canada. It offers tax benefits to encourage retirement savings, such as tax deductions for contributions made.
Your RRSP contribution limit for 2024 is 18% of your 2023 earned income or $31,560 (whichever is lower), plus any unused contribution room from previous years. An RRSP can include a variety of investments like stocks, bonds, GICs, and
The savings you receive from your tax return can offset the cost of the loan, allowing you to contribute to your RRSP, so that you can invest earlier while repaying your loan quickly. Interested in an RRSP or RRSP Loan? Contact us now and we will find the best solution that suits your needs.
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