A Registered Retirement Savings Plan (RRSP) is your best opportunity to save for a worry-free retirement.

An RRSP gives you the benefit of a tax deduction today, and tax-sheltered compounded growth for tomorrow. Plus, your RRSP dollars are completely tax sheltered as long as they remain in the plan. Combined with the most important ingredient of all – time – your RRSP can turn into a sizeable retirement nest egg. Through small monthly deposits you can maximize your annual contribution and accelerate your tax-sheltered savings.

Who is eligible to contribute?

Anyone with "earned income" may contribute to an RRSP. Even if you owe no tax, you should file a tax return to report your earned income and create RRSP deduction room for use in later years.

You can make part or all of any contribution to a plan in your spouse’s or common-law partner’s name. As the contributor, you are still entitled to the tax deduction. For complete details and more information on the eligibility of RRSPs, contact your branch today.

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RRSP Loans

The concept is smart and simple. Your RRSP loan pays for itself!

1: Get your RRSP loan.
2: Invest that money in your RRSP.
3: Receive immediate tax savings to reduce your loan.
4: The interest paid on the loan is miniscule compared to the interest you’ll earn.

Depending on your tax bracket and RRSP loan, you could wipe out your tax bill or see a refund. Here’s just one example of how an RRSP loan can pay off big time.

         $ 5,000.00   (RRSP Loan)
      + $   163.99    (Interest Cost at 6%*)
      = $ 5,163.99

        - $ 1,750.00  (Tax Rebate/Deduction based on a 35% marginal tax rate)
        =$ 3,413.99  (Total Cost of your RRSP)

        + 30 years
       = $50,313.30 (what your RRSP investment will be worth in 30 years
                                  based on an 8% rate of return**)

Avoid the “tax man” thanks to your Prairie Centre RRSP loan.

Contact Prairie Centre today!

*APR (annual percentage rate) of 6% is based on a 12 month repayment term, monthly payments, floating interest rate, and purchase of loan life insurance.

** The rate of return is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values or returns on investment.