It’s a way of lowering our taxable income. Who
wouldn’t want to take advantage of a tax shelter?
Savings for retirement. No matter how good your
pension plan is, it does not give you the
security that you need.
The sooner you start contributing to RRSPs,
the more comfortable you will be when you retire.
You can use your RRSPs as an interest free
loan for education.
You can use your RRSPS as an interest free
down payment towards your first home.
Tip: Each year you should go to your local
HRDC branch (www.hrdc-drhc.gc.ca
), give them your social insurance number and find
out exactly how much money you would be receiving if you
were to retire right now. This can be shocking for some
people and provide good motivation to contribute to
those RRSPs!
