Get the jump on next year NOW!

Recent surveys have found that many Canadians have turned their financial focus toward paying down debt, with retirement saving — particularly among younger people — sometimes taking a backseat.

That’s not surprising given the state of the economy over the past couple of years. Reducing one’s debt load is always a worthwhile endeavour. But saving for retirement should also remain a priority. If you missed the recent RRSP contribution deadline, don’t panic; now is the time to get the jump on contributing for this year.

One easy way to do that is by setting up a pre-authorized monthly RRSP contribution. Contributing to your RRSP on a monthly basis has a number of benefits:

• It’s easier to budget than annual lump sum payments. Even small payments can grow into substantial savings (Less pain; you won't miss it as much).

• It’s easier to budget than annual lump sum payments. Even small payments can grow into substantial savings (Less pain; you won't miss it as much).

• No scrambling for funds just before next February's contribution deadline.

• Greater return. In the long-run, contributions will earn more interest if deposited monthly or bi-weekly instead of once a year.

• Flexible. Payments can be easily increased when regular expenses such as loans or mortgage payments end or decrease and before you become accustomed to spending the extra cash.

• Your money goes to work for you earlier as you earn tax-sheltered interest income immediately.

• Monthly payments can be made into a spousal RRSP. The tax receipt is yours now and the income is your spouse’s at retirement.

If you’d like to set up a monthly RRSP contribution, or if you’d just like more information on RRSPs in general, stop in and see us at any of our branches.