Community News

Thursday, January 2, 2014

The RRSP contribution deadline is March 3, 2014

Monday, March 3, 2014 is the deadline to make RRSP contributions for the 2013 tax year. If you haven’t made a contribution yet, or if you’re looking to top up your contributions for 2013, now is the time to do so.

Why is it a good idea to make a contribution this year? Consider this: Canadians are living longer lives than ever before. The average life expectancy for Canadian men is nearly 79, while the average for women is over 84. When you couple that with the fact that many Canadians are retiring early these days, it’s not unusual to expect a retirement period of upwards of 30 years. Plus, if you plan to retire at age 55, you will have to bridge the gap between that date and the start of your Canada Pension Plan (at age 60) and the start your Old Age Security (at 65).

Saving enough money to provide yourself with an adequate retirement income is not something you can afford to leave until the last minute, especially because in today’s low-interest rate environment, double-digit annual rates of return on your investments appear to be a thing of the past.

If you would like to make a contribution before the March 3 deadline, please stop by one of our branches today. We will be happy to assist you.

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