Canadians have recognized the need to secure their financial future by contributing to an RRSP. Proper financial planning can help you meet your retirement goals in the future, and lower the amount of income tax you pay today.
There are often other financial demands that can make contributing to an RRSP difficult and it can often be a real challenge to maintain the discipline of regular RRSP contributions throughout the year. An RRSP loan is a simple solution that may help you maximize your retirement contribution and reduce the amount of tax you pay.
In the RRSP season, it’s easier than ever to set up your RRSP loans:
- Use electronic processing. This allows you to know immediately whether the application has been approved.
- Fax the signed documents – no more time wasted mailing the originals.
- Link to RRSP loan payment calculator.
- Clients can select the 90-day payment deferral option and can then use any refund to repay part or all of the loan without penalty.