Do you think you’re too young to contribute to an RRSP? Getting started on your contributions at a young age is to your advantage.
The RRSP is an ingenious product for anyone who has income because all money invested in an RRSP is 100% deductible from your taxable income. What’s more, the earlier you begin to contribute, the more your investment will grow because the interest income accumulates tax-sheltered.
What’s more, the income tax refund you’ll receive after you’ve filed your income tax could come in very handy to improve your financial situation. You can use it to pay your student loan, pay off the car loan, reimburse your credit card… you name it.
The younger you are, the more advantageous it is to contribute to your RRSP!