{"id":4958,"date":"2019-05-14T14:35:41","date_gmt":"2019-05-14T18:35:41","guid":{"rendered":"http:\/\/caissealliance.absoludev.ca\/?p=4958"},"modified":"2019-05-14T14:35:41","modified_gmt":"2019-05-14T18:35:41","slug":"maximize-your-rrsp-contributions","status":"publish","type":"post","link":"https:\/\/www.caissealliance.com\/en\/personal\/rrsp\/maximize-your-rrsp-contributions\/","title":{"rendered":"Maximize your RRSP contributions"},"content":{"rendered":"

Contribute early<\/h2>\n

RRSPs are easy to understand: they put time on your side. The longer your money stays in this tax shelter, the more you\u2019ll have at your retirement.<\/p>\n

Contribute early in the year<\/h2>\n

If you have a regular income, contributing to your RRSP by regular instalments is THE most effective, flexible way to build your portfolio. Your investment starts bearing fruit from the first day, and your earnings accumulate more rapidly than if you only contributed once a year.<\/p>\n

Contribute your maximum<\/h2>\n

For any given tax year, the law allows you to contribute an amount equal to 18% of your income from the previous year. Always try to contribute your maximum.<\/p>\n

Contribute regularly<\/h2>\n

When you don\u2019t contribute to your RRSP for even only one year, you could be depriving yourself of a lot of money when you retire. For example:<\/p>\n

A contribution of $4,000 per year for 30 years: $367,957<\/p>\n

Same investment except for the second year:\u00a0 $343,363<\/p>\n

Difference :\u00a0 $<\/strong>24,594*<\/p>\n

* Calculation based on a diversified portfolio with an effective rate of 6.5% compounded annually.<\/p>\n

Did you know?<\/h3>\n
\n

To maintain your lifestyle into retirement, it may be to your advantage to\u00a0borrow to invest\u00a0in your RRSP.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

RRSPs are easy to understand: they put time on your side. The longer your money stays in this tax shelter, the more you\u2019ll have at your retirement. If you have a regular income, contributing to your RRSP by regular instalments is THE most effective, flexible way to build your portfolio. Your investment starts bearing fruit […]<\/p>\n","protected":false},"author":1,"featured_media":4311,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[118],"tags":[],"class_list":["post-4958","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rrsp"],"acf":[],"yoast_head":"\nMaximize your RRSP contributions | Caisse Alliance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.caissealliance.com\/en\/personal\/rrsp\/maximize-your-rrsp-contributions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Maximize your RRSP contributions | Caisse Alliance\" \/>\n<meta property=\"og:description\" content=\"RRSPs are easy to understand: they put time on your side. 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