Have you made your RRSP contribution yet? This year’s deadline is February 29th, so don’t wait too long. Contributing to a Registered Retirement Savings Plan (RRSP) can have a major impact on your financial situation, saving you hundreds on your annual tax statement. And that’s just theĀ beginning! Budget-savvy individuals will also enjoy the long-term growth of their investment.
Unfortunately, finding the money to invest in an RRSP isn’t always easy. According to a recent report from the Investor’s Group, it’s estimated that nearly 58% of Canadian’s won’t invest in their RRSP this year because there simply isn’t enough money left after paying for basic living expenses.
If you’re struggling to make ends meet, now’s the time to consider a cash back mortgage or an RRSP loan. Both will help you free up extra capital to cover expenses, but in very different ways. Here’s what you need to know in order to make a well-educated decision. Continue reading