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How to Retire with More Money using an RRSP Loan
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Video Source: www.youtube.com/watch?v=NYdFSo7SQig
How to Retire with More Money using an RRSP Loan • For many Canadians, as the calendar year winds down, the time comes to think about making your annual contribution to your Registered Retirement Savings Plan (RRSP). Whether you contribute regularly to your RRSP throughout the year, or if you make a single lump-sum payment or additional top-up payment closer to the RRSP deadline, there’s a strategy you need to consider. • Determine the amount of the RRSP contribution you’ll make to help reach your retirement goals. It’s not uncommon that you may have less cash on hand than the amount of the RRSP contribution you would like to make. So, you commit the amount of funds you can afford now, promising yourself that you’ll invest the tax refund when you receive it. • There’s an alternative that can allow you to increase your RRSP contribution in the current year, with very little cost. The strategy works by getting an RRSP loan in the amount of your estimated tax refund in the first 60 days of the calendar year and then using the tax refund to pay off the loan when you receive it. • This RRSP loan strategy results in a larger RRSP contribution while allowing you to claim a deduction in the current year. It also puts more money to work for you sooner in a tax-sheltered investment. • if you have any further questions about this video's topic or any financial planning questions in general, I encourage you to schedule your confidential meeting with me. β―You can schedule your meeting here: https://calendly.com/aaronwealthmanag... • β€ πππππππππ to our Channel here: http://bit.ly/2lPUJjAβββ • β€ Business Inquiries: • βοΈ 1-866-623-8368 • π₯ [email protected] • π https://aaronwealthmanagement.com/βββ • π calendly.com/aaronwealthmanagement • β‘ Connect with David Aaron on Social Media • Facebook: / aaronwealthmanagement • LinkedIn: / aaronwealthmanagement • Instagram: / bizwealthadvisor • Pinterest: https://www.pinterest.ca/aaronwealthm... • Toronto | Mississauga | Oakville | Burlington | Brampton | Woodbridge | Vaughan | Richmond Hill Newmarket | Thornhill | NorthYork | GTA | Etobicoke | Markham | Aurora | KingCity | Ontario | Manitoba | British Columbia | Alberta | New Brunswick • #rrsploan #rrsp #retirementinvesting
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