When it comes to doing the things you want to do, and buying the things you want to buy, now is always better than later. That’s also true for investing–the sooner you start, the better off you’re likely to be. The problem is that there’s only so much money to go around. So, do you spend your money on a new couch or do you save for your future by starting an investment plan? The answer is simple: do both with RBC RSP-Matic®. It’s a way to invest regularly and still have a life.
If you start 10 years earlier, at just a $1 a day, you'll have gained an addtional $42,145 by the time you reach age 65.
Let's explore the immediate benefit of making an RRSP contribution for an individual with $30,000 in taxable income taxed at a typical combined federal and provincial tax rate.
|Savings That Benefit You Now|
|$ 0 RRSP Contribution||$ 2,000 RRSP Contribution|
|Taxable Income||$ 30,000||$28,000|
|Combined Federal and Provincial Tax||$4,550||$4,100|
RRSP contributions are tax sheltered, which can leave more money in your pocket. Use our RRSP calculators to learn more.