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RRSP Investment Savings

The Easy Way to Build Your Annual Contribution

Each February, as the RRSP deadline approaches, do you find yourself unable to come up with enough spare cash to make your annual contribution? One option to consider is contributing regularly to a FirstOntario Investment Savings Account to ensure that you are able to take advantage of the tax savings.

Investment Savings Accounts are designed for Members who hold larger balances and want to earn a higher rate of interest on savings.  It’s perfect for gradually building an RRSP, since there are no service charges, no minimum investment required and no minimum monthly balance – interest is calculated daily and paid monthly on every dollar of savings.  

And with RRSP Investment Savings, your funds are completely protected.  While government-guaranteed deposit insurance1 protects you up to $100,000 for unregistered investments, it is unlimited on registered plans such as RRSPs.

How Can I Ensure My Contribution Will Be There When It’s Time to Do My Tax Return?

Make regular deposits, or ask us to set up a monthly contribution plan, so you don’t miss your investment opportunity.  Monthly contributions to RRSPs put your money to work faster.  You’ll earn a greater return than just making one lump sum contribution at the end of the year, even if the rate of return on both types of contributions is the same.  And, you’ll be surprised how easily you can build a substantial contribution by the end of the year if you save a little each month.

1. Deposits are insured by the Deposit Insurance Corporation of Ontario.

 

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