RRSPs – The Smart Move for Your Future

Retirement might seem like a long way off but trust us—future you will be grateful for the choices you make today. That’s where a Registered Retirement Savings Plan (RRSP) comes in. At Prosperity Credit Union, we believe in looking out for our members like good neighbors do, and that means helping you plan for a comfortable, stress-free retirement.

Why Invest in an RRSP?

Tax Savings Today

When you contribute to an RRSP, you get an immediate tax deduction, which can mean a nice refund or a lower tax bill at the end of the year.

Your Money Grows Tax-Free

Any interest, dividends, or interest growth inside your RRSP isn’t taxed until you withdraw it. That means your savings can grow faster over time.

elderly couple sitting on bench outdoors

Set Yourself Up for Retirement

When the time comes to retire, you’ll have a dedicated pot of money to rely on, and when it comes time to withdraw in retirement, you’ll get to do so at a lower tax rate.

Flexible for Life’s Big Moments

Need a down payment for your first home? Planning to go back to school? You can borrow from your RRSP (tax-free!) under the Home Buyers’ Plan or Lifelong Learning Plan.

Who Should Invest in an RRSP?

Young Professionals

Staring early gives your savings more time to grow. Even small contributions now can lead to big rewards later.

Families Planning for the Future

If you’re juggling mortgage payments, kids’ expenses, and everyday life, an RRSP helps you keep your retirement plans on track while benefiting from tax breaks when you need them the most.

Anyone Looking for Tax Relief

If you’re earning a steady income and looking for ways to reduce your taxable income, an RRSP is one of the best tools out there.

Late Starters Catching Up

If retirement is creeping up and you haven’t saved much yet, it’s not too late! RRSP contribution room carries forward, meaning you can make larger contributions and get bigger tax breaks.

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