Newsletter

(An excerpt from the feature story from the latest newsletter follows. For the full text of the newsletter, please download the PDF version to the right)

Pay Yourself First
Plan now for next year’s RRSP contribution

When you have filed your income tax return each year, it is a perfect time for taking stock of your financial situation and making a plan for the year ahead. And a solid financial plan that lets you build your personal wealth is something most of us can get excited about! In Canada, one of the best personal savings vehicles is the tax-sheltered Registered Retirement Savings Plan (RRSP). If you didn’t contribute last year, you’re not alone! Statistics Canada reports that, in 2001, more than 80% of tax filers had unused RRSP room. Of those, only 34% made contributions.

One day, your personal savings will make up an important part of your retirement income – your UFCW pension plan and the Canada Pension Plan (CPP) will provide the foundation but they will not be enough on their own.

With a little planning and commitment now, you may find it's possible to squeeze an RRSP contribution out of your budget. And, next April, you'll be claiming a nice tax deduction on your return!