Posted on Thursday February 06, 2025

RRSPs, an option for retirement

Dreaming of a comfortable, well-planned retirement? The Registered Retirement Savings Plan (RRSP) is a solution that can turn this dream into reality. Known for its tax advantages and growth prospects, the RRSP is a choice option for savers. Saving pays off! 

The benefits of an RRSP 

• Taxable income reduction for 2024 

• Income tax deferral until retirement 

• Tax-sheltered investment growth 

Tips for a successful retirement 

If you want to maximize the benefits of your RRSP, follow these practical tips: 

Plan early 

In order to be well prepared, financial advisors and planners can help you make a plan. Before you even start contributing, you need to be well prepared for this life project. That way, you can make the most of your retirement. The important thing is to save the right amount, at the right time, in the right investment options. A personalized plan is essential. 

In addition, tools such as the retirement assessment can help you calculate your future needs and adjust your contributions accordingly. 

Contribute early 

The younger you start contributing, the more your money can grow thanks to compound interest. 

Diversify your investments  

Don't put all your eggs in one basket Your Aviso Wealth advisor may suggest combining secure options (guaranteed investments) with potentially high-yield options (mutual funds). 

Once the planning is done and the RRSP option is the right one for you, you should know that it is possible to make your savings grow. Here are two options: 

1. Guaranteed fixed-rate investments  

Also known as a term deposit or term savings, a fixed-rate guaranteed investment is a short- or long-term investment that offers a fixed, guaranteed return at maturity. 

In other words, investing in a fixed-rate guaranteed investment means you know in advance exactly how much you will earn at the end of the investment period, no matter what happens in the financial markets. 

2. Mutual funds  

A mutual fund is like a giant investment piggy bank. Everyone puts in their own money to make it grow. 

This money is then invested in different types of investments (stocks, bonds, etc.) by a mutual fund manager and a whole team of experts.A mutual fund is like a giant investment piggy bank. Everyone puts in their own money to make it grow. 

Contribute using your tax refunds 

Have you received a tax refund? Reinvest it to boost your savings. 

Take advantage of unused entitlements 

Use your unused contribution limits from previous years to maximize your annual contributions. 

The best investment for retirement? 

With all its advantages, the RRSP is the investment vehicle of choice for building a comfortable financial cushion for retirement. The key is proactive planning. 

Make an appointment. 

Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc. Unless otherwise indicated, mutual funds, other securities and cash balances are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit