Benefits of Borrowing for your RRSP:
- Maximize your tax break.
- Grow your investment with tax-free compounding.
- Top-up unused RRSP contribution room from previous years.
- Top-up this year’s RRSP contribution.
- Use your income tax refund to help pay down your loan.
Just because you’re short on cash right now doesn’t mean you have to forfeit a financially healthy retirement. Contributing on a regular basis will help build a significant nest egg over time.
Our RRSP loan offers one of the best rates available and is guaranteed fixed for one year, and don’t forget, when you receive your income tax refund you can use it to pay down your loan.
Click here and use our simple online loan application to make the most of your tax return this season.
Remember, it’s a leap year so you have until February 29 2012.
Are you ready to retire? If not, get there sooner with a City Savings Financial Services RRSP! Let our knowledgeable advisors help you explore your options – from an automatic payroll deduction to an annual contribution or even a loan to help you top up and save on taxes.
Regular contributions can connect you to greater earnings through the magic of compound interest. Your money is tax-sheltered for a longer period of time and your contributions earn interest from day one. Just look at how contributing a few dollars each month adds up…
Example: $100 monthly based on an annual rate of 4%.
| Time | Capital Invested | RRSP Value |
|---|---|---|
| After 1 years | 1,200 | 1,226 |
| After 5 years | 6,000 | 6,640 |
| After 10 years | 12,000 | 14,718 |
| After 15 years | 18,000 | 24,546 |
| After 20 Years | 24,000 | 36,503 |
| After 25 Years | 30,000 | 51,051 |
We’ll help you put your money to work for you. City Savings Financial Services – your connection to a bright financial future!
Effective August 23rd, 2011
| Term Redeemable (with penalty) |
Rate % | Term Non-Redeemable |
Rate % |
|---|---|---|---|
| 30-59 days | 0.20 | 1 Year | .90 |
| 60-89 days | 0.25 | 2 Years | 1.10 |
| 90-179 days | 0.50 | 3 Years | 1.20 |
| 180-269 days | 0.55 | 4 Years | 1.35 |
| 270-364 days | 0.75 | 5 Years | 1.65 |
| Redeemable and non-redeemable terms from 30 days to 5 years. Variable rate deposit – 0.10% | |||
*EACH INDIVIDUAL RRSP CONTRACT IS INSURED TO MAXIMUM ON DEPOSIT THROUGH THE DEPOSIT INSURANCE CORPORATION OF ONTARIO
