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More Canadians Investing in RRSP’s

Posted on November 28, 2007 at 3:07 pm
Filed Under Canadian Taxes, Financial Planning, Investment Planning, Retirement Planning

A recent poll has confirmed that a record 3 in 4 adults own an RRSP and that number is up 64% over last year!

The investment industry is expecting a banner year considering that 75% of those who own an RRSP are looking to make a deposit of some amount in 2007. In fact, of those aged 45 to 54 a whopping 84% plan to make a contribution. What’s even more exciting is that of those aged 25 to 34, 60% of them have an investment portfolio. Sounds like the need for retirement planning has made its way down to the younger generations as well which is great news for all of us!

Your Take-Away: Whenever the Canadian Government offers a tax break like they do with RRSP’s, it would be almost crazy to not take advantage of it. After all, no one likes paying tax regardless of their income, job status or net worth. Do not be afraid of taking advantage of dollar cost averaging and investing a small amount each month rather then trying to come up with a large amount at the end of the year. Setting up a monthly savings program is an easy way to ensure your money is working for you each and every month, without having to feel the pressure of coming up with larger sums at the end of each year.

Congratulations to all of you have an investment portfolio, and especially to those of you who have taken advantage of your RRSP. Don’t forget that it’s always better to save a dollar in tax then to increase your income by a dollar!

Until next time, have a Wonderful Wednesday.

Chris

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