Time is on your side

You often hear the same advice when it comes to saving:

It pays to start early!


To grow your savings, you need to invest them. Not only will your savings grow, but you’ll also be able to capitalize on the interest your investment earns, assuming it makes a profit. That interest will get added to your capital and will grow itself the following year. So the sooner you start saving, the more you’ll benefit from the interest on your interest, also known as compound interest.

How registered plans can give your savings a boost

There’s an added benefit to contributing to a registered plan: the return on your investments is not taxed.1 That means you can take full advantage of compounding interest. It’s a great reason to set up a meeting with your advisor to plan your contributions!

Income earned in an RRSP is taxed when money is withdrawn from the plan.

How often you contribute also makes a difference

You’ll save even more by contributing a small amount each month instead of waiting to make a larger contribution at the end of the year. Why wait when you can immediately start earning a return on the money you invest? And if your regular contributions are registered in an RRSP or a TFSA, the interest you earn is sheltered from tax right away.
A smart move—and a profitable one! And that’s not the only benefit of making regular contributions. For most people, it’s easier to save small amounts on a regular basis than to come up with a larger amount at the end of the year.

Set it and forget it
Keep up a regular savings schedule with a pre-authorized payment plan. It’s a great way to make regular contributions without giving it a second thought… and you’ll never be tempted to spend the money!