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Accelerate your retirement savings with these RRSP strategies:
Save more when you:
Start early—you can open an RRSP at any age if you earn an income and file a tax return; the longer your investments enjoy tax-deferred growth, the better for you
Set up regular contributions—you can even apply to reduce the taxes your employer deducts from every paycheque and contribute your extra paycheque income to your RRSP
Catch up to your personal contribution limit. You can find your personal contribution limit on your most recent Notice of Assessment, or you can check the CRA site for more options. Consider contributing your tax refund, bonuses and other windfalls, or taking out an RRSP loan* that you pay back as soon as you receive the tax refund for your contribution.
Pay back on time to save taxes when you borrow from your RRSP to:
Buy a first home through the Home Buyers’ Plan
Pay for your education through the Lifelong Learning Plan
Help manage risk due to inflation and market unpredictability with a diversified portfolio designed to meet your personal goals

* Borrowing to invest in an RRSP may not be appropriate for everyone. You will need the financial resources to meet your loan obligations in full.  Talk to your advisor to find out more about the advantages and obligations of borrowing to invest.

Registered retirement savings plan (RRSP)
Shelter your retirement savings from taxes
If you’re saving for retirement, you want your money to grow steadily and reliably so you know you’ll have enough to live day-to-day and enjoy life when you have more time on your hands. Your contribution to an RRSP is tax-deductible, up to your deduction limit, so you save on taxes each year you contribute. An RRSP also helps you reach your financial goals for your retirement efficiently because you don’t pay tax every year on the growth of your investments. Instead, the money you would have paid in taxes continues to grow inside the plan. You do have to pay taxes on the amount of any withdrawal. 

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