Darren Devine, CFP®, CLU®
Financial Planner, Sun Life
President of Devine and Associates Financial Services Inc.
Hello, and welcome to Money Monday, where we help simplify your financial journey. I'm Darren Devine, Financial Planner with Sun Life and President of Devine & Associates. Today, we’re talking about an important deadline that can have a big impact on your financial future—making contributions to your investments before the tax cut-off date. It’s an opportunity you don’t want to miss!
Contributing to your Registered Retirement Savings Plan (RRSP) before the tax cut-off doesn’t just help you save for retirement—it can also lower your taxable income for the year, potentially putting more money back in your pocket.
Every dollar you contribute to your RRSP is tax-deferred, meaning you’re not taxed on that income until you withdraw it in retirement. By taking advantage of this, you can not only grow your savings but also benefit from compound growth over time.
The cut-off date is your last chance to apply contributions to the current tax year, so don’t leave free savings opportunities on the table. And remember, even small contributions can help make a big difference in the long run.
Don’t wait until the last minute—help maximize your savings today! If you have questions about your contribution room or need guidance on where to invest, we’re here to help, let’s ensure you’re ready to meet the deadline with confidence.
Thanks for tuning in, don’t forget to like and comment for more episodes filled with tips to make your financial journey a breeze. Until next time, I'm Darren Devine, and you can always talk to us today at DevineAndAssociates.ca!