Maximum Contribution = Maximum Benefit
Do you have contribution room in your RRSP?
Maximizing your annual RRSP contribution means sizeable tax savings in the short term and a healthy nest egg in the long term.
Sometimes it can be tough to come up with the money—especially if you missed making full contributions in previous years.
That’s where Lakeland Credit Union RRSP loans come in. With industry leading rates for both variable and fixed, payment deferral up to 45 days, we can help you make the most of your money.
For example, if Jack borrows $5,000 from LCU to contribute to his RRSP:
|
He saves the 22% federal tax on this $5,000 |
$1,100 |
|
He saves the 10% Alberta provincial tax on this $5,000 |
$500 |
|
He puts the $5,000 in a 3 year non-redeemable term deposit at 2.08% |
$318.53 |
|
He pays LCU 3% interest |
-$81.62 |
|
His total return is |
$1,836.91 |
*The above is based on an annual income of $87,000 and is for illustrative
purposes only and does not constitute an offer.
Rates are subject to change at any time and without notice.