My Education RRSP

Nov 30, 2020

We all know the importance of investing in a Registered Retirement Savings Plan (RRSP). But when you’re rushing to tackle the 100 tasks on your to-do list before the holidays, your RRSP contribution can get left behind. That means another year of scrambling to find money to invest in February before tax season.

WHY CONTRIBUTE TO AN RRSP?

If you work in the education field, you already contribute to RREGOP. Investing in RRSPs can boost that income and provide you with a more secure and comfortable retirement. It’s never too late to start contributing. But the sooner you start, the more money you’ll stack up!

SET UP AUTOMATIC CONTRIBUTIONS

One of the easiest ways to contribute to an RRSP is to set up automatic payments via your savings account every week or month.

But there is an even easier way to build up your retirement capital. The My Education RRSP is a product exclusively designed for people working in the education field. Since these contributions are levied directly on your gross salary through an agreement with your school board[1], you can benefit from an immediate tax return. For example:

If I choose to contribute $50 gross per pay (every two weeks) to My Education RRSP, I will receive a tax return of $19[2] on the spot. That means my net contribution will be $31 per day, but at the end of the year, I will have accumulated an RRSP of $1,300.

The My Education RRSP is the best way to avoid shopping around at the end of the fiscal year and focus on the other 99 tasks on your to-do list. And that’s not all. While you’re saving, you’re also making a contribution to the development of the education community. Everyone’s a winner!

[1] Your school board must have signed an agreement with the Caisse Desjardins de l’Éducation. To find out if this is the case, contact our team at 1-877 442-3382. If not, other solutions are available to help you benefit from the My Education RRSP.

[2] An approximate amount based on an income of $60,000 and a tax rate of 37.1%. This may differ depending on your financial situation.

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