It may be several weeks away still, but why wait to the last minute to think about purchasing RRSP's. For some people these investments are taken care of by their place of employment. However, if you're like thousands of people, the ability to purchase RRSP's is out of arm's 'financial' reach.
So many people have held onto hopes of buying RRSP's but year-after-year, maxed credit cards and a bad credit rating has stood in the way of getting a loan from the bank to make an investment. This need not be the case any longer.
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It's never too late to start making a contribution and the best time starts now. Even if you have never made any RRSP contribution in previous years, there's no time like the present to get started. Don't let the lack of cash stop you from taking advantage of purchasing an investment in your future.
An RRSP loan can help you realize tax savings, increase the eventual size of your investment and can help you stick with a savings plan. As an added bonus, the tax refund that you may get as a result of your contribution could help to pay down your loan.
There is a limit on how much you can contribute every year. The maximum contribution is generally 18% of the amount that you earned from employment during the previous year. This amount is set by the Canadian government. After your first year of filing your tax return, the Notice of Assessment you receive from Revenue Canada will let you know your maximum allowable RRSP contribution.
The main purpose of an RRSP is to help you save for your retirement. However, the government does permit a person to use those investments for other important life goals, and there are no limitations on when you can and can't use your money.
Don't let the fear of having a bad credit rating stop you from taking control of your future. Everyone falls onto bad times at some point in their life and there's reason why bad times should prevent you from investing in your future. While a standard financial institution may not be willing to lend to those with less than stellar credit, there are lenders out there that will approve even those with bad credt.
There are loan options available for everyone. With a little research, you can find a reputable company who is willing to work with you in order to help you start contributing to your future.
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