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Rick Hughes
James Annis
Sean Nikitin
Kari Van de Mosselaer

Address
979 Bank Street, 6th Floor
Ottawa, ON
K1S 5K5
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RRSP Information

Registered Retirement Savings Plan

A Registered Retirement Savings Plan is a savings plan that is 'registered' with Canada Revenue Agency (CRA). It allows you to save money for your retirement on a tax-sheltered basis. That means you don't pay tax on the income your investments earn until you withdraw the money from your RRSP.

Saving for retirement is an important financial goal. The amount that you are able to save in your working years will affect your quality of life throughout retirement.


2012 Contribution Details and Deadline

If you haven’t already made your RRSP contribution, don’t delay.

The RRSP contribution limit for 2013 is $23,820 and final date to contribute for 2013 tax year is March 3, 2014.

2014 contribution limit is $24,270.

Please contact our office to make a contribution or mail a cheque to:

BMO Nesbitt Burns
Attn: Hughes & Annis Wealth Management
303 Dalhousie St.
Ottawa, ON K1N 7E8

Alternatively, you can deposit your contribution directly to your BMO Nesbitt Burns account at any BMO Bank of Montreal branch or through your bank's online banking, telephone banking or ATM service. For further assistance, please do not hesitate to contact our office at your convenience.


Dont' Wait to Make your RRSP Contribution

Statistics show that 80 per cent of RRSP owners make their contributions in the last two weeks of February. By doing so, these people effectively lower the value of their RRSPs.

As RRSP contribution room is based on your prior years earned income, your current year limit is known on January 1st. A smart strategy is to contribute as early in the year as possible in order to take maximum advantage of the tax deferred growth of an RRSP.

For example, if you had contributed on January 1, 2004 rather than wait until March 1, 2005 for the 2004 tax year, the money would be in your RRSP for an additional 14 months. Compounding, especially over a number of years, can have a profound effect on the total value of your RRSP. If you contributed $5,000 on January 1st each year for 30 years and earned an eight per cent return, you would have $57,279 more money in your RRSP than if you make your annual contribution on March 1st of the following year.

Don't wait to make your RRSP contribution! Contribute as early as possible and ensure you maximize your contributions each year.