Invest In Your Retirement And Get A Larger Tax Refund
September 16, 2015 | Posted by: Cam Brown
Invest In Your Retirement And Get A Larger Tax Refund
It's never to early to begin to boost your retirement next egg and defer tax on income.
Many investors borrow in order to make to take advantage of unused RRSP contribution room or just to make a larger contribution to their RRSP. This strategy enables them to obtain a larger tax refund and begin building an investment portfolio for retirement earlier. Taking advantage of extra years of investment compounding inside a tax deferred RRSP all taxes are deferred until age 69 unless withdrawals are made sooner just makes good retirement planning sense.
One way to take advantage of this strategy is to use a Home Equity Line of Credit (HELOC) where you use equity in your home to invest in your RRSP. I have access to HELOC's at a rate of prime + 0.25% (2.75% today). Interest costs on the HELOC loan are tax deductable and the tax refund earned can be used to repay the HELOC while your retirement contribution begins to earn a return years sooner.
Don't have a HELOC? Give me a call (403 650-5509) or email me and I will help you put this terrific retirement plan in place.
