FAQ – Savings and investment – RRSPs

Many factors can influence the date on which Desjardins sends out investment statements. 

To find out if your investment statements have been mailed or to find out the date on which they will be sent, please contact your caisse advisor or call 1-800-CAISSES (1-800-224-7737).

Term Savings gives you both capital protection and earned interest. No matter how financial markets perform, you know what your return will be right from the start. The interest rate tells you what your annual guaranteed return will be on your investment on an annual basis.

Calculated daily, interest can be paid at various times. The frequency of interest payments is determined at the time you take out the investment.

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You can get RRSP investment advice:

Yes, it's possible to contribute to an RRSP online, without delay.To find out more, see Contribute online today.

Yes, there is an age limit. You can contribute to your RRSP until the end of the year in which you turn 71 and to your spouse's RRSP until the end of the year in which he or she turns 71, if you have contribution room available.

You have until March 1, 2019, to contribute to an RRSP for 2018. As a general rule, contributions made during the year are deductible from taxable income during the same or subsequent years, while contributions made within the first 60 days of the year may be deducted from taxable income of the preceding year, the current year or subsequent years.

To find out the maximum amount that you can contribute this year, check the Canada Revenue Agency (CRA) tax assessment notice which you received after filing your tax return last year to find the amount indicated in the "[Current year] RRSP Deduction Limit Statement" section. If you cannot find your notice, contact a CRA tax office or visit the section My account External link. Opens in a new window..

No, because the most important part of compound interest is time!

Starting to invest when you’re young is definitely the way to go, even if you start small. Setting up regular contributions will pay off in the long run.

This investment strategy is a great way to save and easy to fit into your budget. You choose how much and how often you want to contribute—weekly, biweekly, monthly—whatever works best for you. Your contributions are automatically deducted from your account and invested in your RRSP.

You can start an RRSP as soon as possible, that is, the year you start earning contribution room (the year after you started earning an income). Moreover, when you turn 19, you can contribute $2,000 over the limit. Time is money: the earlier you start contributing, the bigger your RRSP will be.

Earned income is composed mostly of employment earnings, business earnings, rental income and taxable support payments, from which are deducted union or professional dues and business or rental losses and deductible support payments.

It all depends on your retirement plans. However, it is generally recognized that you will need 70% of your income during your retirement years to maintain your standard of living. Even if, at age 60, you are entitled to various sources of regular income (e.g., pension plan, QPP), you will still, in most cases, need savings (preferably RRSP savings) to maintain your lifestyle.

Try the Desjardins Retirement Calculator.

The compounding effect on your interest means the more you save, the more you earn. In short, every dollar that you have the capacity to add to your RRSP increases the capital on which the interest is calculated. So if you have extra funds or if your financial situation improves, it is to your advantage to contribute these amounts to your RRSP. Even an additional $5 per week in a regular instalment RRSP or a group RRSP will make a difference at the end of the line.

There are many reasons why you may not have enough ready cash to contribute to your RRSP. One option is to take out a short-term loan. This way, you can increase your RRSP contribution and profit from the tax break. With the savings, you can pay back part of the loan and reduce the number of payments, as well as the interest charged. Another option is to avoid loans altogether by contributing regularly to an Instalment RRSP and integrate saving into your budget. You can also preauthorize your payments to your RRSP using AccèsD Internet. Don't worry about remembering—your contributions are automatic!

BONUSDOLLARS can be redeemed to contribute to an RRSP and to buy other Desjardins financial products. Since they are like money, you can make them work for you in a lot of ways. Contact your caisse to do so. Visit the BONUSDOLLARS page to learn more.

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