To help our team members be as successful as possible in their career and lives we offer a no strings attached RRSP contribution every 2 weeks, regardless of employee contribution levels (free money in your retirement fund)!  We'll even match additional contributions that team members may make so that they can double their contributions.*  We do this because we believe that saving for a home, education and future retirement is the cornerstone for success in today's world.   

According to the Ontario Securities Commission here are 5 reasons RRSPs are important to have:

1. Contributions are tax deductible

You claim your RRSP contribution as a deduction on your tax return. For example, if you’re in the top tax bracket in Ontario, every $1,000 you contribute reduces the tax you pay by approximately $535. And if your income is lower in a year, you can carry forward the deduction for your contribution to a future year when your income may be higher. That way, your tax savings are greater when you’re in a higher tax bracket.

2. Savings grow tax free

You won’t pay any tax on investment earnings as long as they stay in your RRSP. This tax-free compounding allows your savings to grow faster.

3. You can convert your RRSP to get regular payments when you retire

You can transfer your RRSP savings tax free into a RRIF or an annuity when you retire. You’ll pay tax on the regular payments you receive each year — but if you’re in a lower tax bracket in retirement, you’ll pay less tax.

4. A spousal RRSP can reduce your combined tax burden

If you earn more money than your spouse, you can help build their tax-free savings by contributing to a spousal RRSP. Retirement income will then be split more equally between the 2 of you — which may reduce the total amount of tax you pay. Learn more about spousal RRSPs.

5. You can borrow from your RRSP to buy your first home or pay for your education

You can take out up to $25,000 for a down payment for your first home under the Home Buyers’ Plan (HBP). You can also take out up to $20,000 to pay education costs for you or your spouse under the Lifelong Learning Plan (LLP). You won’t pay any tax on these withdrawals as long as you pay the money back within the specified time periods.

Learn more here:

* employee contributions are matched up to a certain percentage.