Jennifer Prediger, Financial Success Advisor

Welcome to my page. Let’s talk about money

Compounding interest is a really big deal and if your debt is growing faster than your savings, we should talk. #financialliteracy #growyoursavings #shrinkyourdebt Photo credit: Infinity Brand Photography

To all the amazing, bad ass, go get it women in my network - this day is for you! When I think back on all the experiences in my life that have made me feel most powerful, getting financially literate, being personally accountable, and taking full control of my finances tops the list. If you are looking for a way to make this happen for yourself, here’s nudge in the right direction. #becauseithinkcaringiscool #financialaccountability #financialliteracy #internationalwomensday2021

THE 2020 RRSP CONTRIBUTION DEADLINE IS MARCH 1, 2021. Here are some reasons why it's smart to contribute: 1. Contributions are tax deductible You claim your RRSP contribution as a deduction on your tax return. 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. If you have questions, I can help.... calendly.com/jenniferprediger