Why not consider a Registered Retirement Savings Plan (RRSP)?

An RRSP allows you to put aside money during your prime earning years so that you can build up your funds for a comfortable retirement. All contributions are tax deductible. Income earned has the benefit of being tax sheltered.  

Are there benefits of making smaller monthly contributions as opposed to a lump sum contribution?

Most definitely. Early deposits mean that your money will reap the rewards of compounded interest. Budgeting for a monthly contribution is also easier than trying to scrape together a large amount come the deadline. If need be, we offer RRSP loans to help keep your retirement fund growing. 

What happens come retirement?

During the year of your 69th birthday, you will be required to transfer your RRSPs. You can choose to roll your RRSP contributions into a Registered Retirement Income Fund (RRIF). Based on government requirements, you choose the amount you wish to withdraw each year giving you a steady income during your retirement.