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Who wants to be a millionaire?
By: Paolo Abate
Date: 2007-05-14 18:46:47
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WhoBecause RRSPs are tax-sheltered, capital gains, dividends and interest do not have to be declared as income in the year they are earned. Your RRSP is only taxable when you begin to receive income payments from it. Combine the power of tax-sheltering with compounded growth and you could save a million dollars for retirement!

Because RRSPs are tax-sheltered, capital gains, dividends and interest do not have to be declared as income in the year they are earned.

Consider the following scenario. A 30-year old invests $6,800 per year (about $130 per week) until age 65. Assuming an average return of 7% per year the RRSP will be worth over $1 million by age 65.

You may not have 35 more years before retirement but it’s not too late to benefit from tax-sheltering and the power of compounded growth. Talk to your financial advisor to determine the best strategy for you.

This information is provided with the understanding that it does not render legal, accounting or other professional advice. Readers are advised to seek professional counsel from a financial advisor. Historical results are not indicative of future performance. Investors do not purchase units of the funds but, rather, an individual variable insurance contract.


Paolo Abate, BBA, RHU, PFP is a Partner and Director of Financial Services at FC Financial Group Ltd., is an independent, full-service, professional financial planning organization that partners with Canadian’s to assist them in achieving their financial goals. Our services encompass the disciplines of wealth management, estate planning and tax advisory. Our mission is to provide expert, un-biased, custom-tailored financial planning services to individuals, families and businesses across Canada. We endeavor to abide by strict practices of professional conduct as we strive to understand the financial dreams of our clients and implement a strategy to achieve them. Paolo can be reached by Privte Messaging or at 416-742-5600. FC Financial Group Ltd. is part of The First Canadian Group of Companies
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