Making Regular RRSP Contributions

Have you been making regular RRSP contributions? If not, it's time to start thinking about making your contribution. But don't wait for the rush, make your contribution now.

As you are aware, there are many benefits to saving for your retirement in a Registered Retirement Savings Plan (RRSP).

RRSP Contribution Limits
In 2007 you are eligible to contribute 18 percent of your previous year's earned income up to a maximum of $19,000, less any pension adjustment. In 2008 you are eligible to contribute $20,000, less any pension adjustment. This maximum contribution level applies to annual incomes of $120,000 and above.
Earned Income	*Maximum Contribution
$30,000	$5,400
$40,000	$7,200
$50,000	$9,000
$55,000	$9,900
$60,000	$10,800
$65,000	$11,700
$70,000	$12,600
$75,000	$13,500
$80,000+	$14,400
$85,000	$15,300
$90,000	$16,200
$95,000	$17,100
$100,000+	$19,000
* Assuming no pension adjustment

Contributing to an RRSP provides you with tax benefits in two ways: you receive a tax deduction for your contribution, reducing your taxable income today; and your savings grow tax free while in your plan.

Your CIBC Wood Gundy self-directed RRSP allows you to take full advantage of a wide range of RRSP eligible investments. You can choose from government guaranteed instruments, corporate bonds, GICs, Canadian equities, mutual funds and more. Your investment selections depend on your preferences, your risk tolerance and your objectives. Of course, your Investment Advisor is always available to assist you in choosing the most appropriate investments for your portfolio.

Having all your RRSP investments under one plan provides better control, more flexibility and easier monitoring of your progress towards your retirement goals.

While most people have a variety of sources from which they expect to draw retirement income, few indicate their RRSPs as the main source of their retirement income. Consider what sources of income you expect in retirement. Your RRSP should truly be the cornerstone of your retirement plan. By taking control of your retirement investments, you take control of your future.

Use our Find An Advisor tool to locate a CIBC Wood Gundy Investment Advisor near you and take the first step to achieving the financial future you want.

The information contained herein is considered accurate at the time of posting. CIBC and CIBC World Markets Inc. reserve the right to change any of it without prior notice. It is for general information purposes only.

Clients are advised to seek advice regarding their particular circumstances from their personal tax advisors.