Contribute early to earn more!

Procrastination Could Cost You Thousands!

Did you know that contributing to your TFSA and RRSP too late in the year can cost you valuable investment dollars? Contributing to your investment at the beginning of the year will give you the FULL benefit of tax-free compounding.

The Procrastination Penalty

If an average investor puts $6,000 per year into a TFSA or RRSP for 20 years (earning a 2.5% average annual rate of return per year) at the beginning of the year, they’d have approximately $112,000 after 20 years.

If they instead contributed that $6,000 at the end of the year, they’d only have approximately $107,000 – a full $5,000 less due to procrastinating. Simply changing the timing of your contribution can make a significant impact.
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Don’t Delay!

To contribute to a TFSA or RRSP in January, give us a call, book an appointment, send us a message, or stop by any advice centre location.



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Already have an Innovation TFSA or RRSP?

You can also open a TFSA Savings Account or RRSP Savings Account through online banking. You can then contribute to your registered savings through a simple transfer across accounts. Once you have the $1,000 minimum investment amount saved and/or the time to make your investment, you can contact us to invest the funds into a TFSA or RRSP to earn even more interest.
* The above example is an estimation only. TFSAs and RRSPs require a $1,000 minimum investment. Click here to view our current investment rates.

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Federal Continuance

For information on upcoming changes to DEPOSIT INSURANCE if we become a federal credit union, see our disclosure notice. Creditors who have concerns may contact Innovation Credit Union.

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