Media Release

FOR IMMEDIATE RELEASE

February 13, 2023

Maximize your tax return with RRSPs 

Make the most out of your return with these tips

(Monday, February 13, 2023 - Regina, SK) – Tax season is upon us and it’s important to consider your financial situation and the best ways to ensure you’re managing your money efficiently. One thing to consider at this time of year is whether to contribute to your Registered Retirement Savings Plan (RRSP). Contributing to an RRSP can provide you with tax savings and help you save for your retirement. June Van De Kerckhove, a Financial Advisor at Conexus Credit Union’s Moosomin Branch, shares below the benefits of RRSP and tips for making the most of your financial planning during tax season.

• What is a RRSP? A RRSP is a savings plan for retirement purposes. Your contributions are tax deductible, helping you reduce the amount you pay in income tax. The savings are tax free until withdrawn. The ideal time to withdraw these funds is in retirement when your income is lower, meaning you’ll have fewer taxes to pay on your income.

• Should I invest in a RRSP? It’s important to understand your marginal tax rate (the amount of tax you pay on each additional dollar of income over the previous tax bracket) when it comes to RRSP planning as the deduction you get is based on what your marginal tax rate is. If you’re in a higher marginal tax rate, contributing to a RRSP can be beneficial in reducing your income tax amount. If you’re in a lower marginal tax rate, you may not need a tax deduction benefit, and a RRSP may not make sense to do. Instead, you may want to look at other investment options such as a Tax-Free Savings Account (TFSA), mutual funds, term deposits, etc. Talk to your financial or wealth advisor to determine what makes most sense for you.

• How much can I invest into a RRSP each year? Each year, you can contribute up to 18% of your annual income into a RRSP. If you don’t contribute the full 18%, any leftover contribution room will be carried over to the next year. You can find how much contribution room you have available by looking at your previous year’s Notice of Assessment from the Canada Revenue Agency.

Whether it’s choosing a RRSP to help you save for retirement or another investment product such as a TFSA, Registered Education Savings Plan, mutual fund, etc. to reach your goals, talking to a financial or wealth advisor is recommended. They can help you identify an investment solution that best suits your unique situation and help you reach your goals. If your budget is limited, they can recommend a product and amount that works with your comfort level – even if it’s just a small amount you’re investing each month, it can add up quickly.

Learn more about the different investment options or connect with a financial or wealth advisor by visiting or contacting Conexus’ financial planning company, Thrive Wealth Management.

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For media inquiries, please contact:

Conexus Media Relations 

Phone: 306-751-8201| Email: publicrelations@conexus.ca  

ABOUT CONEXUS CREDIT UNION  

Conexus is a forward-thinking, innovative credit union committed to improving the financial well-being of our members and communities. We do this by creating simple, personal, and empowering experiences for our members that are transformational, not just transactional. We are one of Saskatchewan’s largest credit unions and being connected to our communities across the province is a commitment we have upheld for the last 80+ years. As a local co-operative, our profits are returned to our members through our rates, no-fee accounts, community investment and more. Visit Conexus.ca for more information.