Ask any financial planning expert and they will likely say that paying yourself first should be a priority for everyone. Even if you’re putting away a few loonies into a savings account each month, it does add up over time. Consider also putting a bit each pay or each month into your CEIRP RRSP. The following image shows what you could potentially earn over 25 years. The CEIRP website also features an infographic that shows other examples of what you could potentially save. Click here to learn more. FYI: Another tool to get you started on paying yourself first is Canada Life’s SmartPathNow.com website, which has articles, calculators and videos to help you visualize your savings plan.
Note: a 5% rate of return, compounded annually, was used for calculation purposes.
