With the RRSP contribution deadline fast approaching, CIBC provides tips
to help guide Canadian investors' retirement planning
TORONTO, Feb. 6, 2014 /CNW/ - CIBC (TSX: CM) (NYSE: CM) - Too many Canadians are leaving important retirement savings and
planning strategies to the last minute as they rush to make a
Registered Retirement Savings Plan contribution before the March 3
deadline, says Jamie Golombek, Managing Director of Tax & Estate
Planning at CIBC Wealth Advisory Services.
"When you combine the tax deduction for the amount you contribute with
the fact that you don't have to pay tax on the accumulated investment
income, most Canadians should have RRSPs," says Mr. Golombek. "But many
Canadians aren't taking full advantage of the benefits RRSPs offer."
Mr. Golombek's new report, Getting the most out of your RRSP, focuses on the importance of Canadians taking the time to look at all
of the benefits available from their RRSP throughout the entire year.
To get the maximum benefit from an RRSP, Mr. Golombek recommends five
simple tips in his report:
•Just Do It -- Make an RRSP contribution•Be Timely -- Choose when to claim the deduction for your RRSP
contribution•Stick With It -- Leave funds in an RRSP•Cover Your Bases-- Designate beneficiaries•Plan for Redemption -- Plan for RRSP conversion prior to age 71"
As the end of February approaches, many Canadians rush to make an RRSP
contribution", says Mr. Golombek
. "With these five simple tips,
investors can take the necessary steps to invest smarter throughout the
year, and get the maximum benefits from their RRSP savings."
Since retirement savings plans differ for everyone depending on their
needs, Mr. Golombek
recommends obtaining advice from a qualified
expert. A CIBC
advisor can help investors evaluate different savings
and investment options for their RRSP.
More details on Mr. Golombek's
five RRSP tips are available in his
report, Getting the most out of your RRSP.About CIBCCIBC
is a leading North American financial institution with nearly 11
million personal banking and business clients. CIBC
offers a full range
of products and services through its comprehensive electronic banking
network, branches and offices across Canada
, and has offices in the
and around the world. You can find other news releases
and information about CIBC
in our Press Centre on our corporate website
SOURCE Canadian Imperial Bank of Commerce