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Don’t let it be you….

“Teaching is not about what I know, but what I enable others to do.” - Patricia Phelps Professor at University of Central Arksansas. Don’t let it be you…. . Using these figures…. Annual Income for 2012 - $84,000 $42,000 Allowable RRSP Contribution Limit

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Don’t let it be you….

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  1. “Teaching is not about what I know, but what I enable others to do.” - Patricia PhelpsProfessor at University of Central Arksansas

  2. Don’t let it be you….

  3. Using these figures…. • Annual Income for 2012 - $84,000 $42,000 • Allowable RRSP Contribution Limit • 18% of Annual Income for 2012 $15,120 $7,560 • Minus Pension Adjustment for 2012 $10,000$ 0 • Total Available RRSP Limit for 2012 $ 5,120 $7,560

  4. Calculating your potential tax refund… • Annual Income $84,000 $42,000 • RRSP Contribution $ 5,120 $ 7,560 • Marginal Tax Rate 38.7% 30.0% • Potential Tax Refund $1,981.44 $2,268.00

  5. That means your contribution would only cost you… • Annual RRSP Contribution $5,120.00 $7,560.00 • Potential Tax Refund $1,981.44$2,268.00 $3,138.36 $5,292.00

  6. All for as little as….. • $14.03 Per Day or $8.60 after your tax refund • $196.92 Per Pay or $120.71 after your tax refund

  7. Imagine….. If you start early, $8.60/day can turn into $429,065! • Assuming $5120 contributed in January every year for 30 years at a 6% return and with the tax refund taken into account.

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