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RIRSPs: TIME IS 0F THE ESSENCE By MH Parnu Whetber your retirement is decades away or just around the corner, time is ticking to ensure your golden years are financially sedure. Statistics show approxirnately 63% of people said they were depending on income from a Registered Retiremnent Savings Plan (RRSP) when they retire. But how miany said they actually have an RRSP? -Only 43%o! Corne March 2, the deadlfine fo r '97 RRSP contributions, wil! you have cast aside a chance to save money for a retirernent nest egg, or have taken advantage of a terrific tax break? "Nearly 60%, of Canadians are concerned they won't have enough money to retire, but rnany don't take steps to change this fact," said John Dark, an RRSP expert with The Co-operators. "Sornie people don't realize RRSPs are one of the best ways for a person rnaking an average income to accumulate significant wealth.-" *If you're waiting for that raise, hoping to in the lottery or just plain, procrastinating about con- tributing, stopl Time plays a great role in the growth of your rnoney thanks to cornpounded interest. There are many reasons people don't contribute to an RRSP, but if you aren't chipping in because of any of the following reasons, you rnight wrongly be passing up a chance for financial freedorn. . "I don't have to start contributing now, 'm going to wait 'until 'm oldevr": Legally, you're allowed to contribute to an RRSP as early as age 18. You're neyer too young to get into the habit of contributing to savings. If (at age 25) you put, away $100 a rnonth until you're 65 years old, at 8%iO interest, yoU'l1 have $324,1 80 to supplement your retirernent. But if You wait until age 35, and contribute the sarne axnount at the same interest rate, you'Il end up wýith $141,76L. The earlier you start, the better off you'11 be. - "I don't make enough inoney to contribute": Many financiai institutions allow customers to contribute as littie as $25 per rnonth. Why not forgo buying a coffeée a day or a few non-essential items each rnonth to giVe yourself peace of mind about the tùture? You'l1 thank yourself later. . "Im letting My spouse take care of saving for retirement": Your spouse rnay very well be able to take care of both of you during retirernent, but t's better to be safe than sory.. You neyer know when your spouse "iI experience an unexpected job loss or when you'1l need to spend sorne of the RRSP rnoney in an emergency situation. In fact, if you have no source of incorne, it may be wise for your Spouse to make use of your unused RRSP roorn. This is referred to as a spousal RRSP and, a contribution to a pousal RRSP wiIl qualiIf' as a budget than saving Io pay a large lump surn. -"The deadline is too close anà i don't have any money": In somne cases, it rnakes sense to borrow rnoney for your RRSP. Although interest on money borrowed to contribute to an RRSP is not tax deducible, a contribution to an RRSP mnay result in a tax refùnd, depending on the size of your contribution. Many people .automaticafly put the tax retùnd towards paying off the borrowed money. For exaniple, if you want Io mnake a $ 10,000 RRSP contribution in '97, and you borrow the rnoney to make the contribution, you will be able to pay a significant arnount of the loan back as soon as you get your refi0nd. Still flot convinced you should contribute? In addition to helping you provide for a retirement incorne, there are two very important benefits to contributinga,; it reduces your incorne tax at the rime you make a contribution and the money earned by an investment held in an RRSP is not taxed until you withdraw it. tax deduction for you! "Unfortunately, statistics show one quarter of Canadians will flot have "I haven't had time to arrange saved even $100,000 in savings by a contribution": There are many the tirne they retire," said Dark ftorn ways to pay for an RRSP, but The Co-operators. "One of the main automatic,%withdrawal is becomning a reasons is because people dîdn't take ver popular miethod because of the advantage of RSP1 when tfhey had convenience it provides. 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