Why Do You RRSP? Let’s Find Your Reason

If you're serving in the military, you know the importance of planning for the future. But have you thought about what your financial future looks like? For many CAF members, a Registered Retirement Savings Plan (RRSP) is the key to achieving their goals. So, why do you RRSP? Let’s find your reason.

What’s Your “Why”?

Saving tax now? Building wealth for later? Buying your first home? Going back to school? Whatever your motivation, an RRSP can help you get there. And when you contribute to a SISIP RRSP before the March 2nd deadline, you’re taking a step toward making your goals a reality.

What personal goal makes starting an RRSP worth it for you?

What is an RRSP?

An RRSP isn’t just a retirement tool - it’s a powerful investment account packed with benefits. Here’s what makes it special:

Save on taxes now: Deduct your contributions from your taxable income, lowering the amount you owe today.
Grow your money tax-deferred: Watch your investments grow without being taxed until you withdraw them.
Access funds for life’s milestones: Need help buying your first home or heading back to school? You can borrow tax-free from your RRSP through programs like the Home Buyers’ Plan and the Lifelong Learning Plan.
Save on taxes later: Chances are, you’ll be in a lower tax bracket during retirement than you are today. That means you’ll pay less tax when it’s finally time to withdraw money from your RRSP.

Your Steps to Success

Building a secure financial future doesn’t have to be overwhelming. Here’s how you can get started:

Define your goals: What matters most to you right now? A down payment? Education? Future wealth?
Meet with a SISIP advisor: Together, we’ll crunch the numbers and create a gameplan that fits your goals and lifestyle.

See What’s Possible

CAF members have invested over $1 billion with SISIP, and much of that is in RRSPs. Why? Because starting early and contributing regularly can lead to significant savings over time. Even small monthly contributions can grow into something big.

What About TFSAs?

A Tax-Free Savings Account (TFSA) can be a powerful complement to your RRSP.

While your RRSP helps you save on taxes now and build wealth for retirement, a TFSA offers flexible, tax-free growth with no penalties for withdrawals. That makes it ideal for shorter-term goals, unexpected expenses, or simply building financial freedom over time.

Many CAF members use both, and a SISIP advisor can help you find the right balance.

RRSPs for Couples

If you are married or have a common law partner, RRSPs offer even more opportunities:

Double the benefits: Combined, you can contribute more, save more in taxes, and grow your investments faster.
Home and education goal: Access up to $120,000 combined for a first home or $40,000 combined for continuing education.

And let’s not forget Spousal RRSPs, which can balance uneven incomes in CAF households. By having the higher-earning partner contribute to their spouse’s RRSP, you can lower your family’s overall tax burden in retirement. A SISIP advisor can help you figure out the best approach for your family.

Why SISIP?

Choosing to work with SISIP means choosing advisors who understand the unique needs of CAF members. Here’s why:

We’re part of your community: You’ll find us at bases and wings across Canada, ready to help.
Unbiased advice: We work for you, not outside shareholders.
Comprehensive support: From financial planning and insurance to pensions and debt counseling, we’re here to answer all your questions.

Let’s Talk

The March 2nd deadline is approaching fast - don’t miss your chance to make a smart financial move this year. Whether it’s saving taxes, building wealth, or buying your first home, a SISIP RRSP can help you achieve your goals.