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Your client has already contributed $5,000 to their RRSP this year. If they were to borrow an additional $4,091 and contribute it to their RRSP, their tax refund is estimated to be the same as the loan amount.* This strategy could help your client increase their RRSP savings by $4,091 and pay off their full loan amount once they receive their tax refund, less borrowing costs.

* The strategy assumes that there are no other factors that would impact the total tax refund and the results generated by this calculator are intended for general information purposes only. They should not be construed as legal, accounting, tax or specific investment advice. Your client should consult their own tax and legal advisors with respect to their particular circumstance and investment matters.
While reasonable steps have been taken to ensure that this information was accurate at the time of printing, Manulife Bank makes no representation or warranty as to the accuracy of the information and assumes no responsibility for reliance upon it.