MONTREAL, Feb. 4 /CNW Telbec/ - With only a few weeks remaining before the end of the RRSP season, now is the time to be thinking about tax returns. And when we are talking about taxes, we also need to be thinking RRSPs. What is the best strategy for tax time? Is it a good idea to borrow in order to be able to contribute more to an RRSP? How much taxes can be saved? To be sure to make the right decisions, savers need to have all the pertinent information. To find answers to all their questions, they can now visit Laurentian Bank's Web site, where they will have access to some practical tools that will enable them to make the most enlightened decisions.
Tax Savings Calculator
It is common knowledge today that contributing to an RRSP results in tax savings because the contributions are deducted from the saver's taxable income. To determine what the tax deduction associated with an RRSP contribution will be and to help savers better understand the importance of contributing, Laurentian Bank is offering a tax savings calculator on its Web site, which can be accessed by simply logging on to www.laurentianbank.ca/rrsp.
Unused Contributions Calculator
It can be very profitable for savers to take advantage of their unused RRSP contributions. In so doing, they can further reduce their taxable income and benefit from additional savings or a tax refund. Indeed, it is important for investors to look at all the opportunities available to them. Is it preferable to borrow in order to contribute? What savings will result from such a contribution? What will the value of the investment be in 10 years? Savers can get the answers to these questions by making some quick computations using the Bank's online calculator.
Periodic Contribution Value Calculator
Making periodic investments is a good habit to get into in order to enjoy the benefits of compound interest. Savers who did not adopt this habit in 2009 can make use of the Bank's periodic contribution value calculator to see what the value of their investment will be in 5, 10, 15 or 20 years and, thus, begin to contribute regularly in 2010.
During the month of February, handy folders that can be used to assemble all tax return-related documents will be distributed to clients at Laurentian Bank branches. These folders could be used, for example, to store receipts that will need to be submitted with returns to be eligible for deductions. In addition, the folders will include a number of tips aimed ultimately at helping people pay less taxes.
About Laurentian Bank
Laurentian Bank of Canada is a banking institution operating across Canada and offering its clients diversified financial services. Differentiating itself through excellence in service, as well as through its simplicity and proximity, the Bank serves individual consumers and small and medium-sized businesses. The Bank also offers its products to a wide network of independent financial intermediaries through B2B Trust, as well as full-service brokerage solutions through Laurentian Bank Securities.
Laurentian Bank is well established in the Province of Quebec, operating the third-largest retail branch network. Elsewhere throughout Canada, it operates in specific market segments where it holds an enviable position. Laurentian Bank of Canada has more than $22 billion in balance sheet assets and more than $14 billion in assets under administration. Founded in 1846, the Bank employs more than 3,500 people.
SOURCE Laurentian Bank of Canada
For further information: For further information: Mary-Claude Tardif, Public Relations Advisor, (514) 284-4500, extension 4695, firstname.lastname@example.org