Did you know that you can contribute to a Saskatchewan Pension Plan (SPP) even if you don’t live in Saskatchewan? Yes folks, this is absolutely true.
It is a plan that’s available to all Canadians who has RRSP contribution room. You can contribute up to $2,500 a year. In addition, you can also transfer in up to $10,000 a year from an existing RRSP plan.
I like this plan because:
1) it is easy to join;
2) it is easy to contribute – you can opt for monthly contributions using your credit card;
3) their management fees are attractively low;
4) their balanced fund return is decent. Check out the history here. (Of course, you need to keep in mind that these rates are not guaranteed going forward. They just show the plan’s past performance in investment returns.)
So give the SPP some serious consideration, and happy retirement planning!