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Continuous Savings Plan
A Continuous Savings Plan (CSP) allows you to make
automatic regular investments into your BMO Mutual Funds or a BMO Premium Rate
Savings Account, directly from your bank account. It's a simple and convenient
way to build your savings over time.
Benefits to Saving
Regularly
Compound Growth. There are two ways your money can grow: from your own regular contributions and from the accumulated growth of your earlier savings. Best of all, the growth is tax-free if your savings are inside an RSP or RESP.
Convenient and manageable. A CSP provides you with the convenience of making small, regular contributions to help increase your savings or ease the cost of investing one big lump sum each year.
Avoid the RSP rush. Making regular contributions means no more long line-ups at your branch or last minute panic to find a lump sum to invest - just a sense of financial security all year round.
Pay less tax during the year. By notifying Canada Revenue Agency of your regular RSP
contributions, you can pay less tax throughout the year instead of waiting for a
tax refund. Pick up a tax deduction waiver to notify your employer to deduct
less income tax from each pay cheque. This form is available on the Canada
Revenue Agency website. What kind of investments are
eligible for your CSP?
Continuous Savings Plans can be set up to invest in any
BMO Mutual
Fund, BMO Mutual Fund Portfolio (e.g. BMO MatchMaker, BMO Intuition, BMO FundSelect), and any plan type (i.e. RSP, RESP, or Non-registered plan).
To enjoy flexibility and security while ensuring your
money earns a premium rate of interest, you can also contribute to the BMO RSP Premium
Rate Savings Account or outside your RSP in the Premium Rate
Savings Account.
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