Posted by: islamicfinancingnews | April 16, 2013

Here’s a few RRSP tips that go hand in hand with Islamic loans

islam21 Getting proper Islamic loans is just the start of what you need to do to make sure you’ve got a good portfolio. Saving for a retirement is an essential part of good financial planning. That said, here’s a few solid RRSP tips that work hand in hand with Islamic mortgages.

  1. Don’t just contribute once a year. Establishing a rhythm and regular contribution is the best method. It’s best if you avoid the rush at the end of the year and get your money working for you sooner.
  2. Remember to designate a beneficiary. Although no one really likes to think about it, good planning means you need to have someone capable ready to look after this money in the event of your death.
  3. Use any tax refunds you get wisely. Getting money back at the end of the year means you’ve got some options about furthering your financial well being. Paying down debts is a good idea, but you should also look at topping up your RRSP contributions.

Islamic mortgages are all about being financially responsible but there’s more to that package than staying Sharia compliant and away from Riba. Planning for a stable future means contributing to an RRSP so you’ve got all the bases covered.

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