RRSPs: Are They Even Worth It? // Canadian Finance & Tax Strategies
If you're wondering whether or not RRSPs make sense, then this video is for you! I cover the key details and the pros and cons. After watching this video, you'll have the knowledge you need to make an informed decision about whether or not to use a RRSP!
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Intro (0:00)
What a RRSP IS and IS NOT (1:21)
Investments You Can Have in a RRSP (2:05)
The ONLY Reason to Use a RRSP (3:19)
What is a Tax-deduction? (3:49)
When Does a RRSP Make Sense? (4:30)
Figuring Out Your Tax Rate (5:06)
How RRSP Tax-deductions Work (7:54)
Shortcut: RRSP Calculator (9:43)
Worth it for You? (10:18)
Other Factors to Consider (11:42)
Ernst & Young RRSP Calculator: https://www.eytaxcalculators.com/en/2...
Ernst & Young Tax Rates by Province: https://www.ey.com/en_ca/tax/tax-calc...
DISCLAIMER: The content and opinions on this channel are for informational and educational purposes only and none of it is (nor is it intended to be) investment advice. It is our firm position that everyone has a unique situation and should seek professional advice on how best to navigate it. Rhys Martell is a Chartered Investment Manager (CIM), a Fellow of the Canadian Securities Industry (FCSI), a Qualified Associate Financial Planner (QAFP) and more. However, he is not registered to provide investment advice and does not provide specific recommendations. Those looking for specific investment advice should seek out a registered professional. Rhys Martell is not responsible for any investment decisions taken by anyone other than himself.
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