CMM EP 62 - Are You Getting The Most Out Of The RRSP?
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CMM EP 62 - Are You Getting The Most Out Of The RRSP?
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About this listen
Are you confused by financial jargon? Do you know the difference between a stock and an RRSP? In this episode of The Clear Money Mindset, host Ben Davies goes back to basics on the Registered Retirement Savings Plan.
We break down exactly how an RRSP works, why it’s described as a "container" rather than the investment itself, and how it can help you lower your tax bill today while saving for tomorrow.
In this episode, you’ll learn:
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A "Container": Why an RRSP isn't an investment itself, but a home for your stocks, bonds, and ETFs.
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Tax Hacks: How contributions reduce your taxable income (and might even boost benefits like the Canada Child Benefit).
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Strategic Planning: The difference between Individual and Spousal plans and when to use them.
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RRSP vs. TFSA: A simple comparison to help you decide where to put your money first.
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Hidden Perks: How to use your RRSP to buy your first home or fund your education.
Whether you are rushing to meet the contribution deadline or just starting your financial journey, tune in to ensure you aren't missing out on potential tax savings!