RRSPs: Are They Even Worth It? // Canadian Finance & Tax Strategies

Рет қаралды 7,498

Күн бұрын

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!
Business Inquiries: info@wellbuiltwealth.ca
Well Built Wealth: www.wellbuiltwealth.ca/
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: www.eytaxcalculators.com/en/2...
Ernst & Young Tax Rates by Province: 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.

Пікірлер: 22

@turtluv2000 Жыл бұрын

Great info and presentation. Thanks for making it so understandable.

@jonathang7170 Жыл бұрын

Your information is straight forward and informative, exactly what I am looking for. I also like the great online tools you refer too. Thanks!

@wellbuiltwealth Жыл бұрын

Thank you Jonathan!

@12cn03 Жыл бұрын

Kudos, great explanation on tax brackets and RRSPs. Thank you for this.

@wellbuiltwealth Жыл бұрын

Glad it was helpful!

@mahtabgh6428 Жыл бұрын

Great job Rhys!

@laed3520 Жыл бұрын

Thank You. Binge watching your content. Just discovered you today.

@billyrock8305 Жыл бұрын

RRSP’s are Definitely worth it! ✅

@InukRyu 5 ай бұрын

I love this guy.

@wellbuiltwealth 5 ай бұрын

🙂

@tanyamelo9846 6 ай бұрын

great info, my confusion comes when trying to figure out what our income will be when my hubby retires in 2 years, i know cpp oas and pension but with our investments, we are taxed as eligable dividends capitol gains ect but with the rrsp are we taxed at full tax rate when we withdraw? still trying to figure out if rrsp are worth it for us this late in the game because i cant figure out what are investments will be making, thanks so much

@wellbuiltwealth 6 ай бұрын

Just play it year by year. Hold off on making your contributions until the year is over and see what your income was. You have the 1st 60 days of the new year to contribute against the previous year so that should give you a bit of time to get the total income.

@darlenegraboski5185 Жыл бұрын

Great 👍

@wellbuiltwealth Жыл бұрын

Thank you! Cheers!

@dougwalt3683 5 ай бұрын

why on your chart higher income is lower % rate....look at the % rates and income....not sure if this is accurate ?

@wellbuiltwealth 5 ай бұрын

Has to do with different provincial and federal rates and the fact that they don’t always match at different income levels. If you read the bottom of EY’s tax chart it explains in detail.

@GerryBerndt-gn4zi Жыл бұрын

Why is it that you get your first paystub of the year and you made 3000 dollars and there tax taken off it if your not taxed on the first 15000.00 ? I'msure others are thinking this also

@wellbuiltwealth Жыл бұрын

Hi Gerry. Basically, your employer is taking the amount of tax that you will owe for the whole year proportionally off of each cheque throughout the year (rather than none at first and tons later). This calculation can be easily thrown off if you have another job or stop working partway through the year, so it's not a perfect system. But it's within the ballpark. Make sense?