Is the RRSP WORTH IT? Should I Contribute to the RRSP with a LOW INCOME? Should I SKIP the RRSP and Invest in my TFSA Instead? Should I WAIT Until I’m in a Higher Tax Bracket?

I see these questions all the time and the answers may surprise you! Unfortunately the common narrative that you hear is WRONG! At the very least it’s misleading and incomplete. You’ll often hear that you should Avoid the RRSP in your low income years and only invest in the RRSP once you are in a higher tax bracket but sadly this is only HALF correct! I will be breaking this down in detail showing you what I mean with examples and even my personal experience in this situation! There’s a lot to unpack here with RRSP contributions, tax deductions, tax brackets and my strategy to carry forward tax deductions to a future year all while taking advantage of tax-sheltered growth! Enjoy! 🇨🇦

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SKIP AHEAD ⏩
-Intro: 0:00
-RRSP Benefits: 1:02
-Low Income: 1:34
-Higher Income: 2:29
-Tax Deduction: 3:09
-My Low Income Years: 4:31
-Carry Forward Deduction: 5:08
-When to Avoid RRSP: 5:27
-15% US Withholding Tax: 6:22

WATCH NEXT ▶️
-How to Buy Stocks on Questrade -    • How to Buy Stocks? QUESTRADE Tutorial...  
-How Taxes Work in Canada -    • HOW TAXES WORK IN CANADA | REDUCE YOU...  
-TFSA Mistakes -    • TFSA MISTAKES in Canada to AVOID! // ...  
-Year-End Tax Saving Tips -    • CANADIAN Year End TAX SAVING TIPS / H...  
-How to File Taxes in Canada -    • How to FILE TAXES in CANADA | TURBOTA...  
-RRSP Explained Part 1 -    • RRSP Explained Part 1 | Tax Deduction...  
-How to Build Wealth -    • How to BUILD WEALTH in CANADA // 4 St...  
-RRSP Mistakes -    • RRSP MISTAKES in Canada to AVOID! // ...  
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