What is the RRSP? How does the RRSP Work? How much money can I Contribute to the RRSP? How do RRSP Tax Deductions Work? Should I Carry Forward RRSP Tax Deductions?
I’ll be breaking down all of the basics of the Registered Retirement Savings Plan for beginners and Canadian investors. I’ll go over the benefits of the RRSP, the contribution limits and the rules to follow with RRSP Tax Deductions to reduce your tax bill. In Part 2, I will go over RRSP Withdrawals and what kind of investments you should hold in your RRSP to maximize your long term, tax-sheltered growth.
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HOW TAXES WORK IN CANADA:
https://youtu.be/GShKBkv2xY8
TFSA EXPLAINED INVESTING TAX FREE:
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SKIP AHEAD: ⏩
-Intro: 0:00
-What is an RRSP: 0:47
-RRSP Benefits: 1:15
-Tax-Sheltered Investing: 1:38
-Eligibility for RRSP: 3:27
-Contribution Room: 4:17
-Notice of Assessment: 5:50
-Deduction Limit vs Available Room: 7:03
-Over-Contribute Penalties: 7:53
-RRSP Deductions: 9:42
-Deduction Example: 10:25
-Tax Refund: 11:09
-Carry Forward RRSP: 13:37
-Same Tax Bracket Example: 16:35
-Summary: 18:14
-Tax Filing Information: 18:55
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