Video Description

By contributing to the RRSP (Registered Retirement Savings Plan) you an save thousands of dollars on income taxes. In this video we'll talk about important things you need to know about how to use the RRSP, contribution limits, how much taxes you can save, withdrawing from your RRSP, and more! #rrsp #personalfinance ⌲ Wealthsimple: Get a $25 sign-up bonus when you sign up with my referral code: ZCZSZQ https://www.wealthsimple.com/invite ⌲ Questrade: Get a $50 trade rebate when you open and fund a self-directed Questrade account (minimum $1,000 funding): https://questrade.sjv.io/6e26oq ⌲ NDAX Cryptocurrency exchange: Get a $10 bonus when you sign up with my referral link: https://refer.ndax.io/Uv2D ($100 minimum funding to get the bonus!) ⌲ CHEXY to save money on your rent! Use this link to sign up and earn cashback on your next rent: https://app.chexy.co/?utm_source=livingincanada&utm_medium=influencer&utm_campaign=q42024&utm_term=&utm_content=&redirect=/ ⌲ Start using WISE by using this link https://transferwise.com/c/livingincanada and get your first transfer free up to £500! //JUMP AHEAD! 00:09 RRSP Deadline 00:16 What is an RRSP? 00:54 Main Benefit of RRSP 02:12 Who can open an RRSP? 02:43 Where/How to open an RRSP 03:19 Multiple RRSPs? 03:58 How much taxes you can save 07:33 When and how to get a tax refund? 08:18 RRSP timeline, when to get your refund 08:49 How to get an early RRSP refund 09:12 RRSP Contribution room and limit 10:15 How much is my contribution room and deduction limit? 10:33 What if I have a group RRSP 10:42 Overcontribution and Penalties 11:13 What if my investments grow? 11:32 What to Invest in the RRSP? 12:31 Withdrawals from RRSP 13:31 Exceptions 13:48 RRIF 14:29 Contribute to RRSP now or later? 15:29 Why consider investing in RRSP now even with lower income ***DISCLAIMER: I am not a financial advisor, tax consultant, or real estate agent. This video is for entertainment purposes only and should not be considered as financial advice*** // Support my channel Hey, if you’ve enjoyed my content, you can - Contribute a ’SUPER THANKS’ to this video - Buy me a coffee here: buymeacoffee.com/livingincanada // My Book! Amazon CA: https://a.co/d/ge71w4n Amazon US: https://a.co/d/gL9ywUf // ABOUT Getting ahead financially in Canada while enjoying life! // AFFILIATE LINKS DISCLAIMER: Links included in this description may be affiliate links. If you click on one of them and make an eligible purchase, I may receive a small commission at no additional cost to you. Public Mobile: Use my referral link to join Public Mobile and receive a one-time $10 credit! https://publicmobile.ca/en/undefined/plans?referral=7VXZMK Join Wealthsimple and get a $25 sign-up bonus when you sign up with my referral code: ZCZSZQ https://www.wealthsimple.com/invite Bedframe: https://amzn.to/3PMyFSC Office Foldable desk: https://amzn.to/44elIW2 Bamboo monitor riser: https://amzn.to/43fPBUo Foldable laptop stand: https://amzn.to/438UMFK Gaming chair cover: https://amzn.to/3pDUdGi Chair wheels: https://amzn.to/3PJT8as 5lb dumbbells: ​​https://amzn.to/44jget1 Kindle Paperwhite: https://amzn.to/46QbHjF Kitchen Kichly Stainless Steel French Press: https://amzn.to/3uBlwmA Brita water Filter: https://amzn.to/43eeUGz Bodum water kettle: https://amzn.to/44gZmDo Bodum French coffee press: https://amzn.to/3JNwH0f Coffee grinder: https://amzn.to/3rk4Oqs Mini blender: https://amzn.to/3NySc6c Coffee ethical bean 2lb: https://amzn.to/3O4ft16 Entryway Coat rack: https://amzn.to/3JOmoZX Bathroom High-pressure rain shower head: https://amzn.to/3JLLatR Carbons shower head filter: https://amzn.to/3JMqkuf Over-the-toilet cabinet: https://amzn.to/46AsruV Shower drain hair catcher: https://amzn.to/3D2NGI9 *** DISCLAIMER *** I am not a lawyer, not an immigration agent, and not a financial advisor or tax consultant. I'm just sharing my experience and knowledge in the hopes it can be useful to you. Please always do your own due diligence and research before deciding to purchase or sign up for any financial product or service!