RRSP Explained Part 1 | Tax Deductions & Contribution Room | Canadian Tax Guide Chapter 3

Video Description

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. Make sure you check out my previous videos in the CANADIAN TAX GUIDE: HOW TAXES WORK IN CANADA: https://youtu.be/GShKBkv2xY8 TFSA EXPLAINED INVESTING TAX FREE: https://youtu.be/i_bWf1NyUbE QUESTRADE REFERRAL 🇨🇦 Use my referral link to get $50 of COMMISSION-FREE Trade Rebates for the first 30 days!👇 https://www.questrade.com/affiliate-offer-sdi?irsharedid=Canadian%20in%20a%20T-Shirt&oaa_promo=CANADIANTSHIRT You can also manually enter my offer code: CANADIANTSHIRT TURBOTAX REFERRAL: 🇨🇦 Use my referral link to Get 15% OFF ANY TurboTax Product! 👇 https://www.anrdoezrs.net/click-9191966-14464948 Remember the Tax Filing Deadline is April 30! BLOSSOM SOCIAL 🌸🇨🇦 Follow me on Blossom to see my Portfolio & Trades for FREE 👇 https://getblossom.onelink.me/SOfu/adrian Watch my BLOSSOM ANNOUNCEMENT video for details 👇 https://youtu.be/tFYP5kWXsB0 LOYALTY MEMBERSHIP ✨ Click the JOIN button or the link below to gain access to my exclusive content! 👇 https://youtube.com/c/CanadianinaTShirt/join Thank you guys for supporting my channel, you’re the best! 🙏 WEALTHSIMPLE TRADE REFERRAL 💰 If you'd like to sign up for WealthSimple Trade, use my referral link below to get a $50 signup bonus in cash when you open an account and trade at least $150 👇 https://wealthsimple.com/invite/P0A-UQ Best SAVINGS ACCOUNT in 2025 - EQ BANK 🏦 Your emergency fund should be in a High Interest Savings Account and the best one in Canada right now is EQ Bank which offers up to 4% interest with no monthly fees and no minimum balance! Use my referral link below to sign up 👇 https://click.linksynergy.com/fs-bin/click?id=G4zxVqAvD18&offerid=1115263.22&bids=1115263.22&type=1&subid=0 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 Be sure to subscribe to my channel for more videos on investing, Canadian taxes, personal finance and money saving strategies. I’ll be posting a video every week =) FOLLOW ME HERE: FACEBOOK: https://www.facebook.com/CanadianTShirt INSTAGRAM: https://www.instagram.com/canadiantshirt TWITTER: https://twitter.com/CanadianShirt FINANCIAL EDUCATION BOOKS 📚 -Wealthy Barber Returns - https://amzn.to/2MJ9cIe -How to Adult Money Canada Version - https://amzn.to/2F717ZT -Beat the Bank: Canadian Guide - https://amzn.to/37uqe54 -Investing in Dividends - https://amzn.to/37mUnn3 -101 Tax Secrets for Canadians - https://amzn.to/2RrIuGS -Millionaire Next Door - https://amzn.to/35ap253 -Intelligent Investor - https://amzn.to/3qoI5nV -Making Money in Canadian Real Estate - https://amzn.to/2SKijw6 CAMERA GEAR 📸 -4K Camera - https://amzn.to/3aSHWEg -HD Camera - https://amzn.to/3puBZkT -Tripod - https://amzn.to/2Qf2Lid -LED Ring Light - https://amzn.to/2MKLDyC -Microphone - https://amzn.to/3aRdXMN DISCLAIMER: I am NOT your financial advisor! My videos and the topics discussed are my opinions and are presented for entertainment purposes only. This information should not be construed as legal or financial advice. It is always up to YOU to do your own due diligence. It’s YOUR money so make YOUR own decisions! I will NEVER ask you to send me money nor will I ever provide my phone number or personal email address. If you see this, that is a fake account and please report any suspicious activity or scam accounts claiming to be me. DISCLAIMER: Links included in this description may contain affiliate links. I will only ever suggest services or products that I use myself and I personally believe in. If you sign up using my affiliate link, I will receive a small referral bonus at no extra cost to you! Thank you for supporting The Canadian in a T-Shirt! =) #CanadianTaxes #RRSP #TaxFreeInvesting #CanadianTaxGuide #CRA #CanadianFinance #CanadianInvesting #TaxFreeCanada