Podcasts about registered retirement savings plan rrsp

Are you dreaming of buying your first home but struggling to keep up with rising house prices in Canada? In this video, I'll walk you through the top financial tools you need to know about: the Tax-Free Savings Account (TFSA), First Home Savings Account (FHSA), and Registered Retirement Savings Plan (RRSP). I'll break down the benefits, strategies, and smart planning tips for using these accounts to save for your first home more effectively. Whether you're a first-time homebuyer or just getting started with saving, this video offers practical advice to help you reach your homeownership goals faster, even in today's competitive real estate market.For more information, be sure to visit https://www.owlmortgage.ca/ & https://wealthbuilders.realpm.ca/

In this episode, Lawrence Greenberg and Jackson Matthews provide a comprehensive guide to the various types of investment accounts available to Canadians. From foundational accounts like TFSAs and RRSPs to specialized options like RESPs and RDSPs, the hosts outline how each account works, who they are best suited for, and common misconceptions. Whether you're saving for retirement, education, or your first home, this episode offers practical insights to maximize your financial strategy in 2025.Thank you for tuning in!Key Topics:Purpose of the episode: Navigating Canadian investment accounts. [00:01:00]Deep dive into Tax-Free Savings Account (TFSA). [00:01:47]Common misconceptions about TFSAs. [00:03:36]Registered Retirement Savings Plan (RRSP) basics. [00:04:32]Updates to the homebuyers' plan within RRSPs. [00:07:18]RRSP suitability for moderate to high-income earners. [00:09:05]Registered Education Savings Plan (RESP) explained. [00:10:05]Taxation on RESP withdrawals and planning tips. [00:12:33]Registered Disability Savings Plan (RDSP) overview. [00:14:07]Importance of RDSPs for qualifying individuals. [00:15:35]First Home Savings Account (FHSA) – a new tool for homebuyers. [00:16:05]FHSA eligibility and misconceptions. [00:18:35]Non-registered investment accounts and their tax implications. [00:20:05]Corporate investment accounts and holding companies. [00:22:10]Individual Pension Plan (IPP) for high-income earners. [00:23:02]Key takeaways and planning advice for the new year. [00:24:10]And much more!Mentioned in this Episode:Tulett, Matthews & AssociatesThanks for Listening!Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at lawrence@tma-invest.com or 514-695-0096 ext.112.Follow Tulett, Matthews & Associates on social media on LinkedIn, Facebook, and more!Follow The Empowered Investor on Facebook, LinkedIn, and Instagram.

Deciding between a Tax-Free Savings Account (TFSA) and a Registered Retirement Savings Plan (RRSP) can be one of the most challenging financial decisions you'll face.  Each has its benefits, and the right choice depends on your unique financial situation.  In this post, I'll guide you through understanding the factors that determine whether a TFSA or RRSP is better for you and how a financial plan can provide you with the precise answer. In my latest video I talk about:  The secret to minimizing your lifetime tax. Understanding how tax brackets differ before and after retirement. Specific examples when a TFSA is better and when an RRSP is better. When non-registered investments might be better than an RRSP. Common errors in tax planning, like focusing on current-year tax savings instead of lifetime tax savings. The impact of government income program clawbacks on your tax bracket in retirement. The importance of knowing your future taxable income to make informed decisions. Strategies for planning your retirement income to stay in lower tax brackets. The benefits of combining TFSAs, RRSPs, and non-registered investments for tax-efficient retirement planning. The role of a financial plan in optimizing your RRSP and TFSA contributions and withdrawals.  

Are you truly prepared for financial independence, or could the FIRE movement be leading you astray?In this “Canadian Wealth Secret Sauce” episode of the podcast, we dive into the weeds of the FIRE movement (Financial Independence, Retire Early) and question the practicality of living “financially free” while in the lowest Canadian tax bracket. If you're aiming for financial freedom but uncertain about the steps that can get you there, this episode addresses the critical issue of accurately determining your financial freedom number. By exploring common strategies and their pitfalls, including but not limited to trying to maximize the Canada Child Benefit (CCB) amount for your household and pushing your Registered Retirement Savings Plan (RRSP) to the limit, this episode highlights the challenges and misconceptions that many face on their journey to early retirement. Understanding these financial nuances is crucial for anyone looking to secure their future without compromising their current lifestyle. Dig in with us as we unpack realistic financial planning perspectives that promote a balanced and intentional approach that takes into account current expenses and future needs. This is essential learning for anyone striving for financial independence but unsure of how to actually get there with an intentional, ambitious, but realistic goal.What you'll learn:Why deferring taxes through RRSPs might lead to unexpected financial burdens and how to plan more effectively.Discover the real challenges of trying to plan for a low-tax bracket income while aiming for financial freedom, with practical insights and examples.Understand the importance of a balanced financial strategy that doesn't overly rely on government programs but focuses on sustainable wealth-building approaches.Buckle up as we uncover the true secrets of achieving financial independence while maintaining or growing the lifestyle you're after.Resources: Canadian Wealth Secrets Show Notes PageFIRE Movement: Financial Independence, Retire EarlyLike this short, “Wealth Secret Sauce” Episode? Tell us in your rating and review on Apple Podcasts. Dig into our Ultimate Investment Book ListBook a Discovery Call with Kyle to review your corporate (or personal) wealth strategy to help you overcome your current struggle and take the next step in your Canadian Wealth Building Journey!Follow/Connect with us on social media for daily posts and conversations about business, finance, and investment on LinkedIn, Instagram, Facebook [Kyle's Profile, Our Business Page], TikTok and TwitterX.  Ready to connect? Text us here!Canadian Wealth Secrets is an informative podcast that digs into the intricacies of building a robust portfolio, maximizing dividend returns, the nuances of real estate investment, and the complexities of business finance, while offering expert advice on wealth management, navigating capital gains tax, and understanding the role of financial institutions in personal finance.

Are you saving for that next car or trip? Maybe even thinking about retiring early? In this episode, our CRA experts explain the basics of a Tax-Free Savings Account (TFSA) and a Registered Retirement Savings Plan (RRSP). We'll dive into the differences between the two and answer the most frequently asked questions. Originally recorded in 2023.

You have probably seen many articles Tax-Free Savings Account (TFSA) vs. Registered Retirement Savings Plan (RRSP). Here is the real answer specifically for you from a tax expert. Deciding on the right one is an important part of your financial plan. Your personal Financial Plan should include the income per year you will need after you retire to have the retirement lifestyle you want - and the amount you will need to contribute to TFSA or RRSP per year to achieve it. In my latest podcast episode you'll learn whether to invest in a TFSA or a RRSP, and why looking at your marginal tax bracket today compared to when you withdraw after you retire, is paramount. You'll also discover: The real answer for RRSP vs. TFSA specifically for you. Why you might be in a higher tax bracket after you retire than before. How the 3 clawbacks of government pensions affect your income tax bracket. How what you do with your refund affects RRSP vs TFSA. What about non-registered investments? How to plan for a tax-efficient, comfortable & worry-free retirement.  

In this episode of the Invested Teacher Podcast, we delve into the weeds to discuss which government tax incentivized investment vehicle in Canada will best serve our Invested Student audience: the Tax-Free Savings Account (TFSA) or the Registered Retirement Savings Plan (RRSP). We will take some time to dig into some specific cases including those in “golden handcuff” careers with Defined Benefit Pension Plan (DBPP) in your job and whether or not you should be putting all of your investment eggs into the RRSP basket or whether looking to the TFSA as a better place to build on that defined benefit pension plan.We'll also share why we're big fans of using the TFSA for your longer term, growth-focused investments, while keeping the RRSP for your safer and steady assets. However, we won't hold back on sharing why an RRSP can feel a bit like an "investment jail," especially if you're thinking your income tax bracket during retirement might be the same or higher than it is currently.Finally, we'll be talking about the impact inflation might have on your income tax bracket during retirement and some creative ways to use your RRSPs with strategies like The Smith Maneuver to unlock some of the dead equity in your primary residence to still benefit from the tax deferral power.Sit back and get ready to take a trip through the TFSA vs. RRSP maze with a promise to give you some great tips for every circumstance. What you'll learn:What is a Registered Retirement Savings Plan (RRSP) and how does a RRSP work?What is a Tax Free Savings Account (TFSA) and how does a TFSA work?Why those in “golden handcuff” careers with a Defined Benefit Pension Plan (DBPP) might hold off on dumping all of their investment funds into their RRSP;Why a TFSA is the better spot for your growth-focused investments and your RRSP for safer, more conservative investments; Why an RRSP might be considered a “jail” for your investment funds, especially if you feel that your tax bracket may be the same or higher in retirement; How inflation alone may push you up into higher tax brackets by retirement even if your income has only increased by a Cost of Inflation Allowance (COLA);Why an RRSP is a fantastic idea for those interested in putting the “dead equity” from their primary residence to work; and,Is it better to use equity from your home to fund your RRSP or to apply The Smith Maneuver?Resources: Canada Revenue Agency (CRA) overview of the Tax Free Savings Account (TFSA)Canada Revenue Agency (CRA) overview of the Registered Retirement Savings Plan (RRSP)Episode 44: Saving Taxes and Accelerating Your Investments With The Smith ManeuverBook a Discovery Call Analysis Paralysis is REAL! You're real estate portfolio will stay empty until you take action.Grab our free training on how to analyze deals and also grab our analyze spreadsheet that does the dirty work for you. Canadian Wealth Secrets is an informative podcast that digs into the intricacies of building a robust portfolio, maximizing dividend returns, the nuances of real estate investment, and the complexities of business finance, while offering expert advice on wealth management, navigating capital gains tax, and understanding the role of financial institutions in personal finance.

Canada Immigration News from the CIC press release released on 11/08/2023. Minister Miller highlights new tax-free first home savings account Good day ladies and gentlemen, this is IRC news and I am Joy Stephen, an authorized Canadian Immigration practitioner bringing out this special edition of Immigration news from CIC press release, . This news was released by the government on 11/08/2023. I am coming to you from the Polinsys studios in Cambridge, Ontario. Today is the 16/08/2023 As house prices have climbed, saving for a down payment is out of reach for many Canadians, particularly young people. Today, the Honourable Marc Miller, Minister of Immigration, Refugees and Citizenship, shared how the new tax-free First Home Savings Account is available and helping put home ownership back within reach of Canadians across the country. The new tax-free First Home Savings Account is a registered savings account that helps Canadians become first-time home buyers by contributing up to $8,000 per year (up to a lifetime limit of $40,000) for their first down payment within 15 years. To help Canadians reach their savings goals, First Home Savings Account contributions are tax deductible on annual income tax returns, like a Registered Retirement Savings Plan (RRSP). Like a TaxFree Savings Account, withdrawals to purchase a first home, including any investment income on contributions, are non-taxable. Tax-free in; tax-free out. If you need assistance to participate in Provincial or Federal programs or assistance after selection, please contact us https://myar.me/contact-us/  Good luck!   Welcome to this weekly video update on PNP news brought to you by IRC News. We understand the importance of staying informed about Canadian job opportunities, data analysis, and immigration news, and that's why we're here to provide you with the latest information. To further your understanding of becoming a Canadian Permanent Resident, we invite you to watch our free online YouTube videos at https://polinsys.com/p. Our Canadian Authorized Representative also conducts a free Q&A session every Friday to answer any questions you may have. For more information and Zoom meeting credentials, please visit https://myar.me. It's important to note that the Canadian Government regulates who can charge fees for immigration services, so we recommend following the link https://polinsys.co/rep for more information. If you're looking for a free evaluation of your Canada PR application, please visit https://myar.me/evaluationXX. To stay updated with our latest news, follow us on Facebook, Instagram, and YouTube. We appreciate your support and hope you've found this video informative. If you liked this news, please like the video and to receive notifications about more Canadian job positions, please subscribe to our channel.

We're your hosts, Alyssa and Bridget. Welcome to the podcast, where we talk through our money trauma and create a better understanding of building a healthy relationship with finance. We've now launched our Patreon! Subscribe for bonus episodes and extra content from your hosts.In today's episode, we discuss the following:What is the Tax-Free Savings Account (TFSA)?What can you use the TFSA for?What is the Registered Retirement Savings Plan (RRSP)?What can you use the RRSP for?Which account should you choose?How can you use the RRSP and TFSA together?What should you choose when you have a pension?Is a pension enough?Follow us on Instagram @mixedupmoney, @bridgiecasey and @moneyfeelspodcast, and we'll see you next time! 

⭐⭐ Canada's NEW Tax Free Home Buyers Savings Account - FHSA The FHSA is a new account that was introduced in the 2022 federal budget and is set to be available to Canadians in 2023.  It basically provides first-time home buyers with a savings account that combines the tax benefits of a Tax-Free Savings Account (TFSA) and a Registered Retirement Savings Plan (RRSP). Listen to this podcast to know everything about this account. You're definitely in the RIGHT place if you're looking to understand how to create an investment portfolio or a "bullet proof plan” in order to protect you and your family, generate an income stream in retirement, and ensure that your money outlives you. 

Why has the Registered Retirement Savings Plan (RRSP) remained so popular over the years? Because it continues to be a tax-efficient way to save money. No matter what point you are at, professionally, the flexibility of this plan offers benefits. Your Carte Financial Group Advisor can help you leverage the power of an RRSP throughout your career. Here are six ways it can help reduce taxes and grow that important nest egg.

How women can plan for a longer retirement Canadian senior women live an average of three years longer than men, while their annual retirement income is significantly lower. That means careful planning is even more important if you’re a woman. Make sure you’re on track for a long — and financially secure — retirement. 1. Know your CPP, OAS, GIS These important acronyms stand for Canada Pension Plan, Old Age Security and Guaranteed Income Supplement. You can learn more about these public pensions, find out which ones you qualify for and estimate how much you could receive at the Government of Canada site. 2. Choose your investments An investment strategy can help you achieve the growth you need to build a nest egg that will support you through 20 or 30-plus years of retirement. It should also consider how your investment mix will change over time, so that the proportion of safer investments increases closer to retirement. Your investment advisor will work with you and recommend investments based on your comfort with risk, your savings goals, and your time until retirement. 3. Use registered funds The Tax-Free Savings Account (TFSA) and Registered Retirement Savings Plan (RRSP) were designed to help people maximize long-term savings. It’s important to understand how these tools work and how to best use them for your situation. Depending on your income, your spouse’s income if you are married, and your anticipated income level during retirement, you might choose to hold your savings in RRSPs, spousal RRSPs, TFSAs, or some combination of these. Your financial advisor can help you figure out how to get the greatest benefit from these savings vehicles. 4. Protect yourself with insurance If you have a spouse or common law partner, life insurance is an important tool to help preserve your current lifestyle and protect your financial wellbeing if your loved one passes and you find yourself having to cope on your own. 5. Think like a team If you are married or have a common law partner, it’s important to consider all of your financial planning jointly. Estate planning (including wills and beneficiary designations) insurance, income from personal savings (including annuities, RRIFs, TFSAs and other sources), government pensions — all of these should be considered as part of a larger picture to ensure financial stability and to minimize taxes. 6. Create a financial plan A well-rounded financial plan will provide you with a roadmap to guide you through to retirement and beyond by outlining a strategy for all of the points noted above. It should take into consideration any specific health concerns that may have an impact on your finances or your living arrangements. Your financial advisor is an important part of your retirement planning team. Our advisors are trained to ask the right questions to help you develop a plan that addresses every aspect of preparing for retirement, tailored to your specific needs as a woman.

Today I have the creator of the TFSA (Tax Free Savings Account) on the show who shares his best TFSA tips and strategies, while also discussing his initiative to enhance financial literacy in Canada. His name is Kevin McCarthy, and while working in Ottawa, Kevin was responsible for the financial literacy file for Minister Flaherty and helped launch the federal government's Financial Literacy Panel. He played a key role in the development and naming of the Tax-Free Savings Account (TFSA), the single most important personal savings vehicle since the introduction of the Registered Retirement Savings Plan (RRSP). Kevin has since joined a great organization called Enriched Academy which focuses on teaching financial literacy here in Canada. Get Your Free 1-Year Subscription to Canadian MoneySaver Magazine Lastly, don't forget to claim your free 1-year digital subscription to Canadian MoneySaver Magazine (Canada's largest personal finance and investing magazine). The magazine features Canada's top experts on personal finance and investing, and is a great place to learn best practices, and stay up to date on changes that will impact your investments and financial situation for years to come, specifically here in Canada. To get that, all you have to do is open up a free savings account with my favourite bank (and the bank that I personally use, EQ bank). The reason that I personally use EQ bank, is that they have one of the highest interest savings rates in Canada. In fact, over all the years that I've been with them, I've seen them consistently be almost double the interest rate compared to other online banks, and well over double the interest rate compared to the major brick and mortar banks that we have here in Canada.   Plus it's free to sign up and keep an account with them, so you're not paying a monthly fee as you do with many of the other banks out there. As a bonus you also get unlimited free Interac e-transfers every month! Because of those reasons, I've been with them ever since they launched in Canada years ago, and it's where I keep my entire emergency fund and spending money. To get the free account and a 1 year free subscription to Canadian MoneySaver magazine, just go to buildwealthcanada.ca/eq, open the free account, and once you're done, forward any email that you get from EQ to bonus@buildwealthcanada.ca and I'll send you a coupon code that gets you a free one year subscription to the magazine. Enjoy, and thanks for supporting the show! Links and Resources: Financial Literacy Training at Enriched Academy Kevin's LinkedIn Profile EQ High Interest Savings Account with Bonus Questions Covered: To start things off, tell us a bit about yourself and your background in government, as well as your transition to promoting financial literacy by working with Enriched Academy. Why did the government decide to introduce the TFSA and what was your involvement in that? For anybody just getting started learning about RRSPs and TFSAs, can you explain what they are, and share your best practices on how to use them? I find that definitely one of, if not the most common questions that Canadian investors have, is how to decide for any given year whether they should be putting their savings in their TFSA, RRSP, or a combination of the two. As someone who helped create the TFSA, what would you say to someone asking this question?  What are the most common mistake you see Canadians making with their TFSA?  What about the most common mistakes Canadians make with their RRSP?  When it comes to financial literacy, what would you say are the biggest misconceptions, or things that Canadians just don't know about that are holding them back and limiting their net worth?  I find we Canadians sometimes get worried about the changes that the government might do which can impact our financial futures. In particular, there definitely seems to be some worry about the large percentage of the Canadian population retiring, and about there not being enough young people to support them from a tax revenue perspective. Should we be concerned? Based on your extensive experience in the government sector, how do you see things playing out when it comes to this challenge? What changes to our government benefits do you think may take place? For anybody that won't be retiring for another 10+ years, how can we best prepare ourselves for this uncertainty of how much income from the government we'll actually end up receiving in the future? I'd love to get your perspective on the Registered Disability Savings Plan (RDSP). It's something that is relatively new, created by Minister Flaherty when you worked with him, and it helps families with disabled children but I find it isn't that well known.  Can you give a brief explanation of the RDSP, tell us know why it was created and what people should know about it?  You recently joined Enriched Academy to help you with your mission of increasing financial literacy for Canadians. Can you tell us about Enriched Academy, and why you decided to join them? It was great seeing Enriched Academy be so successful when it appeared on the show Dragon's Den. Can you tell us what it's been like having the Dragons as investors and advocates for Enriched Academy, and tell us a bit more about how Enriched Academy helps improve Financial Literacy here in Canada. Where can we hear and learn more from you? Bonus Question: Let's talk about using the RRSP vs TFSA when saving for a home. The RRSP has the Home Buyers Plan, but the TFSA is more flexible as there are less rules surrounding it. What is your preference and what should we be considering when choosing to use one vs the other.   In Closing: If you enjoyed the episode, please take a moment to leave an honest review and rating on iTunes by clicking the “View in iTunes” button at this link. If you have any tips, suggestions or comments, please be sure to leave a comment in the section below. I read all the responses and look forward to hearing from you. Also if you liked the episode please share it using the social media buttons on the left, and sign up for free below to receive all new episodes as they get released, news on giveaways, and the free guide on the Top 5 Personal Finance and Productivity Tools here in Canada! I looking forward to hearing from you. Kornel

It's RRSP season in Canada so in this episode, I present three basic but important points about the Registered Retirement Savings Plan (RRSP) and its more recent counterpart, the Tax-Free Savings Account (TFSA). Even if you think you know a thing or two about them, don't discount this information just yet. It's also widely known that economics is a boring topic to study and understanding. But today I discuss why I think it's important, especially for those seeking financial independence.

#124: Former financial planner Joe Saul-Sehy and I answer five questions about investing, retirement, insurance, travel and selling an expensive car. Eliana is 25 and makes $63,000 per year, plus a little extra from freelance work. She holds $95,000 in cash, $67,000 in retirement investments, and no debt. She doesn't necessarily hold early retirement as a goal, but she'd like the option to access her funds before she's 59-and-a-half. She asks two questions: First, she's been spreading her money between a Roth IRA, pre-tax 403b, and taxable brokerage account to spread her risk. Should she not contribute so much to the taxable account? She's also paying $88 per month for a $25,000 life insurance policy for her mother, who is 57 years old. She likes the peace-of-mind that comes with knowing it'll be there to cover funeral expenses, if needed. But she recognizes that there's a huge opportunity cost that comes from paying for such an expensive plan. Should she drop it? Rudy's employer offers two options: a pension or a retirement plan that essentially functions as an annuity. He would need to contribute 3 percent of his income, regardless of which option he chooses. Which one should he pick? Nicole lives in Canada. She has a Registered Retirement Savings Plan (RRSP), to which she contributes monthly. She's been with her employer for almost 10 years, but she's about to switch into a new field. She'll have about $45,000 in a pension plan from the employer that she's leaving. What should she do with this money? Julie is a frugal single mom of two. Four months ago, she purchased a brand-new vehicle for $39,000 and instantly regretted it. She'd like to sell it, but she could only recoup around $33,000 of value. She'd lose $6,000 from a car she's owned for 4 months. Should she take the hit? Or should she hang onto her car, since the damage has already been done? Finally, an anonymous caller wants to know more about long-term travel. How do you acquire visas that will let you stay in a country for many months? How do you find health insurance with overseas coverage? And what should you do with your snail mail? We tackle these questions in today's episode. Enjoy! ________ Resources Mentioned: Julie's question: Articles on selling a car, private party: https://www.edmunds.com/sell-car/10-steps-to-selling-your-car.html https://www.edmunds.com/sell-car/sell-your-car-safely.html https://www.edmunds.com/sell-car/how-to-close-a-used-car-sale.html Articles on buying a car, private party: https://www.edmunds.com/car-buying/buying-a-car-sight-unseen.html https://www.edmunds.com/car-buying/10-steps-to-buying-a-used-car.html Travel question: Overseas health insurance: - https://www.imglobal.com/travel-medical-insurance - https://www.gninsurance.com/international-travel-health-insurance-plans - https://www.geobluetravelinsurance.com/product_overview.cfm How to handle mail while overseas: https://www.earthclassmail.com

Podcast Episode 96: “RRSP Mortgages.“ In Canada, it is possible to use money held in a Registered Retirement Savings Plan (RRSP) to fund mortgages. While this strategy can yield a nice steady return on investment, there are rules in place that can make it a bit tricky to get into. One of those rules is … Continue reading Interest Rates on RRSP Mortgages

Podcast Episode 96: “RRSP Mortgages.“ In Canada, it is possible to use money held in a Registered Retirement Savings Plan (RRSP) to fund mortgages. While this strategy can yield a nice steady return on investment, there are rules in place that can make it a bit tricky to get into. One of those rules is … Continue reading Interest Rates on RRSP Mortgages