Episode 3 - What is the RRSP

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Young Money Diet Podcast

Stay Hungry, Stay Humble

21 episodes

1 day ago

Two Canadians from humble beginnings discovering all the nuances of financial literacy, career planning and necessary life skills. Join us as we explore strategies on how to win gracefully and learn from losing often in this game we call "life". These are conversations that need to start happening in high school: Stay Hungry, Stay Humble.

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Education

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Self-Improvement

Education

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Episode 3 - What is the RRSP

Young Money Diet Podcast

20 minutes 16 seconds

4 years ago

Episode 3 - What is the RRSP

Tune in as we discuss:

What the RRSP is and how to use it 🤷🏼‍♂️🤷🏾‍♀️
Why the RRSP is a key tool for deferring taxes 🤑
The Home Buyers Plan (HBP) and Life Long Learners Plan (LLP) 🏡📚

Links/Resources mentioned in the episode:

Government Website for RRSP

RRSP Contribution Calculator

Wealth Simple RRSP Account

Your RRSP Contribution Limit is 18% of your Gross Income up to a maximum of:
2021: $27,830
2020: $27,230
2019: $26,500
See more past years

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Chapters:
0:00 Hot Take
1:06 What is the RRSP
2:42 Why use it
3:46 How to start an RRSP
5:32 Contribution example
9:25 Carrying contribution limits forward
11:05 How and when to withdraw $
13:55 Alternative uses
16:00 How to invest
16:32 What if your income is low
17:22 Final personal thoughts