THE BASICS IN UNDER 3 MIN!

HOW DO THEY WORK, HOW TO LOWER YOUR TAXES, WHAT HAPPENS WHEN YOU TAKE MONEY OUT


How do RRSPs work? The basics of how to reduce income tax, rrsp deduction and rrsp contributions and rrsp withdrawals.

RRSP stands for Registered Retirement Savings plan. RRSPs are an investment account that Canadians can use to help save for their retirement. How is some cases, you may find yourself withdrawing RRSp before age 65.

Inside of your RRSP account, your money grows tax free (or tax deferred) until you eventually withdraw it.

There are a lot of investment options that you can use inside of your RRSP like stocks and GICs for example.

On top of the tax deferral, you can also benefit from a tax deduction to help lower your taxable income.

This video explains the basics of what an RRSP is and how they work.

Topics Include:

- What can be invested in an RRSP?
- How do RRSPs impact your taxable income?
- Withdrawing money from your RRSPs
- Benefits of investing in an RRSP
- What is an RRSP Contribution
- withdrawing rrsp before age 65
- How to reduce income tax - RRSP deduction


#rrsp #rrspbasics #rrspexplained




Useful Links:

Where to find your RRSP deduction limit:

https://www.canada.ca/en/revenue-agen...

How to claim your RRSP deposits on your tax return:

https://www.canada.ca/en/revenue-agen...

Qualified investment for your RRSP:

https://www.canada.ca/en/revenue-agen...






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