Eli the Money Guy
Region: CA
Tuesday 29 April 2025 23:03:32 GMT
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sd :
misunderstanding RRSPs is a part of our heritage
2025-04-30 02:41:21
505
Darryl Friesen :
Are there people that don't understand that one of the biggest benefits of an RRSP is that it lowers your income at tax time giving you a refund and possibly dropping you into a lower bracket?
2025-04-30 06:20:06
29
Derek Williams :
You shouldn’t pay taxes on it when you withdraw it either
2025-04-30 03:16:30
1
Wamalamadingdong :
If anything happens to you your RRSP is cashed out completely and it’s taxed 30% for anything over 15k. Resulted in a 291k bill for me this year. NEVER buy an RRSP
2025-04-30 10:26:48
1
Maddog8580 :
Yes it is very annoying - now that I am retired not only do I pay taxes on my RRSPs, I also get clawed back on my Old Age Security for every dollar of RRSPs - RRSPs are a hoax invented by the Liberals
2025-04-30 00:17:32
13
Dave :
It's the gov saying pay me now or pay me later. Also if you have RRSPs and you 💀, all that goes to the spouse who gets taxed.
2025-04-30 01:26:00
4
fng :
Should not be taxed when it comes out. This would incentivize people to save for their retirement and not have to rely on the government
2025-04-30 13:19:35
2
Laura 🇨🇦 :
I can never believe how many people defer taxes for years yet feel so cheated by even having to pay tax once. LOL
2025-04-29 23:53:34
148
🇨🇦 :
Also the whole point is you get the tax deduction at your higher working wage and then pay less tax on your withdrawals in retirement
2025-04-30 00:51:00
105
I Can't Even 🇨🇦 :
so the commenter is correct, we are paying taxes on it twice it's just delayed until retirement
2025-04-30 10:28:33
0
crb :
if you get RRSP deducted from your paycheck each month do you still get a refund or is it already accounted for?
2025-04-30 03:23:13
1
NotSweetTea :
But you will pay taxes again the second you buy something with it.
2025-04-30 19:24:55
0
Soraya Zangani :
Can I use my RRSPs to payoff my mortgage?
2025-04-30 01:24:07
2
Forwhomthebelltolls :
Get your employer to deduct RRSP on your Gross pay not the Net pay which is taxed.
2025-04-30 02:33:14
1
mattyg_toronto :
Is it a good time to invest into RRSPs now?
2025-04-30 01:39:08
1
nickd6244 :
When Canadians pay into NI in the UK, it is not tax deductible, but the payments received are taxed. That's double taxation.
2025-04-30 04:03:46
1
Jilly Bean :
I don’t work I’m retired so I don’t file my taxes. I don’t have an income. There’s nothing to file.
2025-04-30 15:44:28
1
Alaina Noel :
yeah like 100 bucks..
2025-04-30 00:46:17
1
SlaanaD🇨🇦 :
What sucks is they include it in your income when withdrawn but technically it’s money you’ve already earned
2025-05-01 22:47:52
2
Bobcat :
RRSP is a tax deferral. It's don't tax me at my current tax rate (which is high because I'm making more money) and wait until I'm not making money and tax me at a lower tax rate.
2025-04-30 12:28:34
3
Stock Trader :
What if I want to take a lump sum out. Like 100k at once. How much will I get taxed?
2025-05-01 16:01:20
0
beaversportscards :
you get a tax deduction for RRSP contributions and you get the tax deferral benefit
2025-04-30 23:55:24
2
emkassi :
This would be soooo easy to teach in high school. Call the course - “how does grandma pay her bills without a job?”
2025-04-30 21:07:15
1
Octocutiepie 🇨🇦 🏳️🌈 :
It makes me very sad when very low income people use RRSPs and not TFSAs
2025-04-30 16:22:22
3
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