The ABC's of the RRSP (for Canadians)


Manage episode 285827259 series 2843199
By Nika Farb, Katie Karlos, Nika Farb, and Katie Karlos. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.
In this episode we take the driest topic of them all.... taxes... and try to hydrate it a bit. While listening to this one, we encourage you to channel your inner cactus. Why a cactus? Because they retain water for weeks, and you're about to retain some #Knowledge
An RRSP is a Registered Retirement Savings Plan. It's an investment account that you use to build wealth for retirement. There's no minimum age to create one, you can create one as long as you are legally eligible to work. The maximum age to open an RRSP is 71.


4:34 - What is an RRSP and how does it work?
9:45 - Contribution room and how to calculate it
13:26 - Self-directed RRSPs
12:40 - Employer matching
17:19 - What happens when you over-contribute?
18:58 - Withdrawals from your RRSP
23:30 - First Time Home Buyers Program (HBP)

21 episodes