Financial Planners Debate TFSA vs RRSP | Ep.004 скачать в хорошем качестве

Financial Planners Debate TFSA vs RRSP | Ep.004

Recorded: Dec 12, 2024 Originally published on The Millennial Money Canada Podcast, Rebranded as The Personal CFO Podcast Summary In this episode of the Millennial Money Canada podcast, hosts Guillaume Girard and Sam Lichtman delve into the intricacies of Registered Retirement Savings Plans (RSPs) and Tax-Free Savings Accounts (TFSAs). They discuss the importance of understanding these financial tools, especially in the context of generational wealth planning. The conversation covers the tax implications of RSP contributions, how to maximize contributions, and the impact of pension adjustments on RSP limits. The hosts also address common misconceptions about RSP withdrawals and the overall benefits of these savings vehicles for retirement planning. In this conversation, Sam Lichtman and Guillaume Girard delve into the intricacies of RRSPs and TFSAs, discussing their tax implications, withdrawal strategies, and the benefits of spousal RRSPs. They explore the advantages and disadvantages of each account type, emphasizing the importance of strategic planning for retirement. The discussion also touches on common mistakes investors make with TFSAs and comparing investing in corporations versus registered accounts. Overall, the episode provides valuable insights into effective financial planning and investment strategies for Canadians. Chapters 00:00 Introduction to RSP vs TFSA 02:42 Generational Wealth Planning 05:48 Understanding RSPs 08:07 Tax Implications of RSP Contributions 10:34 Maximizing RSP Contributions 13:12 Calculating RSP Contribution Limits 16:30 Pension Adjustments and RSPs 19:18 Withdrawing from RSPs and Taxation 29:15 Understanding RRSP Contributions and Tax Implications 32:57 Withdrawal Options from RRSP Before Retirement 35:19 Eligibility and Strategies for RRSP Withdrawals 38:11 Exploring Spousal RRSPs and Their Benefits 40:36 Introduction to Tax-Free Savings Accounts (TFSA) 42:38 Advantages and Disadvantages of TFSAs 44:41 TFSA vs RRSP: Prioritizing Contributions 48:10 Common Mistakes with TFSAs 51:03 Investing in Corporations vs RRSPs and TFSAs