2022-If RRSP is so good, why isn't everyone using it? Everything you need to know.

Lillian Huang -- Your protection specialist ensuring your financial future stays intact.
✅FREE online courses
✅Get a FREE quote
✅FREE 20-Minute Consultation

If RRSP is so good, why isn't everyone using it?

1. Any withdrawal is treated the same as your employment income, tax at the marginal tax rate. You cannot benefit from favored investment tax treatment on capital gain and dividends from Canadian companies.
2. RRSP income at retirement will affect the ability to get Gov't benefits like OAS, GIS. This is a BIG drawback for LOW-INCOME families.
3. The contribution room cannot reset like TFSA, once you use it, there is no way back.
4. Contribution room is given on a % based on income, low-income years, you will get less room.
5. Mandatory withdrawal at Age 72 when RRSP converts into RRIF, the withdrawal rate increase as you age, if planned inappropriately, can cause a huge burden at an older age.
6. Tax refund gets spent RIGHT AWAY. Like you get taxed twice!

Registered Retirement Savings Plan (RRSP)
✔ An RRSP is a retirement savings plan that you establish, that we register, and to which you or your spouse or common-law partner contribute. Deductible RRSP contributions can be used to reduce your tax.
✔ Any income you earn in the RRSP is usually exempt from tax as long as the funds remain in the plan; you generally have to pay tax when you receive payments from the plan.
Definitions for RRSPs

Whether you want to invest for your today, tomorrow, or future, #LillianHuang has solutions and options for you to sleep better on your investment.
📞Get in touch with #LillianHuang💕
Get a *FREE* Financial Plan:

🌐 My Website:
My YouTube:
My Linkedin Page:
My Facebook:

My YouTube中文频道：
🧧 小红书： 940240293
WeChat 微信: LillianFinancial

I speak English, Mandarin (國語) & Cantonese (粵語)

Canada | Investments | Taxes | Tools

Canada | Insurance | Taxes | Tools

Canada | DIY Wealth | Financial Health Analysis | Smart Talks

Canada | Investment Products | Insurance Products | Saving Products

Canada | Retirement

CANADA | TFSA

CANADA | RESP

CANADA | RRSP

**** Subscribe ** Like ** Share ** Comment ****

Disclaimer:
I am a Financial Professional, however, the content of this video is for education and entertainment ONLY! This information should not be constructed as legal or financial advice. It is your responsibility to do your own due diligence. Your money, your decisions 😊.

#LillianHuang #LillianHuangFinancialPlanning #FinancialAdvisor
#加拿大 #保险 #投资理财
#myCRA #RRSP