5 Reasons Why You Should Stop Using an RRSP | Retirement in Canada

5 Reasons Why You Should Stop Using an RRSP | Retirement in Canada

Registered Retirement Savings Plans is an excellent retirement savings tool although there are times when an RRSP may not be the best retirement planning solution.

In this video, I'll show you the 5 Reasons Why You Should Stop Using an RRSP and if you see yourself in any of these examples please feel welcome to contact me to help you determine the best alternatives to help you with your retirement planning needs.

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[iKot]

Thanks for the video. As for me the biggest advantage of RRSP contributions are the employer matching and if it is 100% than I do not see any reason not to contribute as your contributions are doubled the very same moment your paycheck comes.

[carminelombardi]

May I make a request? ... what happens and what is the best strategy for someone retiring at 65 with a WSIB type pension that has been building over 2 decades. Are we to treat it just like a RRSP? Keep up the great work your doing for Canadians.

[debbassgirl]

I just retired at 55 with a moderate $35, 000/yr defined pension. My plan is to use my RRSP's as a "bridge" for the next 10 years. I want them gone by 65. I also will have approx $12000/yr in dividend income. At 65, My Canadian government pensions will kick in as well as 10 years worth of U.S. social security. I had to figure this plan out myself since the few financial advisors I have had have never suggested early RRSP withdrawal. Hope I am right?

[bl]

Thx for the video - you might also mention that given current Government deficits, tax rates in Canada are certainly going to be higher in the future. Another issue I have never seen raised is that if you are investing in equities your dividends and Capital gains are taxed as regular income in an RRSP but enjoy preferential tax treatment in a non registered account.

[garth]

just found your channel. Great insight into planning. Always good to hear a few different ways of thinking.
fyi my financial advisor says take CPP at 60, yet another YouTube channel says don't do that, melt down your RRSP...well with the market of 2022 my RRSP have been melted down 20% and I haven't withdrawn a dime

[richardli]

Nah, I use RRSP as a pure tax reduction vehicle. Pulled money out for HBP, LLP and have spouse pulling the money out from her account at 15% while I saved 45% when making the contribution. U got to wait 3 years though. Our focus is on TFSA setting at about $300k. I definitely don't want to kick the can and then give 50% RRSP to CRA.

[MaricrisCollado-cdhy]

Can you also discuss about CPP disability

[paulpoco]

How come people say with a DB pension and you are 55 and there is an option to retire at 55, then they say when you keep working after 55 you are only working for $200/month?

[catherinedesilets]

Where in Canada are you located & how much to review my situation ti get a financial plan in place

[lyg]

Are you better off using a RRSP vs a non registered account if your tax bracket stays the same when retiring? I am assuming that tfsa is full and you have money to invest.

[smallmj]

In some of these situations a spousal RRSP could be a good option, if the spouse has a significantly lower income.

[iamwojak]

Better off buying physical GOLD, nothing digital on screen controlled by other main corporation and banks!

[virgillcuerrier]

So even if you move to another country you are still taxed in Canada on your RRSP? WOW I realy hope this is not true.