Registered Retirement Savings Plan (RRSP) Tips & Tricks to Maximize Contributions in 2024

[@RealEstateTaxTips]

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[@RidlysEmptyNetter]

Another great video. The other benefit of an RRSP is that you can invest in US funds without penalties...unlike a TFSA or cash account.

[@zhefeng583]

would you pls explain how the group rrsp for tax deduction via employer and employee's portion separately? thx!!

[@jaethegoddexx]

Hi. Would u do a video on group rrsp pls. Tx

[@AndrewEydt]

Great discussion thanks!

[@RealEstateTaxTips]

Glad you enjoyed it!

[@fanfancheong]

Do you have any video on over contribution of RRSP and how to fill form T1-ovp to correct the over contribution

[@RealEstateTaxTips]

Unfortunately no. :(

[@Freelencerjhui098]

Very informative

[@RealEstateTaxTips]

Glad it was helpful!

[@Freelencerjhui098]

Nice content

[@mr.xernorus4026]

If I only have dividend growth stocks in my rrsp. If a drip TD shares for 50 years for exemple. When my RRSP becomes a RIFT, will i need to sell all my shares to just have an flat sum of cash or i will be able to keep all the dividends growth in the RIFT and been taxe on the dividend income?

[@pabawathieperera9118]

Can I convert RRSP contribution into Tax free savings account?

[@KaySeminomadic]

If I haven't made any contributions since 2022, how much can I contribute to bring down my taxes for 2023?

[@RealEstateTaxTips]

It depends on your particular situation- how much salary you earn, does your employer have a plan setup, your prior year contribution room, etc. The easiest is to check with your prior year Notice of Assessment issued by CRA to find out the maximum contribution room.

[@pabawathieperera9118]

If I contribute for RRSP for the first time how much I can contribute for this year? I am 55 years and my employer deduct for QPP. I came to Canada in year 2001.

[@RealEstateTaxTips]

The easiest and most accurate way to check is through your annual CRA Notice of Assessment after you file your return.

[@JaKi052]

If I get only a T4A for some contract work and capital gains from stock trading in a Non-Registered account can I contribute to my RRSP? I know if I am salaried employee at a company I would get a T4 this time of year... Thanks.

[@RealEstateTaxTips]

You likely would be able to qualify to contribute. Make sure you cross check with your prior year CRA Notice of Assessment to find out your own contribution room.

[@ernstfischer8976]

Thanks for the video. Always informative!

[@RealEstateTaxTips]

Glad you found it informative!