RRSPs: Are They Even Worth It? // Canadian Finance & Tax Strategies

[@jonathang7170]

Your information is straight forward and informative, exactly what I am looking for. I also like the great online tools you refer too. Thanks!

[@wellbuiltwealth]

Thank you Jonathan!

[@12cn03]

Kudos, great explanation on tax brackets and RRSPs. Thank you for this.

[@wellbuiltwealth]

Glad it was helpful!

[@turtluv2000]

Great info and presentation. Thanks for making it so understandable.

[@billyrock8305]

RRSP’s are Definitely worth it! ✅

[@tanyamelo9846]

great info, my confusion comes when trying to figure out what our income will be when my hubby retires in 2 years, i know cpp oas and pension but with our investments, we are taxed as eligable dividends capitol gains ect but with the rrsp are we taxed at full tax rate when we withdraw? still trying to figure out if rrsp are worth it for us this late in the game because i cant figure out what are investments will be making, thanks so much

[@wellbuiltwealth]

Just play it year by year. Hold off on making your contributions until the year is over and see what your income was. You have the 1st 60 days of the new year to contribute against the previous year so that should give you a bit of time to get the total income.

[@laed3520]

Thank You. Binge watching your content. Just discovered you today.

[@mahtabgh6428]

Great job Rhys!

[@boyman9787]

If I’m making 60000 a year is it worth putting in rrsp

[@wellbuiltwealth]

Depends on your situation but it definitely gets more appealing in higher tax brackets.

[@InukRyu]

I love this guy.

[@wellbuiltwealth]

🙂

[@GerryBerndt-gn4zi]

Why is it that you get your first paystub of the year and you made 3000 dollars and there tax taken off it if your not taxed on the first 15000.00 ? I'msure others are thinking this also

[@wellbuiltwealth]

Hi Gerry. Basically, your employer is taking the amount of tax that you will owe for the whole year proportionally off of each cheque throughout the year (rather than none at first and tons later). This calculation can be easily thrown off if you have another job or stop working partway through the year, so it's not a perfect system. But it's within the ballpark. Make sense?

[@dougwalt3683]

why on your chart higher income is lower % rate....look at the % rates and income....not sure if this is accurate ?

[@wellbuiltwealth]

Has to do with different provincial and federal rates and the fact that they don’t always match at different income levels. If you read the bottom of EY’s tax chart it explains in detail.

[@jamessmithson4757]

The problem is you are not reducing tax by contributing to an RRSP, you are deferring tax on that money.

[@jamessmithson4757]

Never mind he got there. Should have watched to the end

[@darlenegraboski5185]

Great 👍

[@wellbuiltwealth]

Thank you! Cheers!