The RRSP Explained in 3 Minutes

4 Comments

Most Canadians are not making good use of their RRSP — especially when it comes to using it for things other than retirement, like going back to school or buying their first home!

In this video, I explain how to get the most out of your RRSP… in less than 3 minutes 😉


4 Comments

  1. Irene

    I’m so excited that you’re doing YouTube now! There’s almost nothing financial on YouTube, and only a little bit of quality stuff on Podcasts.

    Are there limits to how much you can take out of an RRSP for education, and does it have to be for your own education or can it be for your spouse?

    • I love YouTube because I’m the only one in it hahaha also because I really enjoy being a beginner again… I’ve built a really solid blog and so I find that “easy” but YouTube is hard. It’s fun not to know what to do!

      You can take out a maximum of $10,000 per year, to a lifetime maximum of $20,000 under the lifelong learning plan.

      You CAN use it for your spouse! Which is awesome if one partner has more RRSPs than the other. Good article on the details here http://www.moneysense.ca/columns/the-lifelong-learning-plan/

      • Irene

        That’s always good to know that it’s a possibility. Although I don’t plan to go back to school anytime soon – 6 years was plenty!

        The only reason I’m sometimes hesitant to max out my RRSP over my TFSA is because it is locked in. So if I lose my job (being in oil and gas blows right now) I don’t have access to all my funds without taking a tax hit. Taking a tax hit when you’re unemployed does seem like it would be the least of your problems, but still.

        I think you already look like a pro in your first video! Can’t wait to see what else you’ll do on Youtube.

  2. What’s your opinion on individual vs. spousal RRSP’s? (We both make similar income, less than 10k difference in gross).