Sign up to save your podcasts
Or
Share Ep.004: RRSP vs TFSA: Which One Should You Max Out First?
Share to email
Share to Facebook
Share to X
Share to email
Share to Facebook
Share to X
Or
Ep.004: RRSP vs TFSA: Which One Should You Max Out First?
In this episode of the Millennial Money Canada podcast, hosts Guillaume Girard and Sam Lichtman delve into the intricacies of Registered Retirement Savings Plans (RSPs) and Tax-Free Savings Accounts (TFSAs). They discuss the importance of understanding these financial tools, especially in the context of generational wealth planning. The conversation covers the tax implications of RSP contributions, how to maximize contributions, and the impact of pension adjustments on RSP limits. The hosts also address common misconceptions about RSP withdrawals and the overall benefits of these savings vehicles for retirement planning. In this conversation, Sam Lichtman and Guillaume Girard delve into the intricacies of RRSPs and TFSAs, discussing their tax implications, withdrawal strategies, and the benefits of spousal RRSPs. They explore the advantages and disadvantages of each account type, emphasizing the importance of strategic planning for retirement. The discussion also touches on common mistakes investors make with TFSAs and comparing investing in corporations versus registered accounts. Overall, the episode provides valuable insights into effective financial planning and investment strategies for Canadians.
Chapters
00:00 Introduction to RSP vs TFSA
02:42 Generational Wealth Planning
05:48 Understanding RSPs
08:07 Tax Implications of RSP Contributions
10:34 Maximizing RSP Contributions
13:12 Calculating RSP Contribution Limits
16:30 Pension Adjustments and RSPs
19:18 Withdrawing from RSPs and Taxation
29:15 Understanding RRSP Contributions and Tax Implications
32:57 Withdrawal Options from RRSP Before Retirement
35:19 Eligibility and Strategies for RRSP Withdrawals
38:11 Exploring Spousal RRSPs and Their Benefits
40:36 Introduction to Tax-Free Savings Accounts (TFSA)
42:38 Advantages and Disadvantages of TFSAs
44:41 TFSA vs RRSP: Prioritizing Contributions
48:10 Common Mistakes with TFSAs
51:03 Investing in Corporations vs RRSPs and TFSAs
🤝 Work with Us 🌐 Book an intro meeting today 👉 mwadvisors.ca 📚 Self-paced tax & investing course tailored for business owners 👉 courses.mwadvisors.ca
🔗 Connect & Follow Us for Insights Podcast YouTube Channel: Millennial Money Canada Podcast TikTok: Millennial Money Canada Instagram: @financialplannergui Guillaume on LinkedIn: Guillaume Girard, CFA, CMT, CFP Sam on LinkedIn: Sam Lichtman
Link to the article mentioned in the episode by Jamie Golombek: https://www.cibc.com/content/dam/personal_banking/advice_centre/tax-savings/rrsp-tfsa-business-en.pdf
View all episodes
By Guillaume Girard, CFA CFPIn this episode of the Millennial Money Canada podcast, hosts Guillaume Girard and Sam Lichtman delve into the intricacies of Registered Retirement Savings Plans (RSPs) and Tax-Free Savings Accounts (TFSAs). They discuss the importance of understanding these financial tools, especially in the context of generational wealth planning. The conversation covers the tax implications of RSP contributions, how to maximize contributions, and the impact of pension adjustments on RSP limits. The hosts also address common misconceptions about RSP withdrawals and the overall benefits of these savings vehicles for retirement planning. In this conversation, Sam Lichtman and Guillaume Girard delve into the intricacies of RRSPs and TFSAs, discussing their tax implications, withdrawal strategies, and the benefits of spousal RRSPs. They explore the advantages and disadvantages of each account type, emphasizing the importance of strategic planning for retirement. The discussion also touches on common mistakes investors make with TFSAs and comparing investing in corporations versus registered accounts. Overall, the episode provides valuable insights into effective financial planning and investment strategies for Canadians.
Chapters
00:00 Introduction to RSP vs TFSA
02:42 Generational Wealth Planning
05:48 Understanding RSPs
08:07 Tax Implications of RSP Contributions
10:34 Maximizing RSP Contributions
13:12 Calculating RSP Contribution Limits
16:30 Pension Adjustments and RSPs
19:18 Withdrawing from RSPs and Taxation
29:15 Understanding RRSP Contributions and Tax Implications
32:57 Withdrawal Options from RRSP Before Retirement
35:19 Eligibility and Strategies for RRSP Withdrawals
38:11 Exploring Spousal RRSPs and Their Benefits
40:36 Introduction to Tax-Free Savings Accounts (TFSA)
42:38 Advantages and Disadvantages of TFSAs
44:41 TFSA vs RRSP: Prioritizing Contributions
48:10 Common Mistakes with TFSAs
51:03 Investing in Corporations vs RRSPs and TFSAs
🤝 Work with Us 🌐 Book an intro meeting today 👉 mwadvisors.ca 📚 Self-paced tax & investing course tailored for business owners 👉 courses.mwadvisors.ca
🔗 Connect & Follow Us for Insights Podcast YouTube Channel: Millennial Money Canada Podcast TikTok: Millennial Money Canada Instagram: @financialplannergui Guillaume on LinkedIn: Guillaume Girard, CFA, CMT, CFP Sam on LinkedIn: Sam Lichtman
Link to the article mentioned in the episode by Jamie Golombek: https://www.cibc.com/content/dam/personal_banking/advice_centre/tax-savings/rrsp-tfsa-business-en.pdf