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Episode 5 | Getting the most out of your RRSP and TFSA
POWER TO THE PLAYERS...
Consider using your RRSP to buy a house. Contribute 35k, withdraw it using the First Time Homebuyers plan, and then lump your tax refund in with it to get an extra juicy down payment. More details at minute 9:45.
See you next time on Feb 9nd with "Episode 6: FOMO".
Peace!
Relevant Links:
https://www.td.com/ca/en/personal-banking/products/saving-investing/registered-plans/rsp/rrsp-withdrawal-rules/#:~:text=When%20can%20I%20withdraw%20from,income%20when%20filing%20your%20taxes. (RRSP Withdrawal Rules)
https://www.moneysense.ca/save/tax-brackets-canada-provinces-2020/ (Canadian Tax Brackets)
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan/participate-home-buyers-plan.html (First Time Home Buyer's Incentive)
Many thanks to the following:
https://www.youtube.com/watch?v=1LOUtALSDqw (Moon Theme - DuckTales- L'Orchestre de Jeux Vidéo)
You can contact me at [email protected]
View all episodes
By GoldiePOWER TO THE PLAYERS...
Consider using your RRSP to buy a house. Contribute 35k, withdraw it using the First Time Homebuyers plan, and then lump your tax refund in with it to get an extra juicy down payment. More details at minute 9:45.
See you next time on Feb 9nd with "Episode 6: FOMO".
Peace!
Relevant Links:
https://www.td.com/ca/en/personal-banking/products/saving-investing/registered-plans/rsp/rrsp-withdrawal-rules/#:~:text=When%20can%20I%20withdraw%20from,income%20when%20filing%20your%20taxes. (RRSP Withdrawal Rules)
https://www.moneysense.ca/save/tax-brackets-canada-provinces-2020/ (Canadian Tax Brackets)
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan/participate-home-buyers-plan.html (First Time Home Buyer's Incentive)
Many thanks to the following:
https://www.youtube.com/watch?v=1LOUtALSDqw (Moon Theme - DuckTales- L'Orchestre de Jeux Vidéo)
You can contact me at [email protected]