Should I put my savings into an RRSP? If I do that, will I pay less taxes? What happens if I want to access that money before I retire? These are just a few of the RRSP-related questions we've received lately. So, here's everything you need to know about RRSPs in one episode. Just in time for tax season!

With Jackie Porter, certified financial planner and ambassador for FP Canada, a national not-for-profit organization dedicated to championing better financial wellness for all Canadians. Learn more about FP Canada here. 

For clarity, here are some of the rules around RRSP contributions and withdrawals:

• Your annual contribution limit is determined by your previous year’s income.
• For the most part, if you make a withdrawal from your RRSP account, it is considered income, and taxed accordingly. Generally speaking, your financial institution will withhold the tax on your withdrawal. The rate depends on how much money you are withdrawing.
• In certain instances, you can make a withdrawal WITHOUT any tax penalty - for example, using the Home Buyer’s Plan or the Lifelong Learning Plan.

For the full list of rules and regulations regarding RRSPs, you can visit the CRA’s website.

Do you have a topic that's confounding you in this economy?   We'll be happy to dig into it for you and get you the answers you need.  Email us at: [email protected]. Thank you for listening!  

Frozen bank accounts, financial chaos, job loss, poverty. Those are all things Gonzalo witnessed while living through the largest foreign default in world history. Other than putting our current financial crisis into perspective, he wants to know if there’s anything we can learn from living through challenging times.

Jordan speaks with David Coletto, founder and CEO of Abacus Data, and Tanya Woods, Head of Government and Regulatory Affairs and Policy Council at Questrade Financial Group, to find an answer.

Do you have a money problem? Call us and leave a message at 416-935-5935. Or email us at [email protected]. You can also find us on Instagram and TikTok @InThisEconomyPod. Don't forget to leave a call-back number, so we can get in touch.

Do you have a topic that's confounding you in this economy?   We'll be happy to dig into it for you and get you the answers you need.  Email us at: [email protected]. Thank you for listening!  

Netflix. Disney+. Prime. Apple TV+. Spotify. Newspapers. Magazines. Video games. Substacks. A secret caller (hint: you know him!) has a minor subscription addiction and needs help getting his spending under control. 

Jordan asks Barry Hertz, Deputy Arts Editor and Film Editor for The Globe and Mail, to explain the subscription boom we're living in, and learn a few tips to avoid high fees. 

Do you have a money problem? Call us and leave a message at 416-935-5935. Or email us at [email protected]. You can also find us on Instagram and TikTok @InThisEconomyPod. Don't forget to leave a call-back number, so we can get in touch.

Do you have a topic that's confounding you in this economy?   We'll be happy to dig into it for you and get you the answers you need.  Email us at: [email protected]. Thank you for listening!  

Cody wants to find a new job, in a new industry, but doesn't have the qualifications listed on the job postings he's seeing. Alan feels trapped in his current job by an unstable and unpredictable market. They both want to know if now is a good time to change careers, and how they should go about the transition. 

To find out, Jordan reaches Alan Kearns, founder of CareerJoy, a firm that helps guide people through career transitions. Together they outline the costs that need to be considered when planning a career change. 

Do you have a money problem? Call us and leave a message at 416-935-5935. Or email us at [email protected]. You can also find us on Instagram and TikTok @InThisEconomyPod. Don't forget to leave a call-back number, so we can get in touch. 

Do you have a topic that's confounding you in this economy?   We'll be happy to dig into it for you and get you the answers you need.  Email us at: [email protected]. Thank you for listening!  

Olivia is going through a divorce. And while it has been amicable, splitting assets feels impossible, especially when it comes to the home they share. 

Jordan talks to Eva Sachs, the financial expert at The Modern Divorce, a Toronto company that helps couples reach divorce settlements without going to court. 

Do you have a money problem? Call us and leave a message at 416-935-5935. Or email us at [email protected]. You can also find us on Instagram and TikTok @InThisEconomyPod. Don't forget to leave a call-back number, so we can get in touch. 

Do you have a topic that's confounding you in this economy?   We'll be happy to dig into it for you and get you the answers you need.  Email us at: [email protected]. Thank you for listening!  

Matt is struggling to keep up with the cost of heating his home. And he's not alone, Canadians are reporting higher energy consumption costs across the country.

Jordan calls Violet Kopperson, a registered energy advisor from the Windfall Ecology Centre, to find out how Canadians can pay less to heat and cool their homes. 

Do you have a money problem? Call us and leave a message at 416-935-5935. Or email us at [email protected]. You can also find us on Instagram and TikTok @InThisEconomyPod. Don't forget to leave a call-back number, so we can get in touch. 

Do you have a topic that's confounding you in this economy?   We'll be happy to dig into it for you and get you the answers you need.  Email us at: [email protected]. Thank you for listening!  

This is an episode of The Big Story which was first published on January 25, 2024. 

Experts predict the Bank of Canada will begin to lower interest rates later this year—just not Wednesday when it held the rate flat. But as inflation has slowed in many areas, it's created an interesting problem for the bank and a troubling one for many Canadians.

One of the main factors driving inflation right now is the cost of shelter—otherwise known as rising rents and mortgage costs. Those increases are driven by ... the high interest rates the bank is waiting to lower.  The BoC wants to follow through on its "soft landing" by taking a cautious approach to lowering rates. But by waiting too long, are they courting disaster for millions of Canadians trying to make their monthly home payments?

GUEST: David Macdonald, senior economist for the Canadian Centre for Policy Alternatives’ National Office

Do you have a topic that's confounding you in this economy?   We'll be happy to dig into it for you and get you the answers you need.  Email us at: [email protected]. Thank you for listening!  

Jennie has been searching for a one-bedroom condo in Vancouver for over two years. Despite having money for a downpayment, her search has been largely unsuccessful. Now, she's wondering if home ownership is really the best option.

Jordan calls Dr. Tom Davidoff, housing economist and real estate development expert, to find out if buying a condo is a good investment in today's market. 

Do you have a money problem? Call us and leave a message at 416-935-5935. Or email us at [email protected]. You can also find us on Instagram and TikTok @InThisEconomyPod. Don't forget to leave a call-back number, so we can get in touch. 

Do you have a topic that's confounding you in this economy?   We'll be happy to dig into it for you and get you the answers you need.  Email us at: [email protected]. Thank you for listening!  

Kacey and her partner just welcomed a new baby girl into their lives. And with this bundle of joy has also  come a ton of new expenses.

Jordan talks to money expert and mom of two, Melissa Leong, to find out how new parents are making it work. 

Do you have a money problem? Call us and leave a message at 416-935-5935. Or email us at [email protected]. You can also find us on Instagram and TikTok @InThisEconomyPod. Don't forget to leave a call-back number, so we can get in touch. 

Do you have a topic that's confounding you in this economy?   We'll be happy to dig into it for you and get you the answers you need.  Email us at: [email protected]. Thank you for listening!  

Lynda has a dental emergency and is struggling to cover the cost of treatment. 

Jordan speaks with Dr. Carlos Quiñonez to figure out how Canadians can get the dental care they need right now. 

Do you have a money problem? Call us and leave a message at 416-935-5935. Or email us at [email protected]. You can also find us on Instagram and TikTok @InThisEconomyPod. Don't forget to leave a call-back number, so we can get in touch. 

Do you have a topic that's confounding you in this economy?   We'll be happy to dig into it for you and get you the answers you need.  Email us at: [email protected]. Thank you for listening!