How To Use The RRSP To Reduce Your Taxes (Defer or Claim RRSP Deductions When Filing Tax Return)

Описание: When you contribute money to certain tax-advantaged investment accounts in Canada - like the RRSP and the FHSA - you have the ability to reduce your taxable income by the same amount that you contribute.

But, you don't have to reduce your taxable income in the same year that you contribute money - you can either claim the full amount, claim a partial amount, or defer the entire amount into the future...

...so, when should you choose to claim vs defer your contributions?

That's exactly what we cover in this video (using our personal experience as an example). Let's dive in!

0:00 The RRSP & FHSA reduce your taxable income
1:34 You have three options for your contributions
3:00 How does Canada’s tax system work?
5:03 Deduction Now Example
6:03 Carry Forward Example
8:27 Scenario 1: $100k Income
10:57 Scenario 2: Partial Deduction
13:08 How to defer or claim on your tax return

💰 Sign up for Simple Investing (For Canadians) - https://stephandden.com/investment-co...

Simple Investing (For Canadians) is a self-paced course that focuses on self-directed, passive, long-term investing in the stock market. There are six different levels, dozens of mini lessons, and test your knowledge quizzes throughout. You’ll also receive multiple downloadable resources - and a personalized investing game plan - that will help you take action on what you’re learning!

Oh, and you’ll also be invited to join a private community of investors just like you who you can ask questions to, and discuss different money topics with - and you’ll have continuous support from us within the private community, too!

➡️ Simplii Financial - Our No Fee Chequing Account (up to $400 bonus) - https://api.fintelconnect.com/t/l/65a...
➡️ EQ Bank - Our High Interest Savings Account - https://click.linksynergy.com/fs-bin/...
➡️ Wealthsimple - Our High Interest Savings Account ($25 bonus) - https://wealthsimple.com/invite/WQJFTG
➡️ Wealthsimple Self-Directed Investing - Our Favourite Stock Trading Platform ($25 bonus) - https://wealthsimple.com/invite/WQJFTG
➡️ Wealthsimple Managed Investing - Our Robo-Advisor Investment Platform ($25 bonus) - https://wealthsimple.com/invite/WQJFTG
➡️ American Express Cobalt - Our Travel Rewards Credit Card (up to 22,000 points) - https://americanexpress.com/en-ca/ref...
➡️ Neo Financial - Our Cash Back Credit Card - https://neo.cc/refer/N8U6K3S9
➡️ Questrade - Low Fee Investment Platform Canada ($50 cash back) - https://questrade.sjv.io/AWa9jo
➡️ Borrowell - Free Credit Score Check - https://api.fintelconnect.com/t/l/612...

The links above are affiliate and/or referral links that provide us compensation when you use them to sign up. Thank you for supporting our channel!

⭐️ Check out our free budget template - https://stephandden.com/free-budget-t...

Website - stephandden.com
Instagram - @stephandden
TikTok - @stephandden

➡️ YouTube Filming Equipment - https://amzn.to/3HrWA4i
➡️ YouTube Editing Equipment - https://amzn.to/3RXBsri

The links above are affiliate links - Steph & Den are Amazon Associates and we earn from qualifying purchases.

Disclaimer - This content is for education and entertainment purposes only. Steph & Den do not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.