RRSP Deduction Limit vs Contribution Room

Описание: RRSP Deduction Limit vs Contribution Room

In this educational video, Coach Julien explains the key differences between RRSP contribution room and RRSP deduction limits. He clarifies that contribution room refers to the amount one can deposit into their RRSP, while deduction limit determines how much can be deducted from taxable income to reduce taxes owed. Julien details how contribution room accumulates based on earned income and annual limits, and emphasizes that only earned income affects RRSP room, not investment income like capital gains. He also highlights strategies for optimizing RRSP contributions to lower future tax bills, especially for those expecting higher incomes. For more insightful financial advice, like and subscribe to Coach Julien's channel.

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