The ABC's of the RRSP (for Canadians)

We talk about the Registered Retirement Savings Plan. "Plan? I don't even have a pla" - Phoebe from Friends. Don't be like Phoebe.

Show Notes

In this episode we take the driest topic of them all.... taxes... and try to hydrate it a bit. While listening to this one, we encourage you to channel your inner cactus. Why a cactus? Because they retain water for weeks, and you're about to retain some #Knowledge

An RRSP is a Registered Retirement Savings Plan. It's an investment account that you use to build wealth for retirement. There's no minimum age to create one, you can create one as long as you are legally eligible to work. The maximum age to open an RRSP is 71.

Timeline
4:34 - What is an RRSP and how does it work?
9:45 - Contribution room and how to calculate it
13:26 - Self-directed RRSPs 
12:40 - Employer matching
17:19 - What happens when you over-contribute?
18:58 - Withdrawals from your RRSP
23:30 - First Time Home Buyers Program (HBP)

What is Miss Findependent?

Teaching women financial literacy, and helping them be more confident investors, entrepreneurs or go further in their careers.