In this conversation, Joe Pochodyniak and Ken Reid from MacNicol & Associates Asset Management provide a comprehensive overview of registered accounts, focusing on RRSPs, their benefits, and various related plans. They discuss the importance of contributions, tax implications, and strategies for maximizing retirement savings. The conversation also covers the Home Buyers Plan, Registered Education Savings Plans, Personal Pension Plans, Tax-Free Savings Accounts, and the newly introduced First Home Savings Account, emphasizing the need for timely contributions and informed financial planning.
Takeaways
- RRSPs are essential for retirement savings and tax deferral.
- Contributions to RRSPs must be made before the deadline for maximum benefit.
- The Home Buyers Plan allows first-time buyers to access RRSP funds.
- Understanding the difference between contribution limits and deduction room is crucial.
- Withdrawing from RRSPs incurs withholding tax and affects tax returns.
- RRSPs must be converted to RIFs by age 71, with specific withdrawal requirements.
- Registered Education Savings Plans provide government matching for education savings.
- Personal Pension Plans are advantageous for incorporated professionals.
- Tax-Free Savings Accounts offer flexibility but no immediate tax deductions.
- The First Home Savings Account is a new option for first-time homebuyers.
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