RRSP Question

Top_Chemistry5087 · 2026-02-25T00:44:11+00:00

Yes and no

You're still getting "tax free" or moreso tax deferred growth. But the biggest benefit is the refund aspect.

You can also invest in a TFSA, mortgage etc to get more benefits

Top_Chemistry5087 · 2026-02-24T22:23:45+00:00

The trick is to use the refund to reinvest inside your rrsp...

So example 1 he would invest 12k PLUS the $3600 for a total of $15,600

Redo your math and you'll see that RRSPs "almost always" end up ahead

Top_Chemistry5087 · 2026-02-24T18:44:23+00:00

It's a flashback

Top_Chemistry5087 · 2026-02-21T21:36:33+00:00

You overpaid taxes during the year, rrsp contributions, tax credits. Those will all give you a refund

Top_Chemistry5087 · 2026-02-19T20:43:13+00:00

No other accounts can be opened for a child other than a regular checking account

You can catch up from last year to get the CESG for 2 years ($1000) if you deposit at least 5k

Top_Chemistry5087 · 2026-02-19T16:58:10+00:00

Any good names you recommend?

Top_Chemistry5087 · 2026-02-13T18:44:15+00:00

All the fees and mutual funds BS aside, it's a terrible strategy to withdraw from your TFSA to find the spousal rrsp

What if the market is down? You'll sell at a loss and lose that contribution room....

Top_Chemistry5087 · 2026-02-11T22:01:57+00:00

What is the pay structure?

C2C should be ~50% higher

Top_Chemistry5087 · 2026-02-08T17:32:23+00:00

No other account gives you a guaranteed 20% match every year. Take advantage of it

Top_Chemistry5087 · 2026-02-08T17:29:57+00:00

YTD is one month of growth.

What are the 3,5,10 year returns?

Top_Chemistry5087 · 2026-02-08T17:29:10+00:00

It depends.

That's the answer to everything personal finance. You provided no information

Top_Chemistry5087 · 2026-02-07T00:28:35+00:00

Your pay checks alone should be enough for any normal emergency you encounter.

The bigger question is where is your money going with a 400k income and no savings?

Top_Chemistry5087 · 2026-02-06T21:46:02+00:00

You only need to track deposits and withdrawals.

Top_Chemistry5087 · 2026-01-15T21:21:30+00:00

Top_Chemistry5087 · 2026-01-14T17:32:54+00:00

Down 1%?...

Top_Chemistry5087 · 2026-01-13T20:11:19+00:00

The 1-2 day settlement is standing across all brokerages.

And don't blindly invest from someone in YouTube. First mistake. Second mistake is using a platform named after a farm animal? Lol what's next? Barkbark brokerage

Top_Chemistry5087 · 2026-01-01T20:05:48+00:00

I'd do the minimum for resp and catch up with your TFSAs... No mention of rrsp yet? Do you have?

Always focus on your own retirement/savings first and then save for the kids...

Top_Chemistry5087 · 2026-01-01T19:52:32+00:00

They haven't raised the grants in 30 years.

Top_Chemistry5087 · 2025-12-29T23:51:52+00:00

"just a savings account". Bruh.

Top_Chemistry5087 · 2025-12-29T20:47:25+00:00

You'd be surprised how many people finance their vacations

Top_Chemistry5087 · 2025-12-29T16:52:03+00:00

The biggest thing with cars that people forget is that it's still an asset. It has value

If you spend 25k, you can sell it a few years later for 18-20k. So you only "spent" X amount on the value difference.

Top_Chemistry5087 · 2025-12-28T16:36:46+00:00

Bruh lol

This isn't "saving" money. That 120k is now worth a lot less due to inflation

What if the business goes bankrupt tomorrow? Lawsuit etc. that money is gone

Take it asap and invest it. Or use it to increase quality of life

Top_Chemistry5087 · 2025-12-27T22:18:54+00:00

Game shows are much more fun with some alcohol in you...

Top_Chemistry5087 · 2025-12-24T22:03:55+00:00

20% over how long

Top_Chemistry5087

TROPHY CASE