When Should I NOT Be Contributing to an RRSP?
The Registered Retirement Savings Plan (RRSP) is the most popular retirement account in Canada. When you make a contribution to your RRSP, you can deduct the amount of that contribution from your income taxes now, have those contributions grow tax-free, and then you will eventually pay income taxes on the amount of your withdrawals down the road - typically when you are retired. But are there situations where an RRSP doesn't make sense? In this short video, I provide a simple visual explaining how an RRSP is designed to work, and then talk through some situations where you may NOT want to use an RRSP.