Busting RRSP Myths | Get Access to YOUR Money When You Need It
Control and Compound with Darren Mitchell · Control and Compound Financial | BNV Media
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Show Notes
On today's episode, Darren and Christina are debunking all the RRSP myths that you've been told over the years including how a lot of people think they're getting a tax deduction when they put money into an RRSP, but in reality they are tax deferrals, not deductions.
At retirement, there's two things you can do with your money, spend it or give it away. Do your spending plan and estate plan NOW. Don't wait until retirement. You simply can't leave your money in an RRSP if you want to be able to take advantage of the deal of a lifetime
Show Notes:
00:00 - Introduction
1:05 - Busting the TAX myth
3:40 - Busting the myth that the whole strategy is you'll be in a lower tax bracket when you take it out
6:10 - Taking money out of the RRSP and what that looks like when you want to start spending
12:20 - You've named your kids as beneficiaries so the payout will go straight to them, not true! You will still pay the taxes out on those payments
16:20 - Not having control of your money outside of RRSP, you don't have access to it until you retire
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