Episode 10

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Published on:

13th Feb 2021

Ep. 10 All About RRSPs

In today’s episode, we’re going to talk about Registered Retirement Savings Plans (RRSPs). With the contribution deadline of March 1st 2021 quickly approaching, it’s a topic you’ll be hearing a lot about this month. And while many people regularly contribute to their RRSP, they don’t always know all the benefits of having one, or other ways they could be leveraging it. So today, I’m going to break it all down for you. We’ll cover:

 What they are

 How they work

 Who they benefit, and

 Why you should consider one.

I’m also sharing some smart ways you can leverage an RRSP that you may not know

about, including:

  • Using your RRSP to help pay for your first home.
  • Using your RRSP to help pay for your education.
  • Using your RRSP to allow incoming-splitting in retirement to reduce taxes.
  • Why using your RRSP refund to contribute to your TFSA is a smart strategy.
  • When it makes sense to carry forward your RRSP contribution room.
  • In the year you turn 71 you need to convert your RRSP to a RRIF. If you're still working, it may make sense to overcontribute to the RRSP and pay a penalty when it will create an additional tax deduction.

Helpful tools and resources:

Who can participate in a Lifelong Learning Plan link

Rules for using unused RRSP contributions link

My latest blog post about RRSPs link

10 ways to grow your RRSP link

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About the Podcast

Living Richer
Living Richer is about enjoying your life today, while planning for the future!
We all want to live a richer and more fulfilled life, and with smart financial planning, it’s possible. That’s what the Living Richer podcast is all about – helping you to align your means with the things that mean most to you, so that you can enjoy your life today, while planning for tomorrow.
Living Richer is Hosted by Mark Shimkovitz, Vice President at Raymond James Ltd. and head of the Living Richer Wealth Management team. Mark's been a financial advisor for over 25 years and takes a life-goals financial planning approach. Living Richer will give you the knowledge, tools and strategies to clarify your goals and priorities, invest wisely and avoid common mistakes. Mark will help you understand how to develop and implement a personalized financial plan that will put you on the right track and keep you moving toward your goals through life’s many transitions. So whether you are just starting out on your financial journey, or well on your way, Living Richer will have something to offer you.


Information in this podcast is from sources believed to be reliable; however, we cannot represent that it is accurate or complete. It is provided as a general source of information and should not be considered personal investment advice or a solicitation to buy or sell securities. Raymond James advisors are not tax advisors and we recommend that clients seek independent advice from a professional advisor on tax-related matters. The views are those of Mark Shimkovitz, and not necessarily those of Raymond James Ltd. Investors considering any investment should consult with their investment advisor to ensure that it is suitable for the investor’s circumstances and risk tolerance before making any investment decision. Securities-related products and services are offered through Raymond James Ltd., member - Canadian Investor Protection Fund. Insurance products and services are offered through Raymond James Financial Planning Ltd., which is not a member - Canadian Investor Protection Fund.