Hello Shiela. Can you explain more about "You can wait to use your RRSP deductions until a later year...." as you mentioned on 12:10mins. Does it mean, I can put money to RRSP in year 2024 then claim the tax deduction in year 2026 when I have higher income?
You got it right! You can start contributing to your RRSP (if it makes sense with your income), but you don't have to use all its tax-deductible benefits every year. You can consult with your accountant and maybe use only SOME of it, so you don't pay more income tax than you need to. You can also use the rest of your contribution later on, like in 2026 as you said, if you're anticipating that your income will be higher-perhaps you're expecting a promotion, planning to take on a 2nd job, or considering selling rental properties, cottages, business assets, or stocks in your non-registered accounts in the next couple of years. RRSP offers this flexibility. Hope it helps.
Pampalakas tong channel mo. Very good!
Awe thank you Khristian 😇😇😇
Hello Shiela.
Can you explain more about "You can wait to use your RRSP deductions until a later year...." as you mentioned on 12:10mins.
Does it mean, I can put money to RRSP in year 2024 then claim the tax deduction in year 2026 when I have higher income?
You got it right! You can start contributing to your RRSP (if it makes sense with your income), but you don't have to use all its tax-deductible benefits every year. You can consult with your accountant and maybe use only SOME of it, so you don't pay more income tax than you need to. You can also use the rest of your contribution later on, like in 2026 as you said, if you're anticipating that your income will be higher-perhaps you're expecting a promotion, planning to take on a 2nd job, or considering selling rental properties, cottages, business assets, or stocks in your non-registered accounts in the next couple of years. RRSP offers this flexibility. Hope it helps.
@@ShieLovesFinance thank you
@@fatimaamor3882 you're very welcome :)
matanong ko,why do you need to repay when you withdraw your rrsp let say to buy a home? dba pera mo yan na kinuha mo?