Eyes on your Money with Ryan and Becky

Start the Savings!

Episode Summary

"In this month’s podcast, Ryan and Becky introduce listeners to the world of Registered Savings Plans and their related tax benefits. If you are ready to start saving, this is the episode for you. The three main take aways from this episode: 1) Just get started. Don’t worry about not having large deposits. It is important just to get going on a savings plan. 2) If you need help, talk with a financial advisor. Find one you trust as they can help you document your goals and plans. 3) Register with CRA for a My CRA account. You can find out how much contribution room you have for each plan. Helpful links: Setting up your account with CRA: https://www.canada.ca/en/revenue-agency/services/e-services/cra-login-services/cra-user-password-help-faqs/registration-process-access-cra-login-services.html RRSP information: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/registered-retirement-savings-plan-rrsp.html The Tax-Free Savings Account: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/tax-free-savings-account.html The Tax-Free First Home Savings Account: https://www.canada.ca/en/department-finance/news/2022/08/design-of-the-tax-free-first-home-savings-account.html What is the Home Buyers' Plan (HBP)? https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html Lifelong Learning Plan (LLP): https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/rc4112/lifelong-learning-plan.html "