Previously, we discussed different investments that you can buy. Like stocks, bonds, or funds that bundle those together. You hold those investment products inside containers called accounts. The registered accounts, like RRSPs, RDSPs, TFSAs, RESPs, and FHSAs all have specific rules to be aware of.
It is worth your while because they also come with tax benefits and sometimes even government grants. With some potential for clawbacks if you aren’t careful. Like free kittens. Join us for this episode to make sure that you keep your portfolio purring.
“When you open an account, make sure that it can hold the investment products that you want it to hold, and not just what they want to put into it. And that means understanding what the product’s options are.”
@LoonieDoctor
“Everyone’s going to be different in terms of what [risk] they can handle.”
@benjaminwfelix
“[The] TFSA is really – a gift to the lower-income folks, because it’s flexible, it’s after-tax money, it doesn’t result in clawbacks. The RRSP is a gift to higher-income folks, because it’s deductible against those high-tax brackets.”
@LoonieDoctor
“The main takeaway for people to think about is that you need to account for your after-tax asset allocation when you start thinking about tax optimization.”
@benjaminwfelix
