Welcome to the supplemental episode to the main episode about Canadian investment account types. In this episode, we explore some of the dilemmas that people face in deciding which accounts to use for investing.
Accounts are just containers to hold investments. Like rooms in the house that is your portfolio. How do you choose which doors to open and put your stuff into? What if you put it in the wrong room or are afraid of making that type of mistake?
Case 1: Planning For a Windfall: RRSP, TFSA, or Both?
Case 2: Oops! Wrong Room: Escaping a Group RESP
Case 3: Incorporated Professional Afraid to Use Their RRSP
“Sticking with the existing group plan or exiting depends on how far along you are into it.”
@LoonieDoctor
“You can decide not to pay money out of your corporation, However, eventually you will have to pay money out of the corporation or you’re paying tax on that upfront anyways.”
@LoonieDoctor
“It is super common for some people to just say, ‘We’ll leave everything in the corporation because it gives you more flexibility’ – but flexibility can come at a cost.”
@benjaminwfelix
