RRSP Deduction Limit vs Contribution Room
In this educational video, Coach Julien explains the key differences between RRSP contribution room and RRSP deduction limits. He clarifies that contribution room refers to the amount one can deposit into their RRSP, while deduction limit determines how much can be deducted from taxable income to reduce taxes owed. Julien details how contribution room accumulates based on earned income and annual limits, and emphasizes that only earned income affects RRSP room, not investment income like capital gains. He also highlights strategies for optimizing RRSP contributions to lower future tax bills, especially for those expecting higher incomes. For more insightful financial advice, like and subscribe to Coach Julien's channel.
00:00 Introduction
00:10 Contribution Room vs. Deduction Limit
00:23 How Contribution room and deduction are related
00:41 How Contribution Room Grows
01:10 How investment income impacts RRSP contribution room
01:35 Impact of Withdrawals
02:01 Strategies for Using Deduction Limit
02:32 How to optimize the deduction
03:23 Conclusion and Call to Action
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