Financial Planning: Love / Hate Relationships with RRSPs

I love to love and I love to hate RRSPs, my name is Taivi Tayler and I am a practicing Certified Financial Planner & Wealth Manager and I work with people all over the Province of Ontario. 

I love RRSPs.

I love them because in your high-income earning years, (over $70,000 a year) they are a beautiful tool for reducing your taxable income. RRSPs are immensely important for those that are self-employed or those that don’t have access to a pension plan.

BUT, I also hate RRSPs.

You’re asking yourself why a wealth manager hates RRSPs. Ok, I only despise them when they become overstuffed. That is when they turn into unwieldly tax bombs that if not handled correctly become a tax gift, you heard me, a tax gift to the CRA. 

This is especially true for those that have over $500,000 invested in their RRSP account. You are heading for trouble!

Let’s talk about how to manage your RRSP and one day your RRIF, the right way. 

Contact us to find out how we can keep your wealth management strategy tax efficient. Plan, protect, and grow your wealth with Tayler Insurance & Estate Planning.