@megofmeans: What’s an RRSP for anyway? RRSP = Registered Retirement Savings Plan – reduce taxable income through contributions (you can carry forward unused deductions indefinitely without any time limit)! – investments grow tax-deferred (aka tax-free until withdrawal) – save for long-term retirement – withdraw up to $60k for a qualifying home purchase without paying tax upfront – A critical distinction from your TFSA where any amount you withdraw is added back to your contribution room the following calendar year, RRSP contribution room is permanently lost when you make a regular withdrawal 🚨 *similar tax-advantaged accounts in 🇺🇸 are the 401(k)/Traditional IRA—they do have slightly different rules, so make sure you look up the details/penalties/contribution limits etc! My simple strategy here. Invest for the long term—use the HBP strategically, stay diversified, contribute intentionally to reduce my taxable income, and let compounding work in the background. Don’t forget to check your contribution room (it stacks every year)! All of my investments are 100% equities, which reflects my risk tolerance and long-term timeline. P.S. you can comment 'GAINS' to follow my investments in real time—I’ll send you the link (they’ve also got great education resources)! For educational purposes only. Not financial advice, always do your own research. _ Keywords: Personal Finance Canada, Self-Directed Investing, Low-Fee ETFs, Wealthsimple, Portfolio Optimization, Compound Interest, North American Investing, HISA, High Interest Savings Account, Retirement Planning, TFSA, RRSP, FHSA, 401k, Roth IRA, work optional, stocks and equities, Traditional Individual Retirement Account

Meg: Oversharing, Under budget

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Region: CA

Thursday 24 September 2026 15:29:33 GMT