September 13, 2023

184. Should I Use RRSP Matching?

Show Notes

Wealth Without Bay Street
Wealth Without Bay Street
184. Should I Use RRSP Matching?

Wealth Without Bay Street 184: Should I Use RRSP Matching?

From the time Canadians land their first job, they're commonly directed to invest in the Registered Retirement Savings Plan (RRSP) as a savings strategy. 

Interestingly, while it may seem that we're being nudged to place our money into this program by the people around us, the marketers, and the economic environment we live in – there's more to the story. 

Depending on your income bracket, using the RRSP in connection with your employer's matching program might not be greatly advantageous.

That's because you may actually end up incurring higher taxes, kind of penalizing you for trying to save for your future. It's an odd contrast – encouraged to save but penalized for doing exactly that. It's a confusing situation that doesn't seem to get enough attention. 

WATCH: Should I Use RRSP Matching? With Richard Canfield and Henry Wong.

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[00:00:00] Introduction: Should I take advantage of my employer's RRSP Matching Program? 

[00:07:44] Why your tax refund is really not a refund

[00:10:28] Income Walkthrough with Henry Wong

[00:14:14] The constant incline to the average tax rate 

[00:18:42] Defer and divide to help alleviate the system 

[00:21:55] RRSP as a means to keep employees 

[00:24:43] The tax implications of the RRSP program

[00:28:36] Understanding the difference between deferral and  deduction

[00:36:51] Exposing yourself to future tax risks

[00:46:00] Getting ‘penalized’ to save for the future 

[00:53:24] RRSP withdrawal limitations

[00:55:38] Becoming your own banker methodology 


  • There's a constant incline to the average tax rate every time you earn more. 
  • Many Canadians are unaware they are being ‘penalized’ to save for the future. 
  • Everyone talks about how easy it is to get the money into the RRSP system – but how about when you want to get it out? 

#WWBS #RichardCanfield #HenryWong #RegisteredRetirementSavingsPlan #RRSP #KeepTaxesAwayFromYourWealth #MoneyManagement #BeYourOwnBanker #InfiniteBanking 



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