It's possible to have 'too much' in your RRSP: Tax expert

As the deadline for registered retirement savings plan (RRSP) contributions approaches, one tax expert says it is possible for Canadians to have too much of their savings in a RRSP.

John Yanchus, director of tax and estate planning at Canada Life Assurance Company, said residents need to remember that when they withdraw funds, the payments are “fully taxable.”

“So if you have a large pool of money, it can end up into a larger tax consequence at the end of time,” Yanchus said in an interview on Wednesday.

Your Money Month: BNN Bloomberg on how to better manage your finances

As a result, Yanchus said he recommends that people diversify their savings and make sure they take their marginal tax rate into consideration.

The RRSP contribution deadline is Mar. 1, 2023.

Watch the video above for more advice.

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World

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Politics

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Sci-Tech

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Entertainment

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Edmonton

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Winnipeg

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London

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Windsor

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Kelowna

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Lethbridge

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Sault Ste. Marie

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N.L.

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It's possible to have 'too much' in your RRSP: Tax expert

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NEW THIS MORNING | The pros and cons of discussing mental health issues in the workplace

NEW THIS MORNING The pros and cons of discussing mental health issues in the workplace