u/FullHeight5586

Hi guys,

Hoping you can help as ​th​e a hole mods at personal finance Canada deleted my post.

I've tried to educate myself on RRSPs as much as possible but I found myself questioning​ if it's right for me.

I live in Ontario, am 35. I earn $57,000 a year and my wife earns $62,000.

I've been maxing out my TFSA for years and will continue to. I've invested a good amount (not maxed out) in my RRSP.

I've read that ​RRSP is better for high income earners. I also know when you withdraw your RRSP it is taxable but I didn't know about how that works (the up to 30% tax withholding) ​until I started reading more today.

1. ​I am confused about the tax withholding ​despite trying to read about it. When I retire, I obviously ​anticipate having over $15,000 (hence 30% taxes) in my RRSP. Let's say I retire at 65 and I have $100,000 in my rrsp and I want to withdraw all of it at once (I'm aware you can withdraw it in sums over years), the bank holds back 30% which is $30,000, how much of that do I get back in my tax refund? In all my years of filing taxes, I've never owed money and I have one employer and no side gigs or other revenue streams. Would I get the full $30,000 back?
2. Is contributing to my RRSP of value in the meantime? I understand it's non taxable right now and therefore better than a non registered account but is it doing much for my tax bracket? I'm not anticipating earning more than $65,000 in my working life.

Thank you so much!

Hi guys,

I tried posting on personal finance Canada but my post wasn't approved, such a holes.

I've tried to educate myself on RRSPs as much as possible but I found myself questioning​ if it's right for me.

I live in Ontario, am 35. I earn $57,000 a year and my wife earns $62,000.

I've been maxing out my TFSA for years and will continue to. I've invested a good amount (not maxed out) in my RRSP.

I've read that ​RRSP is better for high income earners. I also know when you withdraw your RRSP it is taxable but I didn't know about how that works (the up to 30% tax withholding) ​until I started reading more today.

1. ​I am confused about the tax withholding ​despite trying to read about it. When I retire, I obviously ​anticipate having over $15,000 (hence 30% taxes) in my RRSP. Let's say I retire at 65 and I have $100,000 in my rrsp and I want to withdraw all of it at once (I'm aware you can withdraw it in sums over years), the bank holds back 30% which is $30,000, how much of that do I get back in my tax refund? In all my years of filing taxes, I've never owed money and I have one employer and no side gigs or other revenue streams. Would I get the full $30,000 back?
2. Is contributing to my RRSP of value in the meantime? I understand it's non taxable right now and therefore better than a non registered account but is it doing much for my tax bracket? I'm not anticipating earning more than $65,000 in my working life.

Thank you so much!

Hi guys,

Through my work, through Sunlife, for my RRSP, I invest in BlackRock U.S. Equity Index Fund (Registered)

My wife does not have this through her work. Do you know what is the easiest way for her to invest in this fund? - is it through opening her own individual account through Sunlife, is there an ETF of this fund, etc?

Looking for the easiest way for her to invest with the least fees and on her own without an advisor if possible.

Any help is appreciated. Thank you.