Couple questions. Do dividends count as contributions? Second I started a Wealthsimple RRSP account years ago and completely forgot about it, after checking it this year it’s lost about 8%. Should I report these losses on my taxes this year?
It's not, since dividends are not contributed/deposited into the RRSP. And no, in general, unrealized capital gains don't need to be reported (because you only pay taxes on realized capital gains). Also, if your capital gains are in a registered savings account (RRSP, TFSA), gains and losses are not taxable (but as soon as you withdraw money from your RRSP you need to report it). ***Not financial advice.
It depends on whether you need it. One thing to consider is whether having additional funds to withdraw from an RRSP later on with push you in a (much) higher tax bracket, or not
That was a pretty good video. I definitely learned more than I expected. Thanks.
Thanks, really appreciate that! Happy Friday! :)
Couple questions. Do dividends count as contributions?
Second I started a Wealthsimple RRSP account years ago and completely forgot about it, after checking it this year it’s lost about 8%. Should I report these losses on my taxes this year?
It's not, since dividends are not contributed/deposited into the RRSP. And no, in general, unrealized capital gains don't need to be reported (because you only pay taxes on realized capital gains). Also, if your capital gains are in a registered savings account (RRSP, TFSA), gains and losses are not taxable (but as soon as you withdraw money from your RRSP you need to report it). ***Not financial advice.
@@LivinginCanada Thank you for the reply!
can you have several RRSP accounts in different banks?
Yes you can! But note that the total contribution room remains the same, so you gotta keep track of that
Should people with government pensions invest in an RRSP?
It depends on whether you need it. One thing to consider is whether having additional funds to withdraw from an RRSP later on with push you in a (much) higher tax bracket, or not
Rrspeee XD