For more cross-border financial planning tips, please visit our website: 401(k) vs RRSP - What's the Difference? If you're moving from the US to Canada or you have investments on both sides of the border, you may be wondering what the difference between a 401(k) and an RRSP is. Although the basic difference is that a 401(k) is American while an RRSP is Canadian, there's more to it than that. RRSP, which stands for Registered Retirement Savings Plan is a Canadian tool created by the government which allows you to defer your tax. In other words, you pay tax on the investments (and their earnings) when you withdraw the money from your RRSP. When you invest using an RRSP as your vehicle, you're able to pay less tax each year. So it's best to only withdraw from an RRSP in years when your income is lower. To find out how a 401(k) works and what the differences are between the two financial tools, watch the video to learn more! Share this video with a friend: Video Content: 00:00 Intro 00:28 Similarities Between 401(k) and RRSP 00:49 Differences Between 401(k) and RRSP 01:09 Contribution Room 01:28 Carry Forward Rules 01:52 Penalities 02:11 Recommendations 02:30 Learn More _________________________________ _________________________________ Want to get clear on how to manage your 401(k) in Canada? Read our guide: Retiring from the US to Canada? Read our guide: Learn everything you need to know about RRSPs here: Planning a cross-border move from the US to Canada (or vice versa)? Get free tips you won't find anywhere else: _________________________________ _________________________________ #401k #RRSP KEY TOPICS IN THIS VIDEO: 401k vs RRSP, retirement planning, registered retirement savings plan, investing, personal finance, financial planning, tax planning, retirement, cross-border financial planning, financial advisor, retirement planner, us citizen moving to Canada, American moving to Canada, wealth management...(read more)
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