Ep. #577 | When to Use RRSP’s and How To Structure Withdrawals to Avoid A Tax Trigger

By Jenn Pike | April 23, 2026

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This episode is a deep dive into one of the most misunderstood investment vehicles in Canada — the RRSP. Whether you’ve been told to avoid them or told they’re the holy grail of retirement savings, the truth is nuanced, and it all comes down to your income, your stage of life, and your strategy.

Key Topics:

  • What an RRSP actually is — and how it differs from a tax elimination tool (spoiler: it’s not one)
  • Who benefits most from contributing to an RRSP (hint: if you’re earning $90K+, pay attention)
  • The biggest mistake people make when withdrawing — the lump sum trap
  • How to build wealth inside your RRSP beyond just “parking it in cash”
  • Spousal RRSP contributions and how couples can use income-splitting to their advantage
  • Why your tax refund is your secret weapon — and what we did with ours (Barbados, twice — no regrets)
  • The TFSA, RESP, and the newer FHSA: how to think about all three buckets together
  • What happens at age 71 when your RRSP must convert to a RRIF — and why you want to plan for this before it happens
  • The RRSP meltdown strategy: how to draw down intentionally so you’re not hit with a massive, avoidable tax bill
  • Why you need to talk to your advisor more than once a year — and what life changes should trigger that call immediately

Let’s dive in!

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This episode is sponsored by:

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Have a question? Send it over to hello@jennpike.com and I’ll do my best to share helpful insights, thoughts and advice.

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