401k vs RRSP - What's the Difference? | Cross-Border Financial Planning + Wealth Management Tips 

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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!
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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
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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