Financial Institutions Could Be Rigged Against You!

20 Sept 2023 · 1 min

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The video (by Jayson Lowe, uploaded Sep 20, 2023) warns that placing money in institutional systems like pensions or RRSPs surrenders individual control and can trap funds under rules and penalties. The speaker emphasizes that pensions typically restrict access until after age 55 and that while RRSPs provide tax refunds on contribution, future tax increases could make withdrawals costly, possibly negating earlier benefits.

Chapters

When you put your money in someone else's system, you've surrendered the control to their rules and you essentially put your money into prison. If you don't believe me. If anyone receives pension from their paychecks, try accessing the money from your pension. Most of the rules around pensions is around after 55. Then you can potentially access that money. And not only can you access the money, they will penalize you for accessing your money. Or the rrsp, they give you a nice refund. But when you need to get it out, good luck. If we look at the pace of where taxes are potentially going to go, you could be paying a lot more than the refund that you've got.