Richard CanfieldPodcast Host and IBC Advisor, Ascendant Financial · Authorized Infinite Banking Practitioner | Author of 4 Books

Why Avoid Registered Plans

12 Jul 2024 · 1 min

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Short YouTube commentary by Richard Canfield arguing against using registered government savings programs (examples: RRSPs, RESPs). The speaker frames such plans as restrictive (a "jail for your money"), emphasizes loss of control and delayed taxation, and warns they become targets for higher taxation or confiscation in the future.

Chapters

When it comes to things like an RRSP or an resp, any registered government savings program. To me they're almost a jail for your money. You're very limited on how much control you have. Yes, there is the tax shelter aspect of it. Depending on a person's financial plan, it may or may not make sense. The fact that the amount of control you give up, I think diminishes the tax deferral aspect. You're still going to pay taxes on it at some point anyways, and you don't really get to enjoy that money or the use of that money during the whole time that it's in that registered plan. Registration leads to confiscation, and the more money that you have in a registered, registered plan, it's just a bigger juicy target for high taxing governments.