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CIBC's Jamie Golombek breaks down some common misconceptions about RRSPs.

Debunking RRSP Myths


1. Debunk Myth #1: RRSPs are better than TFSA
False

2. Debunk Myth #2: You can’t make money on an RRSP
False

3. Debunk Myth #3: You don’t have to claim all RRSP contributions every year
True

4. Debunk Myth #4: You never have to pay tax on an RRSP
False

5. Debunk Myth #5: You should pay off your debts before contributing to an RRSP
False

6. Debunk Myth #6: Teens can contribute to an RRSP
True

7. Debunk Myth #7: RRSPs can only be used for retirement
False

8. Debunk Myth #8: It’s better to wait until the deadline to max out RRSP
False

Jamie Golombek, CIBC Personal Finance Expert

Jamie Golombek appears regularly as a personal financial expert on The Marilyn Denis Show, providing advice on financial topics ranging from how to save for children’s education, to getting your budget in order, to helping homeowners choose the best financing option for their new home.
 
As a CIBC Personal Finance Expert and Managing Director, Tax & Estate Planning at CIBC Private Wealth Management, Jamie works closely with advisors from across CIBC to help clients meet their financial needs with comprehensive advice and solutions.

With nearly 20 years of experience specializing in tax planning for both individuals and small businesses, Jamie is frequently quoted as an expert in the national media. He writes a weekly column, “Tax Expert”, in the National Post which is syndicated across Canada in various Postmedia newspapers and has appeared as a guest on CBC’s Newsworld and The National.

Jamie received his B.Comm. from McGill University, earned his Chartered Accountant designation in Ontario and qualified as a U.S. Certified Public Accountant in Illinois. He has also obtained his Certified Financial Planning (CFP) and Chartered Life Underwriting (CLU) designations.

He also teaches an MBA course in personal finance at the Schulich School of Business at York University in Toronto.

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