How to survive a recession: Six tips for Gen Z and those who haven’t faced one before + MORE Jan 16th

As we begin 2023, young adults face a looming recession—and it remains to be seen whether it will be a mild or moderate one. What does an economic downturn mean for Gen Z? What should those just entering their careers, moving out on their own and aspiring for more financial independence do right now?

I graduated in the midst of the 2009 recession, and I remember how challenging it was to find a full-time job. With my networking skills, I was able to land a full-time role in the hospitality industry. Although I didn’t have much invested in the stock market in my early 20s, I still anxiously wondered if and when my portfolio would rebound. Plus, with so many layoffs happening around me, I felt I needed to work even harder to keep my new job. 

Here’s what I learned living through that recession. I hope these lessons help you prepare and protect yourself to weather the storm ahead.

1. Contribute to your rainy day fund

Unexpected events can happen anytime: Your car breaks down…

Capital gains tax applies to money you make by selling assets that have appreciated, such as stocks, mutual funds and rental properties. Here’s how capital gains tax works in Canada, and how you could reduce what you owe.

Video: How to minimize capital gains

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Putting money into a registered retirement savings plan (RRSP) is one of the best ways to save for retirement. Some people choose to contribute a lump sum to their RRSP at the beginning of the year (or right ahead of the tax-filing deadline), while others prefer to contribute regularly through automatic withdrawals or deposits. Whichever option you choose, be aware that there’s a limit to how much you can add to your RRSP in any given year. The RRSP contribution room calculator above will get you the numbers you need, but keep reading for a better understanding of RRSPs.

What’s an RRSP?

A registered retirement savings plan, or an RRSP, is a savings account that you open at a bank or other financial institution. It is registered by the federal government of Canada for tax savings, and you can contribute to the account up to an annual maximum amount. 

Compare the best RRSPs in Canada
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What’s special about RRSPs?

Contributions to RRSPs are deductible, meaning they can be used to reduce your taxes…