Do you have any questions about CDIC protection of deposits held in a RRSP? Ask away below! ⬇
@phaldaz
2 жыл бұрын
12:14 the bottom row about 'Your property taxes' I am a tad confused since all others are clearly accounts you put money/securities in, so how does this category get coverage when it prop taxes are typically an expense being paid? Thx
@juliavechkanova6371
2 жыл бұрын
Do you lose old age security if you have income from your rrsp?
@SuperKamiNeko
2 жыл бұрын
You guys didn't mention employers matching. It's super important. For example, some employers will match your contributions. It's a huge advantage
@BarryKrebs
5 ай бұрын
Neither it was mentioned what happens when you move to another country either temporarily or permanently. If u do you have problems. Thank goodness I didn’t have one when I moved to the USA. I have the equivalent here aka 401K.
@summerjho2781
6 ай бұрын
You guys explain way better than my prof. Thank you!
@stephandden
6 ай бұрын
We love to hear it! Thanks for watching + your comment 😊
@ninod3020
2 жыл бұрын
Your videos are amazing. Totally helps understand the concept behind all these investment accounts, it’s pros and cons, and nuances within them.
@stephandden
2 жыл бұрын
So glad they're helpful 😊 that's the goal!
@MarkusInTheMixNow
2 жыл бұрын
This reminds me i NEED to think about tomorrow (retirement) before it comes. Thumbs up!
@stephandden
2 жыл бұрын
Love it! 👏🏿👏🏻
@AustinGagnee
2 жыл бұрын
God I would marry both of you with how well I understand my finances after watching all your videos! This channel deserves sooooo much more!
@stephandden
2 жыл бұрын
Ha! Thank you so much🙏🏿🙏🏻
@mirandavanremortel8850
2 жыл бұрын
How did I not realize you stopped using blossom- coletta intro? Great video as always :)
@samgatchene3379
Жыл бұрын
This video is so helpful! Thank you for the clear explanations with lots of examples. Great job 😁
@kanishkagagneja
3 ай бұрын
You guys are great! Thank you for explaining so nicely 👏🏻👏🏻👏🏻
@stephandden
3 ай бұрын
Thank you so much! So glad you found the video helpful 😊
@Zazimozi
2 жыл бұрын
Right on time, I am getting a 3 months salary bonus end of May, if I put it in an RRSP I pay less taxes, if I take it as a straight bonus I pay more tax, I choose to put all in RRSP
@stephandden
2 жыл бұрын
Great timing! 😊
@leylajudy
4 ай бұрын
Your explanation is great! Thanks to both of you
@stephandden
4 ай бұрын
We’re so happy to hear that! 😊
@stacy-annmorgan6685
2 жыл бұрын
One thing I don’t like is I can’t easily take money out. Anything can happen and I would want to access my money right away. I don’t even know if I want to retire here in Canada. Buy land build a house back home and live 🇯🇲.
@seburgh
10 ай бұрын
this was so well explained!!! thank you!
@stephandden
10 ай бұрын
So glad you found it helpful! 😊
@nickistlouis
Ай бұрын
Thank you!
@theresaantonio6789
2 жыл бұрын
One important thing to note is that when you withdraw from your RRSP, you’ll permanently lose that amount from your contribution room, and will not be added back unlike a TFSA
@stephandden
2 жыл бұрын
Yes, unless you're withdrawing for the HBP like we mentioned at the end! That money has to be re-contributed over the next 15 years.
@raphaelventura8465
9 ай бұрын
If I never contributed, and my contribution room is above the 18% of what I earned that year, can I contribute more than the 18%?@@stephandden
@michaelssali
2 жыл бұрын
I live in America, Memphis, so this doesn't apply to me. However, I know Toronto Dominion is buying First Horizon, which used to be First Tennessee. So welcome to Memphis, Steph and Den.
@stephandden
2 жыл бұрын
Ha, that's funny! Thanks for watching 😊
@bansaripatel8726
Жыл бұрын
you mentioned that it's beneficial to open an RRSP account, once you think you have hit your highest income. Why is that so? (I am an international student and I wanted to open an RRSP account for myself.
@matthouston116
2 жыл бұрын
Would it make sense to contribute to an RRSP if you will be getting a government pension upon retirement?
@wegoingtojupiter2886
Жыл бұрын
keep up the great work!
@stephandden
Жыл бұрын
Thank you! 😊
@vanessaivec2818
2 жыл бұрын
You can also withdraw from your RRSP if eligible for the lifelong learning plan which I believe is also tax free as long as you pay back within the given time frame
@stephandden
2 жыл бұрын
Thanks for sharing! 😊
@Lvlover-mq1nl
2 ай бұрын
wouldn't it make sense to max out your rrsp to the 35000 dollar amount for 1st time home buyer if ur planning to buy a house that , along side fhsa that's a substantial amount to write down as a deduction on ur income?
@davidm0934
2 жыл бұрын
You don’t have to be 18 to contribute to RRSP i think. As long as you had income the previous year, you’ll have contribution room.
@AlexTan381
11 ай бұрын
Thank you for this channel, Steph and Den! If you don't mind me asking, if TFSA allows investments to grow tax-free, then what is the benefit of using RRSP for investments?
@SaranyaMano
9 ай бұрын
TFSA is not tax-deductible but RRSP is.
@arnelrebenito7227
Жыл бұрын
which scheme would you recommend for international students that are planning to stay in Ontario after studying?
@BarryKrebs
5 ай бұрын
If you move out of Canada to become a PR elsewhere, you are going to have problems. Thank goodness I didn’t have one when I moved permanently to the US.
@shristisedai7437
8 ай бұрын
What happens when you move contries ? For example: if I had RRSP And contributed, can I just withdraw it ? As i will not have any income in canada ?
@mguinsatao
2 жыл бұрын
Now that youve done one on TFSA & RRSP, can you do one on Insurance Retirement Plan (IRP)?
@stephandden
2 жыл бұрын
Thanks for the suggestion! Our next ones will be on the RESP and RDSP for now 😊
@mazwrld
2 жыл бұрын
quick question: does having a spouse reduce the taxes overall??
@jblover2009
6 ай бұрын
Does the rrsp account you have through your job follow you from job to job? And if you plan on retiring in a different country can you still use the funds from your rrsp?
@lauras3641
Жыл бұрын
Can you do RRSP vs pension?
@stephandden
Жыл бұрын
Hey Laura! We'll touch on that in a future video. Stay tuned 😊
@allanmacdonald9918
Жыл бұрын
Sorry for my ignorance, how do you know how much is in your RRSP? Is there any way to see?
@stephandden
Жыл бұрын
Hey Allan! No worries - you can find the exact amount of contribution room in your ‘MyAccount’ on the CRA website. The number is updated alongside your tax filings each year to reflect how much room was used that year. Hope that helps 😊
@jayzee2634
2 жыл бұрын
holup Den works at the D in Toronto? Might run into you sometime 👀
@stephandden
2 жыл бұрын
He used to! He left last year 😊
@yxmichaelxyyxmichaelxy3074
4 ай бұрын
Note, you cannot touch it until you are 71. 😂
@dannyisrael
3 ай бұрын
I think you can touch it whenever you want.
@yxmichaelxyyxmichaelxy3074
3 ай бұрын
@@dannyisrael Not without a huge penalty you cannot. 10% immediate taxation up to $5,000, progressing to 20%, then 30% above that. You may as well hand it all to the State.
@dannyisrael
3 ай бұрын
I see, but after 71 you can’t even have an RRSP?
@yxmichaelxyyxmichaelxy3074
3 ай бұрын
@@dannyisrael You can, but you must open a RIF which acts as an income fund using your RRSP.
@komaegawa2282
3 ай бұрын
PLEASE Stop talking with your hands!!!
@stephandden
3 ай бұрын
We do our best to keep the talking with our hands to a minimum 😊
@heartborne123
10 ай бұрын
the girl speaks too fast :)
@AshRektum
5 ай бұрын
ok i understand life now. thank you
@stephandden
5 ай бұрын
Amazing! We're glad this was helpful 😊
@reenalal3595
5 ай бұрын
So once I’ve put my money into an RRSP, then what? Does it grow by itself or do I purchase GIC’s through it? What’s the best bank that does it for you?
@michelledo1
6 ай бұрын
I heard a rumour, I hope it is wrong, that the amount you have in your RSP's get deducted from your pension? Is that true?
@phaldaz
2 жыл бұрын
I like how this one says, 'for beginners' and may I suggest that you have a second tier of this same concept which looks at using the RRSP for the HBP (11:15) and then discuss the opportunity cost of using the funds for HBP instead of letting it grow untouched during the 15 years that needs to be repaid by. Trying to see what people would choose in this situation
@andrewkoos2431
2 жыл бұрын
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@stephandden
2 жыл бұрын
Thanks for the suggestion!
@Sandy-ij4hb
Жыл бұрын
If you guys are trying to max out your TFSA first, does that mean you have already opened an RRSP or will open it in the future?
@stephandden
Жыл бұрын
We both have one opened with the same platforms we use to invest into our TFSAs! They just aren’t funded with any money yet 😊
@justiceeashappie4449
2 жыл бұрын
Can you please cover a Registered Disability Savings Plan in a future video?
@stephandden
2 жыл бұрын
Yes! We'll have an RESP video up next in this series, then one on the RDSP 😊
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