Do you want another video about TFSAs vs RRSPS, or the RRSP Home Buyers Plan?! Let us know! ✨
@LanaASmith3
3 жыл бұрын
Would love to know more about the rrsp home buyers plan and when it makes sense to use it or not use it. I always see conflicting advice on this
@phaldaz
3 жыл бұрын
This isn't really due it's in video/topic. But for the first time home owner buyer's plan, I think it's good to bring up the opportunity cost of foregoing 15 years of growth as you pay the principal back that you took out/used for downpayment. Ofcourse the house ideally appreciate during this time, but it's good to bring up that perspective
@newwhirledclown4791
3 жыл бұрын
About time you mention the investment institution CI Direct Investing 😃. They are an awesome service that is super uniquely diversified with their private portfolios. Great video guys 😃
@newwhirledclown4791
3 жыл бұрын
Both of you should buy Drone Delivery Canada🤑🤑🤑
@juliae5639
3 жыл бұрын
I'd like to see a video on both of these topics.
@stacy-annmorgan6685
3 жыл бұрын
How good it feels to have Canadian content. I’m watching less American stuff. 😓👏🏾. Here to stay. ❤️
@stephandden
3 жыл бұрын
🙌🏾🙌🏻 we’re so glad! Thanks for watching! 😊
@celias7283
2 жыл бұрын
Same😩
@dianascott731
2 жыл бұрын
Love the video ty! Just what I needed to learn and understand more about RRSP!
@stephandden
2 жыл бұрын
So glad it was helpful! 😊
@tonylouis7923
3 жыл бұрын
You two are the best! It’s great seeing a young couple with just such a great grasp on personal finances and able to share so much knowledge. Keep up the great work.
@stephandden
3 жыл бұрын
Thanks Tony! 🙌🏾🙌🏻
@ellapark8770
3 жыл бұрын
Love you guys!!! Super helpful
@stephandden
3 жыл бұрын
Thanks Ella! 😊✨
@MKS73636
3 жыл бұрын
I would love a video on more money saving tips, maybe some more unconventional tips would be great. Sending love from PEI, Canada 🇨🇦
@stephandden
3 жыл бұрын
Thanks for the suggestions! 😊
@lenoxa
3 жыл бұрын
Please add your captions on the videos shortly for Deaf or Hard of Hearing folks can access to watch your videos. I believe KZitem has offer automatically generated closed captions on every video. Thanks, Steph and Den.
@TheSuperHeroOfLove
3 жыл бұрын
You know I have to show some Love to both of You! I Love You Both! Keep Up the Great Work!
@stephandden
3 жыл бұрын
Thanks Andray! 😊✨
@stephisticated1
3 жыл бұрын
Very informative. Thank you Steph and Den!
@stephandden
3 жыл бұрын
Thanks Stephanie! 😊
@DizzyT19
3 жыл бұрын
great timing! thanks :)
@stephandden
3 жыл бұрын
Thanks for watching! 😊
@madisand93
3 жыл бұрын
Super random but Steph’s voice sounds like Hilary Duffs!
@stephandden
3 жыл бұрын
Hahah, that’s interesting, I haven’t heard that before!
@itz.mariavicz
2 жыл бұрын
say word, 15 years?! oh man good thing I watched it, I thought it was two years D':
@madeleiner4865
3 жыл бұрын
THANK YOU! You guys are amazing. This is so clear and relevant - thanks for the CanCon.
@stephandden
3 жыл бұрын
Thanks Madeleine! 😊
@magaisti
3 жыл бұрын
Love this video! You both make this topic so approachable and having the Canadian perspective is so valuable and appreciated
@stephandden
3 жыл бұрын
Thank you! 😊✨
@aunties5798
3 жыл бұрын
Always a pleasure seeing you both with informative stuff on both RRSP and TFSA. Personally I have come to like TFSA. However, RRSPs can be used for income Tax purposes unlike TFSA.
@stephandden
3 жыл бұрын
So glad you liked it! 😊
@bacccarani
3 жыл бұрын
Great video! . I'm still unclear about how I can check how much I've contributed to my RRSP, and how I can use those funds to invest in stocks. . Can you help shed light here? Thank you!
@stephandden
3 жыл бұрын
Hey! Have you seen our previous RRSP video? We start off with the basics in that one! 😊
@FelipePereiraFP
3 жыл бұрын
Very good, you guys! 🙂 I personally have already maxed out my TFSA, but I'm not maxing out my RRSP just yet. I plan to be able to withdraw my money before my 60s.
@stephandden
3 жыл бұрын
Thanks Felipe! 😊
@kylenichols8944
3 жыл бұрын
great video as always! Another interesting (and little known) fact about RRSP deductions are Lifelong Learning Plans (LLPs). This is very similar to the HBP, but it always you to pay for continuing education by taking an interest-free 10-year loan against your RSP for something like a Master's degree. Personally, I look at the use-case for the HBP as a forced savings account that also incentivizes economic stimulation. For example, I plan to make a large investment into my RRSP this month as a means to get a larger tax return this year, which will get added right into the RRSP getting me closer to that $35,000 limit that I can withdraw. Much love from downtown TO!
@stephandden
3 жыл бұрын
Amazing, thanks Kyle! & thanks for watching 😊
@marielmx6
3 жыл бұрын
do you pay tax on withdrawals from account only? or also on capital gains (used to buy other stocks/ETFs) without removing $ from account
@stephandden
3 жыл бұрын
If you sell, but the proceeds remain within the RRSP, then you still don’t have to pay taxes 😊 When the proceeds are withdrawn from the plan, then you do
@morganslife2580
3 жыл бұрын
Even thought I don’t have a RRSP imma let this video play out for u all. Learn something any way. Still pondering if I should open one. 🤔
@stephandden
3 жыл бұрын
Thanks Morgan! 😊
@vivianlynn3495
3 жыл бұрын
I am actually in the same position as Steph! Saved up $ this year in order to put into an investment property. Would love to hear more about that: down payment, taking advantage of less bidding wars in Toronto condo market, and your general plan for real estate investment ! Love the videos :)
@stephandden
3 жыл бұрын
Hey! Definitely, we'll talk more about that in upcoming videos! 😊
@Sagieeee
3 жыл бұрын
I would love to see a video about First Time Home Buyers Plan
@stephandden
3 жыл бұрын
Perfect, thanks for letting us know! 😊
@mcarson5184
3 жыл бұрын
I'm a US citizen with Canadian PR and it may be good to include some info for people in my scenario as there are a lot of us in Canada. The major thing that comes to mind is that TFSAs are a very bad idea for US citizens living in Canada, because the US taxes TFSAs as if they are foreign trusts. There is no benefit to holding money in a TFSA for us as we have to file US taxes every year in addition to Canadian taxes and this money is taxable in the US. This is related to what you mentioned regarding holding US dividend stocks in a TFSA.
@stephandden
3 жыл бұрын
Thank you for sharing (and for watching!) 😊
@aL13711
3 жыл бұрын
Unfortunately - new worker here - I accidentally maxed out my RRSP and am anticipating some fees
@morganslife2580
3 жыл бұрын
Very informative I know a lot of this. I’m against it only because I like access to my money without restrictions. I rather TFSA.
@stephandden
3 жыл бұрын
You can also utilize both! 😊
@spark0girl
3 жыл бұрын
Thank you :)
@stephandden
3 жыл бұрын
Thanks for watching! 😊
@immigrant_pharmassist
3 жыл бұрын
Hi @Steph & Den! Thank you both for sharing. I'm on a journey of financial liberation as well. The info you presented has answered a very important question as to which tax advantage/deferred account it's better to max first. Just for clarification: in the beginning Denis said CDIC didnt cover certain instruments like stock, bonds, crypto then in the end Steph said CDIC offers protection for TFSA and RRSP accounts. If TFSA/RRSP accounts are used to buy stocks will those stocks within the portfolio be covered by CDIC?
@stephandden
3 жыл бұрын
They cover eligible deposits within an RRSP/TFSA - this is from the CDIC website - 'The GIC and term deposit are eligible deposits within an insured category - a RRSP. CDIC does not insure stocks, bonds or mutual funds, so $180,000 in those investments is not covered.' 😊
@joshuahankins2613
3 жыл бұрын
Well if you buy a duplex and live in one half rent the other out it would count as personal not investment
@stephandden
3 жыл бұрын
Is that what you do? 😊
@inspiremeELLE
3 жыл бұрын
I’m wondering how much you would have to contribute to really see an increase in tax return or a decrease in tax refund? Let’s say my income bracket is within the 40-80k bracket at 80k annual salary.. would it really make a difference to put a few thousand away into an rrsp? Thanks so much btw! I’m currently binge watching your videos!!
@julianmajor9448
3 жыл бұрын
Can you guys suggest the best program to use to file your tax return this year?
@stephandden
3 жыл бұрын
We use Turbotax 😊
@MrBlair-ft2li
3 жыл бұрын
I have $183,000 of contribution room for 2021. I better up my contributions so I can catch up LOL
@stephandden
3 жыл бұрын
Haha! You've got a littttle bit of room!
@CrankingAllDay
3 жыл бұрын
I also don't want to use the RRSP Home Buyers Plan. Having money in the RRSP compounding interest free for 15 years, is better than using it for buy a home in my opinion since you have to return the money (not tax deducible when returning). FYI that March 1st deadline is from 2020 Tax year and based off your 2019 income tax. You can also contribute to your RRSP starting Jan 1st, 2021 for the 2021 year based on 2020 tax returns (extra year of compounding).
@stephandden
3 жыл бұрын
Thanks for watching!
@neelimazadar997
3 жыл бұрын
Great video as always! I just have a question about the RRSP investments. If I invest in stocks within an RRSP will it covered by CDIC? Also does investment income count towards the contribution limit of RRSP? Say for example an RRSP has a contribution limit of $10,000 for 2020. If I put the whole $10,000 in an investment and it yielded $2000 in 2020, making my RRSP account balance $12000, would that be overcontributing? Sorry about the long Q I'm just getting into investing and I am kinda clueless.
@stephandden
3 жыл бұрын
They cover eligible deposits within an RRSP/TFSA - this is from the CDIC website - 'The GIC and term deposit are eligible deposits within an insured category - a RRSP. CDIC does not insure stocks, bonds or mutual funds, so ... those investments is not covered.' 😊 & good question, no the capital gains on top of your contributions do not count towards your contribution room!
@neelimazadar997
3 жыл бұрын
@@stephandden Oh That's good to know. Thanks for taking the time to explain this!
@xnaadaax
3 жыл бұрын
Thank you guys for such an informative video as always! I'm currently starting to put money aside for a down payment. I plan on purchasing a condo in 3-5 years. Would you recommand putting it in Wealthsimple's conservative portfolio (30% equities and 70% bonds). I'm not sure whether I should do that or just put my down payment in a high savings interest account.
@stephandden
3 жыл бұрын
Hey! That's great that you're saving up! If you're looking at a 3-5 year timeframe, it might be best to put in into the market conservatively, because HISA rates are pretty low right now - but you obviously don't want anything too risky. It's up to your preference and risk tolerance! 😊
@Michael-yv2dp
3 жыл бұрын
Is it still worth to buy RRSP if you have a DB pension plan?
@stephandden
3 жыл бұрын
It depends on if you think the amount in your DB will be enough for you to retire on - if not, you may want to save additional funds!
@ankitaahuja111
3 жыл бұрын
18% of total income or income after taxes?
@mcarson5184
3 жыл бұрын
Total income, you can check your online CRA account for your current RRSP and TFSA limits.
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