Thank you for the video! I used the 3rd one prior to buying our first home on 2017 to make sure we can really afford. I am so happy that I found your channel. I would love to have used the 1st one as well if I knew about the impact, people told us about it but did not explain so I assumed it is just another debt but your explanation changed my mind, oh well..New subscriber here 😊
Exactly. A lot of these guys on you tube or even acquaintances force the idea and thought of stashing money in a rrsp. Just doesn't make sense to me. Im putting it into a tfsa as well
@@nora-mb9tz it's a tax free savings account available to Canadians. Any income we get within this account is tax free and can be withdrawn at any moment when needed without penalties. Hope this helps.
@@djc5897 if you plan buying a home you should use the RRSP for 35k only - if you reinvest the tax return, you can save up the 35k really fast. Once you have that 35K you can shift your focus to filling up TFSA.
One thing I'd like to mention is the opportunity cost or borrowing from your RRSP. Many people see the 0% interest over 15 years and decide to do the minimal monthly repayments, but if your RRSP is invested in an aggressive 8% return portfolio, you end up losing money by not repaying that debt as fast as possible. It's like having an 8% interest rate loan from yourself in the future. It is still a great idea to invest into the RRSP to save on taxes, and then use the 35k from your HBP to invest in a house, but afterwards it is best to repay the RRSP as soon as possible. I very much appreciate the quality of your videos. Keep it up.
Thank you Jacky for making this video. For people like me who have poor financial literacy. Your videos are the best way to educate ourselves. Keep making these kinds of videos. Cheers!!
Thank you so much for all the info you are giving to us , I have been learning so much from you for the fist time in a real smart and simple way , I love your graphis how you teach us how to make it and the websites where to get the info. Please continue doing this great work you are helping many people like me . God bless you and your family and give you a lot prosperity👑👑👑
Hi Jacky , Thanks for making this video . Could you please also make video regarding how much down % is good option ? 5% or 20 % ? which one is more beneficial in future as well .
Jacky 🎩 I just came across your channel for the purposes of a search on HBP. What a fantastic video ... one of the best out there I must say. Thank you so very much!
Hi Thank you for your valuable videos I have the following questions: 1. To whom Conditional Sold Document is submitted to? 2. What are the legal documents prepared by the buyer lawyer ? 3. To whom conditional Offer is submitted to? 4. To whom Commitment to Loan is submitted to? Thanks and regards
Heres the best piece of advise any first time home buyer can get. 1) The realtor makes more money if you spend more, dont let them talk you into bidding it up 2) If it's a new home, it was built as fast as possible as cheap as possible 3) paying top price on a home from the 70s that has seen zero maintenance is an extremely bad idea.
@@donm2067 as someone trying to get in. Id like for it to happen but I don't see it. Every home I've put an offer in(fair market value offers not shooting for the stars), 10-20 other people do the same. Not only that, 1 person wins the bid which means those 19 other people are on to the next home. People are going in with firm offers 100s over asking. Cheap money, lots of demand with little supply. But sure let's keep bringing more people in!
Can you talking many options for people to invest $1000 a month? Your example of 8% annual return is enticing but have never heard of that before so would love guidance or video on best forms of investment right now
Thank you for the video! Clear, concise and useful! I've tried an affordability calculator offered by the CMHC but I am yet to find one that: 1) translates the output (home price) into a maximum monthly payment towards the house, and 2) takes into account calculations for saving for retirement. All the information about affording a house I've been able to find is limited to all expenses related to the mortgage payments, but it stops there. I really need to find how much to save, while paying a mortgage, to be able to retire at some point in good standing. Any tips on resources on this topic would be truly appreciated. Thanks!
@@JackyKuk I can't find anywhere if there is a restriction on the amount to put into my RRSP. Can I put the whole deduction limit all at once. Do you know? E.g., I have never put money into the RRSP; I have a deduction limit of 30,000; can I go ahead and put all the 30,000 today?
I’m just waiting for people to stop overvaluing houses here in Ontario so I buy a house. We’ve been pre approved for our first house but think buying privately may be our only option.
What they dont tell you is you can't use the RRSP amount for the deposit. You must receive an acceptance of an offer to withdraw your RRSP contributions.
Thank you for sharing your valuable time. Great information! Will definitely sub and like.The info graphics help get the point across for us not in the same line of business.
If only listing pictures were representing the reality accurately. Photographs are like magicians : they can make a barn look like a palace. Always consider the house looks considerably less nice and smaller in reality, so you don't have a shock one on place.
Hey Jacky, Isn't it much easier to save money into savings account and when it is time move funds to chequing account and use for down payment ? RRSP is just a temporary relief and I feel RRSP is total trap as we will pay more taxes in future if not now.
using the RRSP will help you save the 35k faster; if you reinvest the tax return you get from it. Its a 0% loan to yourself. I would put in the 35K, stop, and continue to save in a TFSA.
TFSA account always works as well. I dont know why these mortgage guys on youtube push the RRSP thing. I can technically put down 35k from TFSA as well and it will get the job done aswell. Doesnt matter. TFSA has less headaches down the road if not any at all with bullshit stipulations like what the rrsp entails.
Thank you for the detailed video. After how long of starting RRSP do I qualify? I just started my RRSP last year with my job, do I qualify after a year? Do I qualify for the flat rate of $35k or only the amount I contributed?
@@JackyKuk currently my wife is working at saveon and she is looking to move to the marketing department since she finished school. I work from home and I make digital copies of historical and legal documents
I have a question: I I being gifted a large su. Of money towards a downpayment...should I put that in an rrsp or tfsa before I utilize it when I buy my first home?
If you have high tax bracket rrsp and then take the $35k back out could be worthwhile. But check with mortgage broker to see if gift needs to stay in 1 place first
Hi Jacky! I am in the midst of applying mortgage for a first property but as an investment property. My broker told me I will not be able to use First-time-home-buyers program even if the first property is an income property. Is this true? I was hoping to purchase my own condo a few years later using RRSP FTHP. Thanks!
Yes that is true, however you could move in and designate it as prin prop, and later rent it out. Watch my recent video on RE mistakes and check out the tip “4 years rule” this may apply to you here
Any first time home is ok, presale will need to be completed. You can check the actual “HBP RRSP withdrawal form” and go through the mini quiz to confirm
Amazing video thanks for tips! I have a question, I am self employed and do not have 2 years of business income reported for taxs yet. I do have enough to put a down payment of 100k on a house but I believe I will need to go to a 3rd party lender or find a cosigner. In these circumstances can I still pull 35k from my RRSP?
Did you end up pulling 35k form yoru RRSP towards a house or not? Did the HOme Buyers Plan worked for you? I am quite hesitant to use it as it has quite a bit a caveats that no one seems to be able to answer it. Perhaps only people that have in fact used it...
@@fernandamejia-salazar Hey, no actually I didn't end up closing a property yet I ended up using my capital to invest elsewhere but am looking to purchase my first property this year.
buyer lawyer takes care of mortgage usually and holds money in trust until everything is good to go, even without mortgage they are there as a 3rd party to ensure buyer / sellers are both protected by working with the other lawyer
Can I repay the borrowed money under FTHBI earlier? Considering 25 years have not passed and I don't want to sell my house but just want to clear up my loan amount under FTHBI.
@@JackyKuk if the triplex costs 500k, does that mean that the bank will estimate the cost of each individual unit and allow me to use the RRSP on one of them instead of the total cost of the triplex(500k)? And I guess there's no difference since each unit will be over 125k and there's a maximum of 35k?
Hi Jacky, regarding the RRSP refill part for first time home buyers, as I repay the RRSP money I took out, those are NO longer tax sheltered right? However, if I invest that money in stock let's say, will the dividend and capital gain be tax sheltered?
@@JackyKuk so just to clarify, for example, my RRSP limit this year is 10K, then I withdraw it all via FTHB program, then let's say next year my limit is 10K again, if I repay 1k next year, so you mean to say it will be taken against my 10K limit next year? and I won't have an 11K total next year if in case I am able to fill all of those?
@@kennethsarita it does not change your contribution room. You have to have the contribution room for 35K in order to even invest it in the RRSP in the first place. SO lets say you have 40k contribution room this year. You have zero saved. Over the next 12 months, you put 35K in the RRSP. On month 13 you withdraw it all to purchase a home. Your contribution room will go up that year based on your income. The government will require you to pay at least 2400 per year for the HBP. You will get a letter. If you miss a year, that 2400 will be added to your income and be taxed at your marginal rate that same year.
So if I save over time and have been putting each amount that I have saved into my RRSP and I reached 25k. I can then take it out and use the first time home buyers plan. After I purchase the home, the government will require me to eventually be repaying the money back within 15 years? Does it matter how often I’m contributing the amount into the RRSP to get it back up too the 25k during those 15years? I can just deposit $100 each pay cheque into it or something like that?
excuse my ignorance, but I dont get who they gonna have 89k, when they only have 70k in cash, tax refund will be received after filing taxes next year right, so basically they do not possess that amount until it happens is that correct?
Anything contributed before march 1 of this year can be used to write off last yrs tax. But keep in mind rrsp need to sit there for 90 days before withdrawing out for home
Lol.. $3,000+ a month income?? Also.. On which planet lol! I do love this channel, but they numbers often quoted are for an elite group. I'd like to see more videos aimed at the single people who are lucky to be just clearing 60G. I know many are lucky to clear $45G. Advice is out of touch for so many! Still, love the RRSP trick. Thank you.
No you cannot! Also first you need to put $35k in yourself, its not really borrow its more like taking your own money out. Anything more than $35k will be taxed at your current year salary
@@JackyKuk After reaching the $35k in RRSP, is it advisable to continue contributing to the RRSP? I enjoy the tax refund RRSP contribution provides as I use it to re-invest into my RRSP the following year to collect more dividends. I have a large contribution room and would like to plan for retirement security while also lowering my tax margin. Or should I switch from contributing to my RRSP to TFSA to max it out. Since TFSA has a total $69,500 as of 2020, I’m hoping to reach it so I can combine TFSA amt $60k + $35k (RRSP’s HBP) to reduce mortgage. However, with TFSA (only CAD stocks) I won’t get a tax refund like RRSP... but at least would benefit from tax free dividends/capital gain (if any), correct? Thanks in advance. =D It’s about time there’s a Canadian YTer who can provide advice to us. Too many USA YTer talking about 401k and tax laws that’s not applicable to Canadians.
![[FULL EP.16] เซียนพาลุย "เผือก-ฟรอยด์" กรี๊ดลั่น จนปูหนี | เฮ็ดอย่างเซียนหรั่ง | One Playground](http://i.ytimg.com/vi/FsqUvwS3b-Y/mqdefault.jpg)
Are you buying a home this year? Which of the 3 tips will you use?
That's a great tip re: the RRSP and I didn't know about the 1st time home buyer's tax savings. Great example and thanks for sharing.
Where would you get 8% interest Jacky?
Thank you for the video! I used the 3rd one prior to buying our first home on 2017 to make sure we can really afford. I am so happy that I found your channel. I would love to have used the 1st one as well if I knew about the impact, people told us about it but did not explain so I assumed it is just another debt but your explanation changed my mind, oh well..New subscriber here 😊
Hi Jacky,
Should i pay cash or do financing for a small condo $90k ? i would love to hear your opinions.
Thanks
@@vanalex2698 need to look at cashflow and also depend on if its self use or investment
Always fill your TFSA first then RRSP unless you enjoy paying taxes!
This is what they should teach in School!
Thanks for the great videos.
Exactly. A lot of these guys on you tube or even acquaintances force the idea and thought of stashing money in a rrsp. Just doesn't make sense to me. Im putting it into a tfsa as well
Can u explain me please what u mean by TFSA ??
@@nora-mb9tz it's a tax free savings account available to Canadians. Any income we get within this account is tax free and can be withdrawn at any moment when needed without penalties.
Hope this helps.
@@djc5897 if you plan buying a home you should use the RRSP for 35k only - if you reinvest the tax return, you can save up the 35k really fast. Once you have that 35K you can shift your focus to filling up TFSA.
We need this kinds people in this world !!!! It's hard time to finds Thank you so much for your advice. God bless.
Thank you for your kind words!
One thing I'd like to mention is the opportunity cost or borrowing from your RRSP. Many people see the 0% interest over 15 years and decide to do the minimal monthly repayments, but if your RRSP is invested in an aggressive 8% return portfolio, you end up losing money by not repaying that debt as fast as possible. It's like having an 8% interest rate loan from yourself in the future.
It is still a great idea to invest into the RRSP to save on taxes, and then use the 35k from your HBP to invest in a house, but afterwards it is best to repay the RRSP as soon as possible.
I very much appreciate the quality of your videos. Keep it up.
You are absolutely correct !!! Thanks for the kind words!
Thank you Jacky for making this video. For people like me who have poor financial literacy. Your videos are the best way to educate ourselves. Keep making these kinds of videos. Cheers!!
Thank you for your kind words 😄 this is the reason i make these videos!
Thank you 🙏 you blew my mind and what you said makes perfect sense being explained the way you did
Thank you so much for all the info you are giving to us , I have been learning so much from you for the fist time in a real smart and simple way , I love your graphis how you teach us how to make it and the websites where to get the info.
Please continue doing this great work you are helping many people like me . God bless you and your family and give you a lot prosperity👑👑👑
Hi Jacky ,
Thanks for making this video . Could you please also make video regarding how much down % is good option ? 5% or 20 % ? which one is more beneficial in future as well .
Hey thanks for the kind words, yea absolutely will make a video on this!
@@JackyKuk Is it better to pay cash or do finance, if we have cash ?
Jacky 🎩 I just came across your channel for the purposes of a search on HBP. What a fantastic video ... one of the best out there I must say. Thank you so very much!
Hi
Thank you for your valuable videos
I have the following questions:
1. To whom Conditional Sold Document is submitted to?
2. What are the legal documents prepared by the buyer lawyer ?
3. To whom conditional Offer is submitted to?
4. To whom Commitment to Loan is submitted to?
Thanks and regards
Hi, all are submitted to your realtor and lawyer which will be communicated with opposite realtor/lawyer
@@JackyKuk thank you for your answer.
I want to know what are the legal documents prepared by the buyer lawyer?
Heres the best piece of advise any first time home buyer can get.
1) The realtor makes more money if you spend more, dont let them talk you into bidding it up
2) If it's a new home, it was built as fast as possible as cheap as possible
3) paying top price on a home from the 70s that has seen zero maintenance is an extremely bad idea.
4) If you had bougt a home 11 months ago (When you typed this comment) and you'd be even better off.
@@begley09 i own a home. My house is almost double what I paid in 18 months.
Prices are a gong show, were going to fvxk ourselves pretty hard here
@@donm2067 as someone trying to get in. Id like for it to happen but I don't see it. Every home I've put an offer in(fair market value offers not shooting for the stars), 10-20 other people do the same. Not only that, 1 person wins the bid which means those 19 other people are on to the next home.
People are going in with firm offers 100s over asking.
Cheap money, lots of demand with little supply. But sure let's keep bringing more people in!
@@begley09 there is a shit ton of supply, a metric shit ton
@@donm2067 excuse me?! What province are you living in? It's not Ontario if you think their is a shit ton supply of homes.
Super helpful video!
Thank you! Amazing video! Amazing information!
Can you talking many options for people to invest $1000 a month? Your example of 8% annual return is enticing but have never heard of that before so would love guidance or video on best forms of investment right now
Hey yea i can make a video on that, 8% is definitely very achievable with a solid plan
@@JackyKuk is the video out?? I need to know about 8% please
i watched couple of them other videos they talk to much and not providing value. this video is just awesome thanks for sharing.
This is so helpful! Thank you for your great explanations!
Thank you for the video! Clear, concise and useful!
I've tried an affordability calculator offered by the CMHC but I am yet to find one that: 1) translates the output (home price) into a maximum monthly payment towards the house, and 2) takes into account calculations for saving for retirement.
All the information about affording a house I've been able to find is limited to all expenses related to the mortgage payments, but it stops there. I really need to find how much to save, while paying a mortgage, to be able to retire at some point in good standing.
Any tips on resources on this topic would be truly appreciated. Thanks!
i recommend talking to a mortgage broker and fin advisor to setup a saving plan according to house budget
@@JackyKuk I can't find anywhere if there is a restriction on the amount to put into my RRSP. Can I put the whole deduction limit all at once. Do you know?
E.g., I have never put money into the RRSP; I have a deduction limit of 30,000; can I go ahead and put all the 30,000 today?
The answer is that I can put as much money as I want all at once as long as I do not pass the deduction limit (the 'tops' in my RRSP).
Thank you for posting this, great information!
thank for all information, you are amazing people
Thanks so much
This is very helpful! Thank you Jacky!
I’m just waiting for people to stop overvaluing houses here in Ontario so I buy a house. We’ve been pre approved for our first house but think buying privately may be our only option.
Very well explained. Thanks
What they dont tell you is you can't use the RRSP amount for the deposit. You must receive an acceptance of an offer to withdraw your RRSP contributions.
Thank you for sharing your valuable time. Great information!
Will definitely sub and like.The info graphics help get the point across for us not in the same line of business.
Thanks for all the information. U r doing amazing work 🙂
So informative and helpful!
Thanks for the info!
Love this video very informative ❤👍👍👍
Great video ! Thank you
Awesome video and a lot of great info 👌
Thank you for sharing
Just use a tfsa as a first time home buyer no? Thats what I'm doing
Great video!
this helps a lot... thanks
Thanks
Thanks!!
great video!
First time home buyer and born here?! Good fucking luck.
Love the video
If only listing pictures were representing the reality accurately. Photographs are like magicians : they can make a barn look like a palace. Always consider the house looks considerably less nice and smaller in reality, so you don't have a shock one on place.
Hey Jacky, Isn't it much easier to save money into savings account and when it is time move funds to chequing account and use for down payment ? RRSP is just a temporary relief and I feel RRSP is total trap as we will pay more taxes in future if not now.
using the RRSP will help you save the 35k faster; if you reinvest the tax return you get from it. Its a 0% loan to yourself. I would put in the 35K, stop, and continue to save in a TFSA.
Why just do not use TFSA to generate downpayment instead of RSP account?
tfsa is post tax, as far as i know
When you buy a house, for windows and doors, look at Dako company. They have affordable choice of good products.
What type of investment can one do on the side that will yield that much. Kindly share videos if you have
TFSA account always works as well. I dont know why these mortgage guys on youtube push the RRSP thing. I can technically put down 35k from TFSA as well and it will get the job done aswell. Doesnt matter. TFSA has less headaches down the road if not any at all with bullshit stipulations like what the rrsp entails.
Why not use both the TFSA and RRSP Home Buyer's Plan to make a larger down payment? Nobody is pushing people to only use the Home Buyer's Plan.
Thank you for the detailed video. After how long of starting RRSP do I qualify? I just started my RRSP last year with my job, do I qualify after a year? Do I qualify for the flat rate of $35k or only the amount I contributed?
You need rrsp stay there for 90 days after that you can use HBP to draw out assuming you qualify
Tip2 and 3
What jobs are paying $75,000.00/year/person in BC? Just curious cause my wife and I are looking to make more than $50,000.00/year combined.
actually a lot are in BC especially if you go near tech field, but you dont even need that which field you guys in?
@@JackyKuk currently my wife is working at saveon and she is looking to move to the marketing department since she finished school. I work from home and I make digital copies of historical and legal documents
great video. too bad most people in their early 20s have no financial literacy
Where can I get a 8% annual return on investment?
I have a question: I I being gifted a large su. Of money towards a downpayment...should I put that in an rrsp or tfsa before I utilize it when I buy my first home?
If you have high tax bracket rrsp and then take the $35k back out could be worthwhile. But check with mortgage broker to see if gift needs to stay in 1 place first
Hi Jacky! I am in the midst of applying mortgage for a first property but as an investment property. My broker told me I will not be able to use First-time-home-buyers program even if the first property is an income property. Is this true? I was hoping to purchase my own condo a few years later using RRSP FTHP. Thanks!
Yes that is true, however you could move in and designate it as prin prop, and later rent it out. Watch my recent video on RE mistakes and check out the tip “4 years rule” this may apply to you here
Can you also do this RRSP method if you want too purchase a condo?
Any first time home is ok, presale will need to be completed. You can check the actual “HBP RRSP withdrawal form” and go through the mini quiz to confirm
Who do you hire so someone can plan this for you?
Financial advisor with knowledge in this field would work, or mortgage broker if they good
Amazing video thanks for tips! I have a question, I am self employed and do not have 2 years of business income reported for taxs yet. I do have enough to put a down payment of 100k on a house but I believe I will need to go to a 3rd party lender or find a cosigner. In these circumstances can I still pull 35k from my RRSP?
yea
Did you end up pulling 35k form yoru RRSP towards a house or not? Did the HOme Buyers Plan worked for you?
I am quite hesitant to use it as it has quite a bit a caveats that no one seems to be able to answer it. Perhaps only people that have in fact used it...
@@fernandamejia-salazar Hey, no actually I didn't end up closing a property yet I ended up using my capital to invest elsewhere but am looking to purchase my first property this year.
Can we invest the 35k into RRSP now and then pull out the money in the same year to buy the house? Thanks!
yes make sure you got the room and it has to sit as rrsp for 90 days, consult bank or advisor for full detial
@@JackyKuk thanks for the quick reply!! 🙏
Hi
I have this question
Why does a buyer need a lawyer?
buyer lawyer takes care of mortgage usually and holds money in trust until everything is good to go, even without mortgage they are there as a 3rd party to ensure buyer / sellers are both protected by working with the other lawyer
Can I repay the borrowed money under FTHBI earlier? Considering 25 years have not passed and I don't want to sell my house but just want to clear up my loan amount under FTHBI.
Im sure you can if you like to
@@JackyKuk if I pay It all then does government take part ownership in sale price when I sell it?
If I buy a triplex (first purchase) and live in one unit while renting the other two, can I use the RRSP first time home buyer program?
For your unit only
@@JackyKuk if the triplex costs 500k, does that mean that the bank will estimate the cost of each individual unit and allow me to use the RRSP on one of them instead of the total cost of the triplex(500k)?
And I guess there's no difference since each unit will be over 125k and there's a maximum of 35k?
Hello Jacky! Please tell me, How much contributions should be in RRSP to withdraw $35000??
need to look at time line and expected growth you expect from investment, use financial calculator to find your PV
Hi Jacky, regarding the RRSP refill part for first time home buyers, as I repay the RRSP money I took out, those are NO longer tax sheltered right? However, if I invest that money in stock let's say, will the dividend and capital gain be tax sheltered?
You repay buy buying rrsp again and designate a portion to “HBP repayment”, those are still rrsp so still tax sheltered
@@JackyKuk so just to clarify, for example, my RRSP limit this year is 10K, then I withdraw it all via FTHB program, then let's say next year my limit is 10K again, if I repay 1k next year, so you mean to say it will be taken against my 10K limit next year? and I won't have an 11K total next year if in case I am able to fill all of those?
@@kennethsarita it does not change your contribution room. You have to have the contribution room for 35K in order to even invest it in the RRSP in the first place. SO lets say you have 40k contribution room this year. You have zero saved. Over the next 12 months, you put 35K in the RRSP. On month 13 you withdraw it all to purchase a home. Your contribution room will go up that year based on your income. The government will require you to pay at least 2400 per year for the HBP. You will get a letter. If you miss a year, that 2400 will be added to your income and be taxed at your marginal rate that same year.
So if I save over time and have been putting each amount that I have saved into my RRSP and I reached 25k. I can then take it out and use the first time home buyers plan. After I purchase the home, the government will require me to eventually be repaying the money back within 15 years? Does it matter how often I’m contributing the amount into the RRSP to get it back up too the 25k during those 15years? I can just deposit $100 each pay cheque into it or something like that?
Yea doesnt matter, just pay back 1/15 each year
@@JackyKuk oh okay so I would have to do 25,000 divided by 15 and = 1666 is the amount I’d have to pay each year !
Thanks for the tips Jacky. I'm slightly confused about how the couple get ~$9k for free. Where does it come from?
its the potential tax refund from buying rrsp which lowers your tax
yah my mind stops at saved 70k for a down payment.... jesus I cant even make that money
Just an example! Can do it with much less!
excuse my ignorance, but I dont get who they gonna have 89k, when they only have 70k in cash, tax refund will be received after filing taxes next year right, so basically they do not possess that amount until it happens is that correct?
They could if they put money in before march of this year they wiuld get refund in april
@@JackyKuk even if they put RESP lump sum 35k? or does it have to be monthly contribution?
Anything contributed before march 1 of this year can be used to write off last yrs tax. But keep in mind rrsp need to sit there for 90 days before withdrawing out for home
@@JackyKuk ok then it's not the case for newcomers with cash
🤯
8% return, can you suggest where is that?
mm, a balanced allocation should be able to achieve that especially previous couple years. Our clients are around that range with a balanced setup
8% annual return?! On which planet?
casino or 2 nd mortgage for private loan for Torontonians who buy million dollar hose lol
Lol.. $3,000+ a month income?? Also.. On which planet lol! I do love this channel, but they numbers often quoted are for an elite group. I'd like to see more videos aimed at the single people who are lucky to be just clearing 60G. I know many are lucky to clear $45G. Advice is out of touch for so many! Still, love the RRSP trick. Thank you.
Can we borrow more than 35k from RRSP?
No you cannot! Also first you need to put $35k in yourself, its not really borrow its more like taking your own money out. Anything more than $35k will be taxed at your current year salary
@@JackyKuk After reaching the $35k in RRSP, is it advisable to continue contributing to the RRSP? I enjoy the tax refund RRSP contribution provides as I use it to re-invest into my RRSP the following year to collect more dividends. I have a large contribution room and would like to plan for retirement security while also lowering my tax margin.
Or should I switch from contributing to my RRSP to TFSA to max it out. Since TFSA has a total $69,500 as of 2020, I’m hoping to reach it so I can combine TFSA amt $60k + $35k (RRSP’s HBP) to reduce mortgage. However, with TFSA (only CAD stocks) I won’t get a tax refund like RRSP... but at least would benefit from tax free dividends/capital gain (if any), correct?
Thanks in advance. =D It’s about time there’s a Canadian YTer who can provide advice to us. Too many USA YTer talking about 401k and tax laws that’s not applicable to Canadians.
What if you dont have contribution in RRSP?
Then you cannot use undortunately
Amazing video! Do you want to be my advisor? Lol
We take bc and ON clients only!
Great video!
Thank you so much