th-cam.com/video/bKMNgnMBSdE/w-d-xo.html I just don't get it. Why would I defer since I would still contribute for the next year. So I would put the 1500 in the RRSP and still contribute during 2020. Even if I switch tax bracket, claiming now all the contribution is in my mind best because you'll still contribute in 2020 and those contributions will be applied to the next tax bracket.
@@olivierfrantz In that example, by waiting one year to claim that RRSP deduction in a higher tax bracket I earn an extra $500 from the SAME deduction. That's the benefit. Reducing your taxes is more beneficial when you are at a higher income, that's why a lot of the time it is a good idea to defer your deductions
@@CanadianTShirt I understand that since you'll be in a higher tax bracket, you'll get a bigger refund. But what about the money you put this year in your RRSP to claim it in 2021 ? You'll have to wait for 2022 to claim the refund if you want to reuse the same tax bracket. In the meantime you'll loose the opportunity to invest that refund.
I recently became a Permanent Resident and seriously, this is my first time understanding truly what RRSP and TFSA are. Your channel is such a gem. I wish I discovered your channel earlier but I still find myself very lucky as it's always better late than never :)
I would never have imagined that it is New Year's Eve and I am enjoying an RRSP video under Covid lockdown. Nice job. I have learned quite a bit on how the RRSP deduction calculation works.
I am a teacher who managed to make good rental property investments so the cycle of poverty did not continue in my family, but I never really understood these investments. You are a wonderful teacher, breaking down all concepts, making connections and empowering the average person with the ability to build wealth. And in a Canadian context! Thank you for this gift , especially to millennials, like my daughter, who are so discouraged now. Bless you 🌺🙏🏼
Excellent explanation on RRSP. I am slowly learning the ropes here. All your videos are very easy to understand and make a lot of sense. These videos are very good for someone new entering the investment zone. Thanks for taking the time to make the videos.
Your videos are hands down the most useful and engaging personal finance videos I've ever seen. never thought it was possible for me to binge on videos about these topics for 3-4 hours straight and not get bored but I'm thoroughly enjoying them!
Wow! Thanks Raymond! I really appreciate those kind words, that actually made my day! 🙏 And the fact that my videos are binge-worthy is the greatest compliment a TH-camr can receive! 😁
I'm 28yrs old and for the first time am thinking about saving and my financial future, and your videos have been a really great introduction for me. Thank you for breaking things down in such a clear and easy to understand way!
Great video once again, Adrian. Quick question, how do you divide your portfolio? For example, 1. How to decide what % of your portfolio should go to Growth vs Dividend stocks? 2. What % should go to ETF vs individual stock? 3. Considering, you have multiple ETFs, what % should go into each ETFs? Also, how much % should go into each individual stock?
For 15 years I have been asking people and no one gave me a better answer except bluntly don't invest in RRSP but when I asked why they would state u pay higher taxes when u withdraw. Your explanation with example are so easy to understand for any layman. Thank you.
And this is only chapter one of my RRSP Guide! I have 5 other dedicated RRSP videos so make sure you check them out, there are more rules to cover! th-cam.com/play/PLj8bU3AuW2qHOikk4VRpSDXCZTuH7eUhz.html
Will have to watch this one later as I’ve gotta sign off but I’ve given your channel quite a few hours today. Been learning a lot and its actually fun!
Thanks buddy! I see you've been quite busy in the comment section today! I really appreciate you binge-watching my videos and I hope you've found it useful! =)
OMG. I was thinking you quit. If you want to boost your channel at this period of time, make a video more often. Good stocks to invest, look at different stock deeper and so on. Anyway, happy you are alive. Nice video btw.
Hey Leo! I would LOVE to post videos more frequently but it has been crazy hectic the past two weeks.... Hopefully things settle down soon, I'm happy you're alive too! 😁
I pity anyone for whom English is a second language. Dude, you get 30 minutes of content into 20. No complaint here, though! Another excellent tutorial.
haha that's what I do! This is why I put the text overlays and I also manually write out English subtitles to help people follow along! If you'd like to slow the video down, hit the Settings (gear icon) and change the Playback Speed to 75%. I hope that helps! =)
Fantastic work. One comment you made: " RRSP grows faster than unregistered account" is only correct if you put your refund back into RRSP. If you spend it elsewhere there should be no difference between the two accounts. You give some of the best explanations on these concepts I have seen. Well done.
Thank you Gruff! I appreciate that! And you are correct, the best way to grow your RRSP is to put your refund back into an RRSP. That is the only way that an RRSP will beat a TFSA (assuming that your taxable income remains constant) I will be making a whole video comparing different scenarios of a dividend investment over the course of 30 years, comparing an RRSP, TFSA, non-registered and RRSP without reinvesting the refund =)
Thank you! That is quite a drive especially in long weekend traffic! I put a lot of visual text in my videos but I hope that the audio alone was able to convey the information! =)
It's been a very hectic week with work and I'm spending a lot of time going back and forth with TH-cam support on why my 5 videos are removed from Search (still no answers or insight which is frustrating...) I apologize for the delay but I am hoping to release part 2 on Sunday night or Monday afternoon =)
Soooo helpful! I have to sell my investment property next year and the capital gains on it are going to be staggering. Yes, I’m in a lucky situation but the tax bill will hurt…a lot. This video turned a light bulb on. I have a large unused rrsp contribution amount that I’m going to use next year to offset this one year of crazy income due to the sale. Thank you so much! You are an excellent teacher
Every time a watch your videos, I alwaays check what is in the shelves behind you and the pile of board games ahahah, love them all. Cheers, thanks for all the good information!
haha I LOVE it! Check out this old video back when I hit 10,000 subscribers. To celebrate, I gave you guys a bookshelf tour showing off all of my old video games and board games! 😁 th-cam.com/video/hgCxbdcRRqw/w-d-xo.html
BEAUTIFULLY EXECUTED!! People I know give RRSP's such a bad name but you've explained it amazingly! Thanks for this and looking forward to the second part! 🙏🏽🙌🏽
A while ago, I was looking for content like this. I'm not sure how I didn't come across your channel. I stopped looking, but one day I was interested in Questrade. I found your channel that way and was introduced to content that helped me understand how taxes worked and how RRSP works. I'm going to be following your channel now and will be watching your other videos. Thank you!
I've always been too lazy/intimidated by tackling investment/savings options. As i've grown, and i'm now seeing more disposable income in my bank account, I became emboldened and i finally got aboard the investing train. Your video is very helpful and enlightening, thanks for posting. ****yes, i've subbed to your channel, lol
As a new Canadian Permanent Resident, and considering lack of financial conversation and content surrounding Canadian finance, I can't thank you enough
I wish that someone had properly explained to me how tax deductions work within the tax brackets. Now I'm realizing how much of my money I've lost by always claiming the max amount of deductions during low incomes years like when I was in university. Ouch. No one to blame but myself however! Thanks for the terrific guide and explanations!!
I know what you mean and it's so frustrating that these fundamentals are not taught in high school.... It really is a waste to claim those deductions in your low income years but at least now you can plan out your tax deductions going forward! =)
@@CanadianTShirtWhat I learnt from your video on TFSA was incredible great. I was never told this from Financial advisors. I am actually looking at where can I transfer my Lira -series Bonds investments. Again thank you for great videos.
Thank you Ashley for those kind words and thank you for watching so many of my videos in the past few days! I hope you make it through my entire Canadian Tax playlist! =)
@@CanadianTShirt I think I’m going to make it through almost the whole playlist let alone the tax list 😂 Really appreciate all the information you are putting out, it’s so hard to find good resources on this for Canadians.
It's free money as long as you are smart about how you withdraw your RRSP money when you retire. If you built one million dollars in your RRSP by the time you retirement, do NOT withdraw that money all at once because then you will be taxed as if you earned a million dollars. You want to make small withdrawals every year to reduce the tax you'll pay. Check out my RRSP part 2 video to learn about how withdrawals are taxed =)
@@CanadianTShirt oh yes I did have the same question when I watched part 1 (funny, you responded to the same question lol). However, in part 2 you did explain how RRSP is taxed when you withdraw it. So I understood that it is wise that the maximum you can withdraw without imposing the most tax is the upper limit amount of the lowest tax bracket. Great stuff, my guy! I would go through all of your videos in the coming days. Keep up the great work! You have my subscription and likes! Edit: obvious grammar.
Beautiful work as usual... I think I'm going to have to re watch this one a couple times to let it all sink in. I'm very much looking forward to hearing part two on your recommendations for investments.
great video Adrian 👍, next time someone asks me about RRSP , I'll just get them to watch this video rather then trying to explain things myself, can you please do a video on turbo tax and simple tax 🍻
You got it! I'm curious to see how SimpleTax holds up. I'm so used to TurboTax but I've heard good things about SimpleTax. Thanks for sending people my way! 🙏
Yes it does! So let's say you contribute $4K into your RRSP and your company matches that $4K then you have used up $8K worth of contribution room, even though only $4K came from you! Keep this in mind and it's still an amazing deal! It's a guaranteed 100% return of your investment if your company offers matching =)
Hi, First of all thanks for bringing crisp and quality content, This channel is the best source to get information whenever I get stuck. I have a question for you"If I do options trading , can I put it under Business income, and what will you suggest a TFSA or a regular account for these transactions". Thx
Hi Amrish! Thank you for those kind words! I really appreciate that! =) I don't personally trade options so I don't want to be giving advice on something I don't have experience with but yes you can trade options in a TFSA. I would caution against option trading if you are a beginner, it is definitely more complicated and risky than regular equity. I hope that helps!
Thanks Adrian, got your point and insights.I want to start saving for house down payment (20%), so what will you suggest, Let the money grow in the bank, or purchase ETF's with it, till I get the 20%. Looking at the current market condition, and US elections later this year, will this be wise. Thanks for guiding !
They really are confusing. Great video, and especially useful to me as a student, when my income really does have a possibility of climbing two tax brackets within the next few years, or more likely, the next decade. I wasn't using it, but I will now, knowing I can defer.
@@CanadianTShirt If you could make a video on what US blue chips stocks and ETFs should I hold for life in my RRSP, similar one that you made for TFSA Canadian Stock and ETFs, would be very helpful. Hoping if you have plan for this. TIA.
@@md.mahmudhasan3507 I have covered some of my favourite US dividend stocks and ETFs so check out those videos! All of these stocks and ETFs I only hold in my RRSP to avoid the taxes =) th-cam.com/video/PegMsTfLYt4/w-d-xo.html
I would LOVE to make videos more often, it's just a lot to juggle right now with a full time job and everything.... But check out my last video on the best Canadian dividend stocks to buy in the current market crash / recession! =) th-cam.com/video/-isa56QZNQc/w-d-xo.html
Hi genius almighty youtuber. Did you ever do the How to file taxes in Canada? I couldn't find it. Awesome content by the way, so glad that I stumbled on your channel.
hahaha if you talk to me like that, it will go straight to my head! 😆 Unfortunately I didn't get the chance to finish the video and we already passed the tax deadline for this year so it would be a waste to release it now. But I will definitely release that video early next year at the start of tax season! And I will definitely do a review comparing TurboTax and SimpleTax as well! =)
Another super well explained video, thanks so much Adrian! So RRSP deductions can even make us fall into a lower tax bracket (depending on salary, contribution amount, prov/terr)? If I understand that correctly, it would be great to see an example of that in your table. I love your videos, so much content and always very clear and concise!
Thank you Chris for those kind words and you bet! Using an RRSP will reduce your taxable income so they absolutely can drop you into a lower tax bracket! That is incredibly powerful and can save you a TON of money if you plan it right! 😊
I do have more in-depth examples of that situation with the table in this video on RRSP on LOW INCOMES, check it out =) th-cam.com/video/Wm2nOmqOqCQ/w-d-xo.html
It's very similar to TurboTax. I made a step-by-step TurboTax tutorial a few years ago, the same steps will apply for SimpleTax =) th-cam.com/video/4RxkNa2VjtU/w-d-xo.html
I am going to install SimpleTax and play around with it this weekend! I'm aiming to get my TurboTax vs SimpleTax video out within the next two weeks =)
@@CanadianTShirt that's great , I'm hesitant maxing out my rrsp just because it will be "locked" until I'm retired . I'll use what I have in it toward the first time home buyers plan when time comes . And use it bit by bit in collateral with a non registered account.
Excellent video, as the previous ones!!! but I have 2 questions: 1) If I have a contribution room every year (18% of my last year's taxable income), I would better claim it each year for the deduction, no?? 2) Can we deduct our taxable income, contributing to both the TFSA and RRSA the same year?
Make sure you watch the end of the video, I talk about why you do NOT have to claim the full deduction every year since you might not be in a high tax bracket! It might save you considerable money if you carry forward that deduction to a future year when you are in a higher bracket!
And yes, you can and definitely SHOULD contribute to both your TFSA and RRSP every year but you can only deduct RRSP contributions, TFSA are NOT deductible!
Check out my CANADIAN TAX GUIDE 👇
th-cam.com/play/PLj8bU3AuW2qEA_ik7NOAIkBY02nt7KAPj.html
Learn EVERYTHING about investing with my MILLENNIAL INVESTING GUIDE 👇
th-cam.com/play/PLj8bU3AuW2qEVri8g-ErBL65ng98iAf5g.html
And check out my CANADIAN CREDIT CARD GUIDE 👇
th-cam.com/play/PLj8bU3AuW2qGixzriCuazZ1E5RznbhcFB.html
th-cam.com/video/bKMNgnMBSdE/w-d-xo.html
I just don't get it. Why would I defer since I would still contribute for the next year. So I would put the 1500 in the RRSP and still contribute during 2020. Even if I switch tax bracket, claiming now all the contribution is in my mind best because you'll still contribute in 2020 and those contributions will be applied to the next tax bracket.
@@olivierfrantz In that example, by waiting one year to claim that RRSP deduction in a higher tax bracket I earn an extra $500 from the SAME deduction. That's the benefit. Reducing your taxes is more beneficial when you are at a higher income, that's why a lot of the time it is a good idea to defer your deductions
@@CanadianTShirt I understand that since you'll be in a higher tax bracket, you'll get a bigger refund. But what about the money you put this year in your RRSP to claim it in 2021 ? You'll have to wait for 2022 to claim the refund if you want to reuse the same tax bracket. In the meantime you'll loose the opportunity to invest that refund.
I'm not religious, but you're doing God's work. Thanks for all your insight, it's clear and concise! Keep it up Adrian!!
Thank you Joshua. That sure is high praise! =)
🤣🤣🤣
I don't know if someone could explain things so clearly with all the details in such a comprehensible way. Exceptional work man!
Thanks so much Tarvinder! I really appreciate that and I'm glad you have found my videos so accessible! =)
I recently became a Permanent Resident and seriously, this is my first time understanding truly what RRSP and TFSA are. Your channel is such a gem. I wish I discovered your channel earlier but I still find myself very lucky as it's always better late than never :)
Thank you Yuni! I'm so glad you found me and that you've found my videos helpful! And congratulations on becoming a PR! 🇨🇦
Same here!
Thanks alot for this 'wealth' of information, Adrian!! ❤
Wow! Thank you so much for that generous gift! I've never received a $10 donation before!!! 🙏
I would never have imagined that it is New Year's Eve and I am enjoying an RRSP video under Covid lockdown. Nice job. I have learned quite a bit on how the RRSP deduction calculation works.
hahaha learning about financial literacy seems like a GREAT way to start off the new year on the right foot! =)
F"*k the C lockdown!
I am a teacher who managed to make good rental property investments so the cycle of poverty did not continue in my family, but I never really understood these investments. You are a wonderful teacher, breaking down all concepts, making connections and empowering the average person with the ability to build wealth. And in a Canadian context! Thank you for this gift , especially to millennials, like my daughter, who are so discouraged now. Bless you 🌺🙏🏼
Check out his you tube drip video...your daughter won't be discouraged
@@Chap17 rude
Excellent explanation on RRSP. I am slowly learning the ropes here. All your videos are very easy to understand and make a lot of sense. These videos are very good for someone new entering the investment zone. Thanks for taking the time to make the videos.
Thank you Archie for those kind words. I really appreciate that and I am glad I can help! 😁
Im33 years old learning about taxes and saving for the first time and it's fascinating! Your channel is a blessing!
Thank you so much! I'm so happy to hear that my videos have been helpful and that you think taxes are fascinating! 😁
Your videos are hands down the most useful and engaging personal finance videos I've ever seen. never thought it was possible for me to binge on videos about these topics for 3-4 hours straight and not get bored but I'm thoroughly enjoying them!
Wow! Thanks Raymond! I really appreciate those kind words, that actually made my day! 🙏
And the fact that my videos are binge-worthy is the greatest compliment a TH-camr can receive! 😁
@@CanadianTShirt you are very welcome! looking forward to seeing more of your content in 2021! 😁
I'm 28yrs old and for the first time am thinking about saving and my financial future, and your videos have been a really great introduction for me. Thank you for breaking things down in such a clear and easy to understand way!
That's what I love to hear and I'm so happy to hear that my videos have played a part in the start of your financial journey! =)
Dude, this video and the other ones in series are extremely useful, thank you!
Thank you Dmitry! I really appreciate that! =)
This guy is the best when it comes to explaining things in detail
Thank you Surya! I really appreciate that and I'm so glad that you're finding value in my videos! =)
The BEST content about RRSP!!! Thanks!
Thanks Suzy! Stay tuned for part 2! It should be ready by tomorrow! =)
I wish I’d found you and your videos 2 years ago. Invaluable information, thank you very much for your work.
Better late than never! Thanks Cheryl! I'm glad you found me and I'm so happy to hear that you are finding value in my videos! 😁
Great video once again, Adrian. Quick question, how do you divide your portfolio? For example,
1. How to decide what % of your portfolio should go to Growth vs Dividend stocks?
2. What % should go to ETF vs individual stock?
3. Considering, you have multiple ETFs, what % should go into each ETFs? Also, how much % should go into each individual stock?
For 15 years I have been asking people and no one gave me a better answer except bluntly don't invest in RRSP but when I asked why they would state u pay higher taxes when u withdraw. Your explanation with example are so easy to understand for any layman. Thank you.
Thank you for those kind words, I really appreciate that! 🙏
And this is only chapter one of my RRSP Guide! I have 5 other dedicated RRSP videos so make sure you check them out, there are more rules to cover!
th-cam.com/play/PLj8bU3AuW2qHOikk4VRpSDXCZTuH7eUhz.html
Will have to watch this one later as I’ve gotta sign off but I’ve given your channel quite a few hours today. Been learning a lot and its actually fun!
Thanks buddy! I see you've been quite busy in the comment section today! I really appreciate you binge-watching my videos and I hope you've found it useful! =)
OMG. I was thinking you quit. If you want to boost your channel at this period of time, make a video more often. Good stocks to invest, look at different stock deeper and so on. Anyway, happy you are alive. Nice video btw.
Hey Leo! I would LOVE to post videos more frequently but it has been crazy hectic the past two weeks.... Hopefully things settle down soon, I'm happy you're alive too! 😁
@@CanadianTShirt wish I had a man as worried about me as Leo is about you Adrian 😄
@@grazynawolska8160 hahaha that made my day! 😆
I can't believe how important the information in your videos is. Its mindblowing!!! THANK YOU!!!!
Thank you Nadav!!! It makes me happy to hear that these videos are providing you value! =)
Great video, thanks for sharing the info! Could you also discuss LIRA LRSP LIF LRIF, thanks!
You got it! Once I finish my RRSP series, I will talk about all of the tax-sheltered accounts including retirement accounts and RESPs =)
I pity anyone for whom English is a second language. Dude, you get 30 minutes of content into 20. No complaint here, though! Another excellent tutorial.
haha that's what I do! This is why I put the text overlays and I also manually write out English subtitles to help people follow along! If you'd like to slow the video down, hit the Settings (gear icon) and change the Playback Speed to 75%. I hope that helps! =)
THE PEOPLE WANT PART 2
And I will give the people what they want!!! 😆
@@CanadianTShirt The people want Part 3! (This is the content I crave.)
Fantastic work. One comment you made: " RRSP grows faster than unregistered account" is only correct if you put your refund back into RRSP. If you spend it elsewhere there should be no difference between the two accounts. You give some of the best explanations on these concepts I have seen. Well done.
Thank you Gruff! I appreciate that! And you are correct, the best way to grow your RRSP is to put your refund back into an RRSP. That is the only way that an RRSP will beat a TFSA (assuming that your taxable income remains constant) I will be making a whole video comparing different scenarios of a dividend investment over the course of 30 years, comparing an RRSP, TFSA, non-registered and RRSP without reinvesting the refund =)
Thanks for your hard work
Thank you! I hope this video is helpful! 😁
Came across your channel as I was driving today from Windsor to Toronto - you made the drive a treat! Thank you.
Thank you! That is quite a drive especially in long weekend traffic! I put a lot of visual text in my videos but I hope that the audio alone was able to convey the information! =)
@@CanadianTShirt Absolutely! Autoplay is great when you're listening to some amazing content! Subscribed! Cheers. :)
I've been waiting on Part 2 of this for a while now. When will be uploaded?
It's been a very hectic week with work and I'm spending a lot of time going back and forth with TH-cam support on why my 5 videos are removed from Search (still no answers or insight which is frustrating...) I apologize for the delay but I am hoping to release part 2 on Sunday night or Monday afternoon =)
Soooo helpful! I have to sell my investment property next year and the capital gains on it are going to be staggering. Yes, I’m in a lucky situation but the tax bill will hurt…a lot. This video turned a light bulb on. I have a large unused rrsp contribution amount that I’m going to use next year to offset this one year of crazy income due to the sale. Thank you so much! You are an excellent teacher
Thank you for such a great explanation.
We moved to Canada years ago and only now we understand things that we were clueless for so long.
Every time a watch your videos, I alwaays check what is in the shelves behind you and the pile of board games ahahah, love them all. Cheers, thanks for all the good information!
haha I LOVE it! Check out this old video back when I hit 10,000 subscribers. To celebrate, I gave you guys a bookshelf tour showing off all of my old video games and board games! 😁
th-cam.com/video/hgCxbdcRRqw/w-d-xo.html
@@CanadianTShirt I'll take a look on it! Thanks buddy =)
BEAUTIFULLY EXECUTED!! People I know give RRSP's such a bad name but you've explained it amazingly! Thanks for this and looking forward to the second part! 🙏🏽🙌🏽
Thank you! I really appreciate that! 🙏 part two should be coming very soon! =)
I've been trying to figure out my RRSP Contribution Room for months now. This video helped a lot. Thanks!
Thank you Sai! I'm happy to hear that my video was helpful! =)
Man, you are a great human being. Keep doing your great work. You have all my best wishes.
Thank you for those kind words! I really appreciate that! 🙏
this man is great. best resource for canadians
Thanks buddy! I'm really happy that you find so much value in my videos! =)
Your videos are so good and easy to understand they got me addicted to them. Fantastic job!
Thank you for those kind words! I'm happy to hear that my videos have been helpful and accessible! 🙏
A while ago, I was looking for content like this. I'm not sure how I didn't come across your channel. I stopped looking, but one day I was interested in Questrade. I found your channel that way and was introduced to content that helped me understand how taxes worked and how RRSP works. I'm going to be following your channel now and will be watching your other videos. Thank you!
I've always been too lazy/intimidated by tackling investment/savings options. As i've grown, and i'm now seeing more disposable income in my bank account, I became emboldened and i finally got aboard the investing train. Your video is very helpful and enlightening, thanks for posting. ****yes, i've subbed to your channel, lol
Thanks buddy! I'm happy to hear that my videos have been helpful on your investing journey!!! =)
This is all so confusing without this video thank you!! i’ve been investing in a retirement fund and i didn’t know all this lol!
I'm glad I could help! 😁
As a new Canadian Permanent Resident, and considering lack of financial conversation and content surrounding Canadian finance, I can't thank you enough
Thank you Yash for those kind words! 🙏 I really appreciate that and I'm happy to hear that my videos have been helpful! =)
Oh you're first 2-parter! What a cliffhanger; can't wait for part two.
Stay for the after credits ... 😅
I'm definitely learning a lot about investing in Canada from your channel. Keep up the videos, love them!
Thank you! I'm happy to hear that my videos have been helpful! =)
You are a really really good teacher. Keep up the good work. You are doing a great job.
Thank you so much for those kind words! That really means a lot to me! 🙏
Another great video Adrian! I just opened an rrsp today. Thank you so much. Stay safe and more power to you.
Thanks Lyka! Right back at you! 😁
11/10 Perfect explanation! It's so refreshing to watch your videos. They're so helpful & they're easy to follow for beginners like me :)
Wow! Thank you! I really appreciate those kind words and I'm so happy to hear that my videos are helpful and accessible as a beginner! 🙏
I wish that someone had properly explained to me how tax deductions work within the tax brackets. Now I'm realizing how much of my money I've lost by always claiming the max amount of deductions during low incomes years like when I was in university. Ouch. No one to blame but myself however!
Thanks for the terrific guide and explanations!!
I know what you mean and it's so frustrating that these fundamentals are not taught in high school.... It really is a waste to claim those deductions in your low income years but at least now you can plan out your tax deductions going forward! =)
Excellent explanation of RRSP. and got a good knowledge. Thank you very much for your effort. keep it up.
Thank you Pathma! I'm glad it was useful! =)
I always refer back to this video to refresh myself on the topic....Thank you Adrian !
Thank you George! I really appreciate that! I'm glad you found it so helpful! =)
Just started viewing your videos...Fabulously done!
Thank you Giselle! I appreciate the support and welcome to the channel! 😁
@@CanadianTShirtWhat I learnt from your video on TFSA was incredible great. I was never told this from Financial advisors. I am actually looking at where can I transfer my Lira -series Bonds investments. Again thank you for great videos.
Thank you! What a great job you are doing! Canadian taxes were always an area I hesitated to get into.
Thank you Jungho! I'm happy to hear my videos have been helpful especially for demystifying taxes! =)
Excellent explanation of RRSP. Thank you.
I'm glad it was helpful! Thanks Sandy! =)
Great video to find as I try to do my 2020 taxes.... a couple months past the deadline. Incredibly helpful - Thank you!
Absolutely! Make sure you get them done as soon as possible! And check out my How to File Taxes Tutorial! =)
th-cam.com/video/4RxkNa2VjtU/w-d-xo.html
New comer to your TH-cam channel from India..I am a student...your videos are very useful..thank you!!
Thank you Gautham! I'm happy to hear my videos are helpful and I'm amazed that you found my videos all the way from India! 😁
You are always a wealth of information. Thank you for providing so much information in a short period of time. 🙏
Thank you Ashley for those kind words and thank you for watching so many of my videos in the past few days! I hope you make it through my entire Canadian Tax playlist! =)
@@CanadianTShirt I think I’m going to make it through almost the whole playlist let alone the tax list 😂 Really appreciate all the information you are putting out, it’s so hard to find good resources on this for Canadians.
Thats free money. Literally. Thanks, my guy!
It's free money as long as you are smart about how you withdraw your RRSP money when you retire. If you built one million dollars in your RRSP by the time you retirement, do NOT withdraw that money all at once because then you will be taxed as if you earned a million dollars. You want to make small withdrawals every year to reduce the tax you'll pay. Check out my RRSP part 2 video to learn about how withdrawals are taxed =)
@@CanadianTShirt oh yes I did have the same question when I watched part 1 (funny, you responded to the same question lol). However, in part 2 you did explain how RRSP is taxed when you withdraw it. So I understood that it is wise that the maximum you can withdraw without imposing the most tax is the upper limit amount of the lowest tax bracket. Great stuff, my guy! I would go through all of your videos in the coming days. Keep up the great work! You have my subscription and likes!
Edit: obvious grammar.
Good Job Adrian. Yet another well done video! Keep it up. Just posted 7 minutes ago with over 10 likes already!!!!
Thanks Andre! I hope it was helpful! =)
Thank you so much!! This explains RRSP so flawlessly !!
Thank you George! I'm happy to hear this video was so helpful! Make sure you watch part 2 as well! There is a ton to talk about with the RRSP =)
Loved this and how there's no bullshit. Youre thorough and to the point!
Thanks Kiaira! That's what I try to do! I hate the idea of wasting anyone's time! =)
Love how u dumb it down to an engineer. Much respect love ya
That's what I try to do Ady! I'm glad I was able to help a fellow engineer! 😉
Oh man waited so long for your video!!
I hope it was worth the wait! 😅
Well done my friend really appreciated.
Hopefully, the tax video will come before the tax year ends though.
I'm going to be focusing really hard on these tax videos in the next few weeks so they should come out soon! =)
Beautiful work as usual... I think I'm going to have to re watch this one a couple times to let it all sink in. I'm very much looking forward to hearing part two on your recommendations for investments.
Thank you Brad! I just added in the subtitles too so hopefully that helps it sink in! =)
Great video my friend!!! Very impressive how you are able to explain everything. Thank you
Thanks buddy! I'm happy to hear that my videos are helpful! =)
Best explanation video on RRSP.
Thank you so much for those kind words! I appreciate that! 🙏
Very well explained !
Thank you Debraj! I'm glad that was helpful! =)
You're such a great educator. I really appreciate your videos
Thank you Kris! I really appreciate that and I'm glad to hear that my videos are helpful and digestible! 😁
great video Adrian 👍, next time someone asks me about RRSP , I'll just get them to watch this video rather then trying to explain things myself, can you please do a video on turbo tax and simple tax 🍻
You got it! I'm curious to see how SimpleTax holds up. I'm so used to TurboTax but I've heard good things about SimpleTax. Thanks for sending people my way! 🙏
Does my company matched RPP contribution eat from my RRSP contribution room? Amazing job explaining this and thank you for sharing your knowledge.
Yes it does! So let's say you contribute $4K into your RRSP and your company matches that $4K then you have used up $8K worth of contribution room, even though only $4K came from you! Keep this in mind and it's still an amazing deal! It's a guaranteed 100% return of your investment if your company offers matching =)
Thanks for the great guide, have a comment to help grow the channel
Thank you! I'm happy you found value in the video and thank you for supporting my channel! =)
another awesome informative video for our fellow Canadians, Thank you!
Thanks Joel as always! =)
Hi, First of all thanks for bringing crisp and quality content, This channel is the best source to get information whenever I get stuck. I have a question for you"If I do options trading , can I put it under Business income, and what will you suggest a TFSA or a regular account for these transactions". Thx
Hi Amrish! Thank you for those kind words! I really appreciate that! =)
I don't personally trade options so I don't want to be giving advice on something I don't have experience with but yes you can trade options in a TFSA. I would caution against option trading if you are a beginner, it is definitely more complicated and risky than regular equity. I hope that helps!
Thanks Adrian, got your point and insights.I want to start saving for house down payment (20%), so what will you suggest, Let the money grow in the bank, or purchase ETF's with it, till I get the 20%. Looking at the current market condition, and US elections later this year, will this be wise. Thanks for guiding !
Great video! Thank you! Hope you could get the tax-filing walk-through with TurboTax video out before next tax season!!!
You got it Bowen! I will probably be making a TurboTax tutorial sometime in February =)
Good work! thank you for your free information! take care
Thanks Alan! I'm happy to help! =)
@@CanadianTShirtwhat did you study in the university???
@@alanrubio4523 I studied Mathematical Physics and Bioinformatics. I've always been a huge nerd haha 🤓
They really are confusing. Great video, and especially useful to me as a student, when my income really does have a possibility of climbing two tax brackets within the next few years, or more likely, the next decade. I wasn't using it, but I will now, knowing I can defer.
Great vid, very thorough explanation. Cleared up some confusion I had about it, much appreciated!!
Thanks Owen for those kind words, I'm glad I could help! =)
As always great information. Thanks. Still waiting for the RRSP investment video though.
I have a bunch of RRSP videos coming up! Check out my RRSP MISTAKES video for more investing advice! =)
th-cam.com/video/I8k95_R_L_Q/w-d-xo.html
@@CanadianTShirt If you could make a video on what US blue chips stocks and ETFs should I hold for life in my RRSP, similar one that you made for TFSA Canadian Stock and ETFs, would be very helpful. Hoping if you have plan for this. TIA.
@@md.mahmudhasan3507 I have covered some of my favourite US dividend stocks and ETFs so check out those videos! All of these stocks and ETFs I only hold in my RRSP to avoid the taxes =)
th-cam.com/video/PegMsTfLYt4/w-d-xo.html
I hope youre doing well. I just found out your channel and I like how you explain things. Going for part 2 now.
Thank you Poke Chaze! Welcome to the channel and I hope you're finding it helpful! Stay tuned for part 3 coming soon! =)
Can you do a guide on what to invest in RRSP like the TFSA series? Thanks for all the info, greatly helpful!!
I cover that in the RRSP Part 2 video! =)
th-cam.com/video/gcYlQl6hF6w/w-d-xo.html
Love your videos!! Please do some videos on the current market situation! And make videos more often! Thanks
I would LOVE to make videos more often, it's just a lot to juggle right now with a full time job and everything.... But check out my last video on the best Canadian dividend stocks to buy in the current market crash / recession! =)
th-cam.com/video/-isa56QZNQc/w-d-xo.html
You are an investment beast. Thank you for solid content.
haha thanks Judith! That definitely made my day! 😁
Your channel is very useful. Thank you for the effort.
Thank you Karim! I'm so happy to hear that my videos are helpful! =)
wow thanks for such an in-depth explanation, that was greatly helpful!
Thanks Melissa! I'm really glad that this video was helpful and provided value! =)
Hi Adrian!
Please shed some light on first time home buyer plan in ur next video on RRSP.
Also, looking forward to ur video on filing taxes..
Of course! I will go over all of the withdrawal rules, ESPECIALLY the Home Buyers Plan! =)
Great! thanks a ton.. Can't wait for the video..
I wish I could grow my wealth as fast as you speak lol, awesome job man
haha you and me both bro! =)
Hi genius almighty youtuber. Did you ever do the How to file taxes in Canada? I couldn't find it. Awesome content by the way, so glad that I stumbled on your channel.
hahaha if you talk to me like that, it will go straight to my head! 😆 Unfortunately I didn't get the chance to finish the video and we already passed the tax deadline for this year so it would be a waste to release it now. But I will definitely release that video early next year at the start of tax season! And I will definitely do a review comparing TurboTax and SimpleTax as well! =)
@@CanadianTShirt We are waiting for that video :p
Another super well explained video, thanks so much Adrian! So RRSP deductions can even make us fall into a lower tax bracket (depending on salary, contribution amount, prov/terr)? If I understand that correctly, it would be great to see an example of that in your table. I love your videos, so much content and always very clear and concise!
Thank you Chris for those kind words and you bet! Using an RRSP will reduce your taxable income so they absolutely can drop you into a lower tax bracket! That is incredibly powerful and can save you a TON of money if you plan it right! 😊
I do have more in-depth examples of that situation with the table in this video on RRSP on LOW INCOMES, check it out =)
th-cam.com/video/Wm2nOmqOqCQ/w-d-xo.html
Very detailed. Am learning a lot. Thank you. More videos please!!
I'm glad I could help! =)
Awesome 👏 I find your video at the right time! Thanks a lot
That's what I love to hear! Make sure you check out my RRSP Part 2 video as well! =)
th-cam.com/video/gcYlQl6hF6w/w-d-xo.html
Best information provider. Love this dude❤️
Thanks
Wow thanks buddy! Right back at you! ♥️
Awesome new vid, can't wait for more!
Thanks buddy! I appreciate that! =)
Thanks man, really appreciate the time and the effort you put in your videos
Thanks man! I really appreciate that and it makes me proud to hear that these videos are helpful to so many people! =)
I would love to hear your thought of simple tax
It's very similar to TurboTax. I made a step-by-step TurboTax tutorial a few years ago, the same steps will apply for SimpleTax =)
th-cam.com/video/4RxkNa2VjtU/w-d-xo.html
Great job Edwin. Just joined your channel
Thank you for supporting my channel! I really appreciate it and I hope you find value in my members-only videos! 🙏
By the way, my name is Adrian 🙂
@@CanadianTShirt :) Thanks noted. Don't have words to explain your crystal-clear videos. You deserve more subscribers.
Dude keep it up, your videos are very helpful!
Thanks Kenneth! That's what I love to hear! 😁
Recent Subscriber! Amazing Amazing Amazing work!
Thanks buddy! And welcome to the channel! =)
Great video! Also, waiting for that tax service comparison video whenever you can :-)
I am going to install SimpleTax and play around with it this weekend! I'm aiming to get my TurboTax vs SimpleTax video out within the next two weeks =)
@@CanadianTShirt Perfect! You are doing us all a great service :-)
You should make a video why people use non registered accounts over an rrsp . And the benefits of non registered and cons
Absolutely! I will be making a whole video on investing in a non-registered (Margin) account so stay tuned for that! =)
@@CanadianTShirt that's great , I'm hesitant maxing out my rrsp just because it will be "locked" until I'm retired . I'll use what I have in it toward the first time home buyers plan when time comes . And use it bit by bit in collateral with a non registered account.
Thank you Sir..
wow watched all your vids and cant wait for more, subed/ liked/ passed along you re channel to others, thank you.
Thank you Rob! That's awesome and it really helps me out! 🙏
Excellent video, as the previous ones!!! but I have 2 questions:
1) If I have a contribution room every year (18% of my last year's taxable income), I would better claim it each year for the deduction, no??
2) Can we deduct our taxable income, contributing to both the TFSA and RRSA the same year?
Make sure you watch the end of the video, I talk about why you do NOT have to claim the full deduction every year since you might not be in a high tax bracket! It might save you considerable money if you carry forward that deduction to a future year when you are in a higher bracket!
And yes, you can and definitely SHOULD contribute to both your TFSA and RRSP every year but you can only deduct RRSP contributions, TFSA are NOT deductible!
I love your videos - Keep up the great work, you're a great teacher!
Thank you Camilo! I appreciate that! =)