📈📚 As always, if you're a beginner to the Stock Market in Canada and you're looking for a step-by-step blueprint on how to get started... Find out more about our Investing Academy here - bit.ly/theinvestingacademy
Correct me if im wrong " if you withdraw money from rrsp account under hbp it is tax free ( wouldn't put you in high tax bracket) but by withdrawing you will lose your contribution limit "
hey you said the in the rrsp your contribution space is determined by the deposits not including the growth of the initial deposit so which other plans were you comparing to? Which account caps off your contribution limit INCLUDING the growth you make within the account?
Dude, honestly, your teaching style and clarity is amazing and I'm not one to compliment easy. Loving your channel. You should teach this in high school.
Literally my parents just spent 30 mins explaining this to me and I did not get it lolol. Stumbled upon your video and its helped so much! Fellow Canadian from Toronto 😊👏🏻
Fellow Canadian, and brand new to investing! I absolutely love your videos man. You make things so simple, and easy to understand. I have learned more about investing in the last 3 days than I have in my entire life. Thank you for the great content. Keep it up bud!
Great video! I’m 37 and I had no clue how this worked, was just a bunch of acronyms and numbers to me. I’m pissed they don’t teach this in school. The government probably wants to keep the general public knowledge low on this, have a higher “working poor workforce” There needs to be someone behind the counter asking me “would you like fries with that” when I retire early.
I need to say that this video is so helpful to me. I spent a few hours reading about RRSP and I didn't understand anything, I watched your video and it was such a light on the road :)
Also there is the Lifelong Learning Plan , used it to pay for Tuition (Masters) . You have 10yrs to pay back without affecting your contribution room. Great video
I can't agree more with those who mention that investing tools are life skills that should be taught in school. Appreciate your take on things. Simple to understand.
Please explain the following three 1) RRSP deduction limit for 2020, 2) Unused RRSP contributions previously reported and available to deduct for 2020 3) Available contribution room for 2020 In my notice of assessment they have following relation. Why minus? Available contribution room for 2020 = RRSP deduction limit for 2020 - Unused RRSP contributions previously reported and available to deduct for 2020 Thanks a lot!
Just arrived in Canada last year, Not even a permanent resident just yet and I am looking up to max out any of RSP or TFSA; whichever I can first. Great Video, Thanks!!
Great video for beginners! The only thing I would add is to speak to the marginal tax brackets and who should be doing RRSP. I'd rather have the lowest tax bracket income earners do TFSA before RRSP and vice versa for the higher income earners.
I really can’t say thank you enough for your simple explanation of these complicated topics. I w had people at my bank attempt to explain them, I just glaze over, I know they’re busy and want to move on to the next customer. Your simple explanations just hit me the right way to make me understand. Thank you VERY much.
Thank you so many for explaining that very clearly. I went to my bank and bank representative couldn't explain it to me. I am so glad I found your video
Very well explained. I finally understand it. My wife and I are our trying to purchase a home for the first time and we were trying to understand how to utilize the RRSP to help us. Thanks!
There is so much that parents did not know about taxes. I'm trying my best or learn and help them out. All they knew to do was work hard, but man tastes really got em
Thank you Brandon for teaching me about personal finance and wealth! Nobody taught me this growing up and education system is a scam so looking forward to learning more and making personal finance not so foreign!
Thank you for making videos like this. So many other videos on youtube never break things down for people who are absolute beginners to investing, and they speak in a way that only people who have been investing for a while will actually know. Your channel is definitely the best one I've come across for people looking to get started. Greatly appreciated!
They say the rich grow richer, but no one tells you how they planted the seed. Every rich person planted some kind of financial seed at some point and had no debt. Of course, the rich have MORE to start with but everyday millionaires are walking around more than you'd realize because of this simple stuff. Thanks for a great video!
Just wanted to say a BIG Thank You! Great content and now I understand some part of how the tax thing works in Canada and how I can plan things a little better!
Thanks so much for this. Because of this video, I'm no longer upset at my bank. I'm also happy to learn I can change my type of investment in the RRSP and the dividends won't screw up my contributions. This was incredibly liberating! Now I just wonder how to arrange it so I can wean my financial advisor off the commission teat. I wonder if I just have to move it to a less costly institution. Thanks so much for what you're sharing on TH-cam.
This is a really interesting, well explained video! Thanks for making it! RRSPs aren't really my thing, but it's still a good idea to understand how they work. Your video has triggered some memories of my Dad grumbling about how the government forced him to take more and more money out of his RRIF every year. He was definitely more of a saver than a spender. Could you make a TFSA video some time? There might not be as much to understand with them as there is with RRSPs, but it would be really cool to hear you explain them in this same clear style.
Just found out about your channel as I got myself into investments and I have learned a lot from your videos. Thanks for all that you do. You do an excellent job explaining so keep it up
Thank you! Great explanation. It's cool that you can do this with RRSP's, but honestly this deferral isn't that great since you lose a bit in inflation as well. The homebuyer credit is probably the best thing about it. ALSO DON'T FORGET!! Canada sees even a house you buy outside of Canada as your first home, so you lose this when you buy your first house ANYWHERE
Excellent video! I have one coming out tomorrow on RRSP as well... Great minds! Also FYI, Questrade is covering all transfer in fees for rrsp until end of March. With no minimum transfer amount required!
Thank you in a bigger scale we have generational cycle of financial expenditures/debts,loans because we were never taught except the rich and privilege..how .to invest right. we were groping to teach our kids..its good there is awareness globally now thanks to E commerce too.
Great coverage of RRSP and its benefits! Can you do a video on how to assess a company's worth, showing how to critically analyze if a company is worth the stock it's trading at? I'm sure a great deal of us would love to see that!
Thanks Hui! I've actually been planning a video like that for quite some time. I'll do what I can to get that out.. It's just a difficult one to put together.
Awesome information. Definitely a lot of bits that I missed out on during my initial research. The bit about work pensions cutting into contribution room is definitely something I'll need to consider. Subbed
Brandon, I'm planning to immigrant to Canada next year and your videos are really helping me to put my financial strategy on track! Thanks a lot for so great content. I'd suggest you to make a video about tax-free bank accounts. I already know there's some out there like tangerine and simplii but it'd be nice to know how they work or if it's worthy.
Great video. I think RRSP is still better then TFSA. First of all you don't have access(with some exceptions) to RRSP until you turn 65. The government helps you to keep the money instead to wast it. Another point is that you get your RRSP contributions back with the tax return. If you contribute the money again to the RRSP and that every year then you can increase the contribution amount every year until you have reached the contribution limit. After couple of years the you don't have to do any contribution anymore. There is no similar option at TFSA.
awesome video thanks, still a bit lost on how RRSP helps retirement as I opened mine following my bank adviser telling me my RRSP will grow (*10) and will give me a comfortable retirement plan.
Hi Dear. Quick Recap! When your income is $ 40.000'00 You are in the tax bracket of % 15,5 - So a contribution To Your RRSP of % 18 of your last year income will not Reduce your payable amount of Tax. If your income is above 46.000 Your tax Bracket is %20.5. And now your RRSP contribution of % 18 form your last year income will help to put you back at the %15.5 Tax Bracket. Best, Omar
Bro thank you so much this is such a well explained video! You know in Quebec, the governement of Quebec does us dirty with all them inflated taxes 🥲. On a serious note, you did an amazing job, can't wait to see more of your content 🥰
Ive recently found your videos and they have been awesome! Ive learned quite a bit as a new investors. But this Video literally had all the information I was looking for about some of the tax questions i had, that i had a hard time finding soo THANK YOU!!!
So glad I found your channel. I've been watching tones of videos on investing and such as I am getting myself out of consumer debt and have also started saving a lot more (in a TFSA and an Esavings account as well) and wanted to learn more about investing in Canada as I live in Toronto Canada. I knew a lot about the rrsp but there are quite a few points in here that I did not know! So thank you for straightening these things out for me! Will be checking out your other videos!
Hi Brandon Thanks for all the informative videos. I have couple of questions 1. What happens if our tfsa value by increased prices goes beyond our limit ? 2. Thinking about all the tax free money when you with draw, why would anyone want to pay taxes on all the cap gains at the time when they retire in rrsp?
You should have mentioned one of the disadvantages being that cap gains, dividends and interest are treated as ordinary income in an rrsp and are taxed at the same marginal rate rather than favourable rates outside an rrsp. You would pay less taxes on these gains if they werent in an rrsp because of our incentivized system
If the pot is combined with with RRSP and pensions, why would you just not put all contributions into your pension plan. Other than being able to withdraw from the RRSP, what is the other main benefit when thinking about retirement?
📈📚 As always, if you're a beginner to the Stock Market in Canada and you're looking for a step-by-step blueprint on how to get started... Find out more about our Investing Academy here - bit.ly/theinvestingacademy
Correct me if im wrong " if you withdraw money from rrsp account under hbp it is tax free ( wouldn't put you in high tax bracket) but by withdrawing you will lose your contribution limit "
@@HarjinderVlogs à
hey you said the in the rrsp your contribution space is determined by the deposits not including the growth of the initial deposit so which other plans were you comparing to? Which account caps off your contribution limit INCLUDING the growth you make within the account?
Can you please talk about RRSP - Mortgage Investment strategy?
Why this isn’t taught in high school is beyond me. I was 30 years old before I fully understood RRSP and TFSA accounts. Great video as usual!
It's pretty crazy to be honest... Thanks sir and I appreciate the ongoing support. Hope the fishings going well? Ice fishing? LOL
Same! Ughhh!
because school teaches us to be dependent, not independent
Sadly I'm older than that and I don't know. True story.
Because school is a scam. They basically teach you how to be an employee and spend unwisely.
Finally a Canadian Financial TH-camr that address all my investment concerns. Keep up all the great work!
✌🏻
Dude, honestly, your teaching style and clarity is amazing and I'm not one to compliment easy. Loving your channel. You should teach this in high school.
Thanks Kurt :)
Literally my parents just spent 30 mins explaining this to me and I did not get it lolol. Stumbled upon your video and its helped so much! Fellow Canadian from Toronto 😊👏🏻
Fellow Canadian, and brand new to investing! I absolutely love your videos man. You make things so simple, and easy to understand. I have learned more about investing in the last 3 days than I have in my entire life. Thank you for the great content. Keep it up bud!
Appreciate the comment Brandon :) That's awesome feedback to hear man.. You're very welcome and thanks for the support! eh! 😂
Great video! I’m 37 and I had no clue how this worked, was just a bunch of acronyms and numbers to me.
I’m pissed they don’t teach this in school. The government probably wants to keep the general public knowledge low on this, have a higher “working poor workforce”
There needs to be someone behind the counter asking me “would you like fries with that” when I retire early.
I agree its a good video but all I heard was blah blah blah, it still doesn't make sense.
@@breakwindfarms5583 to sum it all up in any easy way to understanding : THE GOVERNMENT WILL ALWAYS END UP TAXING YOUR MONEY IN THE END
I learned more from this 14min video than an entire semester worth of a tax course I had to take for my accounting program in uni
One big correction: the interest you gain in RRSP is tax free as long as it remains within the plan. Once you withdraw it, it will be taxed normally.
Rrsp is basically how the government and institutions trap your money in bank account for decades.
thank god i found this page back in january lol. opening up an rrsp just in time before i file my taxes :)
Thank you so much! 30 years old and just starting to learn all of this...really appreciate the help
I need to say that this video is so helpful to me. I spent a few hours reading about RRSP and I didn't understand anything, I watched your video and it was such a light on the road :)
Also there is the Lifelong Learning Plan , used it to pay for Tuition (Masters) . You have 10yrs to pay back without affecting your contribution room. Great video
Dude this is the best explanation of RRSP that I found in entire TH-cam 🔥
Im 16 and this channel helps me so far to understand about Taxes and Investments which isn't taught in school. Thanks man Keep it Up!
You are a gifted teacher. Excellently explained. This should be shown in schools!
It should be... haha thank you
I can't agree more with those who mention that investing tools are life skills that should be taught in school. Appreciate your take on things. Simple to understand.
Please explain the following three
1) RRSP deduction limit for 2020,
2) Unused RRSP contributions previously reported and available
to deduct for 2020
3) Available contribution room for 2020
In my notice of assessment they have following relation. Why minus?
Available contribution room for 2020 = RRSP deduction limit for 2020 - Unused RRSP contributions previously reported and available
to deduct for 2020
Thanks a lot!
You're so kind for offering this information for free! You're too good for this world. Thanks Brandon!!
It everything about money.. jeez this generation is just greedy
Just arrived in Canada last year, Not even a permanent resident just yet and I am looking up to max out any of RSP or TFSA; whichever I can first. Great Video, Thanks!!
Great video for beginners! The only thing I would add is to speak to the marginal tax brackets and who should be doing RRSP. I'd rather have the lowest tax bracket income earners do TFSA before RRSP and vice versa for the higher income earners.
Your RRSP presentation was very clear especially for beginners. Thank you so much.
Yeah do a tfsa version 🇨🇦✊
I really can’t say thank you enough for your simple explanation of these complicated topics. I w had people at my bank attempt to explain them, I just glaze over, I know they’re busy and want to move on to the next customer. Your simple explanations just hit me the right way to make me understand. Thank you VERY much.
Thank you so many for explaining that very clearly. I went to my bank and bank representative couldn't explain it to me. I am so glad I found your video
✌🏻😁
Very well explained. I finally understand it. My wife and I are our trying to purchase a home for the first time and we were trying to understand how to utilize the RRSP to help us. Thanks!
I was wondering why I never heard of this before, realized it was geared towards Canadians! Makes more sense now!
Hi Brandon very simple and ease explication about what is RRSP and how work when we we make Income Tax Return, good Job, thank you and Congratulation
Very useful, I just opened my RRSP and will contribute this year to save some cassssh
Smart! I'm looking to utilize mine more as well.
Compound interest in retirement accounts is amazing! Tax-advantaged accounts are really helpful
At 2%, it would take 36 yrs to double. Income based retirement accounts are not amazing.
I consider you my third parent; The one that actually teaches me about money and does leave me high and dry like the other two!
There is so much that parents did not know about taxes. I'm trying my best or learn and help them out. All they knew to do was work hard, but man tastes really got em
Thank you Brandon for teaching me about personal finance and wealth! Nobody taught me this growing up and education system is a scam so looking forward to learning more and making personal finance not so foreign!
straight forward info, quite helpful without promoting his own products through out the hole video. His TFSA is also very good
Thank you for this amazing and informative video. I always had trouble understanding the concept of RRSP, but not anymore! Thanks!
Every word and every second of this video is worth taking notes! Thank you for this great explanation!
Hi Brandon, you explain very easy to understand the RRSP, good Job, Congratulation, God bless you
Thank you for making videos like this. So many other videos on youtube never break things down for people who are absolute beginners to investing, and they speak in a way that only people who have been investing for a while will actually know. Your channel is definitely the best one I've come across for people looking to get started. Greatly appreciated!
Best Virtual financial advisor ❤️
you have RRSP in Canada. In the US, we have IRA, 401K, etc.
Bang on!
Phong Nguyen pension as well
They say the rich grow richer, but no one tells you how they planted the seed. Every rich person planted some kind of financial seed at some point and had no debt. Of course, the rich have MORE to start with but everyday millionaires are walking around more than you'd realize because of this simple stuff.
Thanks for a great video!
All great info. Your marketing is amazing. Great work on being above the crowd.
Just wanted to say a BIG Thank You! Great content and now I understand some part of how the tax thing works in Canada and how I can plan things a little better!
Thanks so much for this. Because of this video, I'm no longer upset at my bank. I'm also happy to learn I can change my type of investment in the RRSP and the dividends won't screw up my contributions. This was incredibly liberating!
Now I just wonder how to arrange it so I can wean my financial advisor off the commission teat. I wonder if I just have to move it to a less costly institution.
Thanks so much for what you're sharing on TH-cam.
Good stuff man. I'm in accounting/finance and know this stuff but sometimes knowing the specifics confuses me and this helps.
Thanks!
This was a perfect video. I understood it perfectly, and am now less ignorant to this.
Very helpful. I am hooked to this channel as someone who is keen to start investing.
This is a really interesting, well explained video! Thanks for making it!
RRSPs aren't really my thing, but it's still a good idea to understand how they work. Your video has triggered some memories of my Dad grumbling about how the government forced him to take more and more money out of his RRIF every year. He was definitely more of a saver than a spender.
Could you make a TFSA video some time? There might not be as much to understand with them as there is with RRSPs, but it would be really cool to hear you explain them in this same clear style.
Just found out about your channel as I got myself into investments and I have learned a lot from your videos. Thanks for all that you do. You do an excellent job explaining so keep it up
Thank you! Great explanation. It's cool that you can do this with RRSP's, but honestly this deferral isn't that great since you lose a bit in inflation as well. The homebuyer credit is probably the best thing about it. ALSO DON'T FORGET!! Canada sees even a house you buy outside of Canada as your first home, so you lose this when you buy your first house ANYWHERE
Right. Like all scams you got to read the tiny fine print at the bottom.
Excellent video! I have one coming out tomorrow on RRSP as well... Great minds! Also FYI, Questrade is covering all transfer in fees for rrsp until end of March. With no minimum transfer amount required!
Thank you in a bigger scale we have generational cycle of financial expenditures/debts,loans because we were never taught except the rich and privilege..how .to invest right.
we were groping to teach our kids..its good there is awareness globally now thanks to E commerce too.
So happy I found you on TH-cam. OMG, so clear. I loved this video. Thank you for sharing it with us
You are a smart young man, wished I had your insight into rasp’s years ago.
Great breakdown on the explanation of RRSP and TFSA for beginners
Great coverage of RRSP and its benefits! Can you do a video on how to assess a company's worth, showing how to critically analyze if a company is worth the stock it's trading at? I'm sure a great deal of us would love to see that!
Thanks Hui! I've actually been planning a video like that for quite some time. I'll do what I can to get that out.. It's just a difficult one to put together.
AMAZING, Thank you . I already knew 80 of what you said but, you just helped understand things to the fullest
You are great at explaining everything in laymen's terms.
i really like the way u explain and the content u speak. understandable
Awesome information. Definitely a lot of bits that I missed out on during my initial research. The bit about work pensions cutting into contribution room is definitely something I'll need to consider. Subbed
Brandon, I'm planning to immigrant to Canada next year and your videos are really helping me to put my financial strategy on track! Thanks a lot for so great content. I'd suggest you to make a video about tax-free bank accounts. I already know there's some out there like tangerine and simplii but it'd be nice to know how they work or if it's worthy.
That I will do! I've heard lots about the Tangerine options as well but haven't really looked into them. and... Pre-welcome to Canada :)
HBP limit increased last year. You can now borrow up to 35k which is great!
Is it borrow or withdraw? If I have $1000 in RRSP can I borrow $35000 for HBP?
Great video. I think RRSP is still better then TFSA. First of all you don't have access(with some exceptions) to RRSP until you turn 65. The government helps you to keep the money instead to wast it. Another point is that you get your RRSP contributions back with the tax return. If you contribute the money again to the RRSP and that every year then you can increase the contribution amount every year until you have reached the contribution limit. After couple of years the you don't have to do any contribution anymore. There is no similar option at TFSA.
Hi Brandon, can you PLEASE PLEASE PLEASE do a video on RDSPs (Registered Disability Savings Plan) ? Great video as always!
This is the most helpful and educational video for new comers like myself! Very well made 👍🏻
Dude..first of all, thank you so much. You explained very effectively.. great work Appreciate it !
Many thanks!! You help a lot. Especially for new in the country. I am Brazilian. That kind of account is completely different. Keep doing it.
jeez, soon, the best video i`ve seen. tnks
Gotchu!!!
your videos are very clear and easy to follow, great work.
Nicely explained.👌
I would like to see TFSA video as well.
awesome video thanks, still a bit lost on how RRSP helps retirement as I opened mine following my bank adviser telling me my RRSP will grow (*10) and will give me a comfortable retirement plan.
Hi Dear.
Quick Recap!
When your income is $ 40.000'00
You are in the tax bracket of % 15,5 - So a contribution To Your RRSP of % 18 of your last year income will not Reduce your payable amount of Tax.
If your income is above 46.000 Your tax Bracket is %20.5.
And now your RRSP contribution of % 18 form your last year income will help to put you back at the %15.5 Tax Bracket.
Best,
Omar
Right to the point and very informative. I hadn't realized the contributions were cumulative.
thanks Wolf! Yup :)
I dont need any info bout RRSP, but this was in my youtube recommended and I wanted to come in the comments and tell you that you hella cute.
Awesome thanks for sharing!
Bro thank you so much this is such a well explained video! You know in Quebec, the governement of Quebec does us dirty with all them inflated taxes 🥲. On a serious note, you did an amazing job, can't wait to see more of your content 🥰
Thank you i like your example. Do out more real life examples and scenarios
Great teaching style, very comprehensible. Thank you!!!
Hi Brandon, love your videos. Can you make a video on the difference between a RSP and RRSP? Thank you!
U are amazing person .. ive learn so much .
Wow I learned so much out of this video. Thank you!
HAaha awesome Justin! Cheers :)
Thanks for the info. I really appreciate it. I don't like how we have to put the funds back after using it to purchase a home.
Thank you Brandon! very informative! but will ask more questions along the ways!
Ive recently found your videos and they have been awesome! Ive learned quite a bit as a new investors. But this Video literally had all the information I was looking for about some of the tax questions i had, that i had a hard time finding soo THANK YOU!!!
thank you for breaking it down so nicely... all the best to you...
So glad I found your channel. I've been watching tones of videos on investing and such as I am getting myself out of consumer debt and have also started saving a lot more (in a TFSA and an Esavings account as well) and wanted to learn more about investing in Canada as I live in Toronto Canada. I knew a lot about the rrsp but there are quite a few points in here that I did not know! So thank you for straightening these things out for me! Will be checking out your other videos!
Keep it up with getting your finances in order! Puts you ahead of too many people out there. Thank you for the comment I’m glad you enjoyed :)
Hi Brandon
Thanks for all the informative videos.
I have couple of questions
1. What happens if our tfsa value by increased prices goes beyond our limit ?
2. Thinking about all the tax free money when you with draw, why would anyone want to pay taxes on all the cap gains at the time when they retire in rrsp?
Amazing. Thank you so much for this easy explanation😮
You should have mentioned one of the disadvantages being that cap gains, dividends and interest are treated as ordinary income in an rrsp and are taxed at the same marginal rate rather than favourable rates outside an rrsp. You would pay less taxes on these gains if they werent in an rrsp because of our incentivized system
amazing - thank you for the way you present this info!
Well if I have low income there is totally so sense for me to use rrsp. I hope I’ve made correct decision after watching this video
You explain things perfectly. Subscribed.
thank you so much! you explained this very well :)
Blessss! Give thanks for this lesson young blood 👊🏾👊🏾👊🏾
🙏🏻my man!
If the pot is combined with with RRSP and pensions, why would you just not put all contributions into your pension plan. Other than being able to withdraw from the RRSP, what is the other main benefit when thinking about retirement?
thank you! very clear explanation and straight forward. keep it up!
As always, great teaching.
When is the TFSA video coming out brother? By the way keep crushing it with the Canadian content. I need to start making some myself!
Thank you for being clear and easy to understand
Do you have any information on spousal RRSPs? Are they worth it? Are they being phased out? Should they be used?