Here are the most important TAX videos to watch after this one! 👇 2025 Tax CHANGES - th-cam.com/video/lQ9k_0SnYKE/w-d-xo.html CPP Changes in Canada - th-cam.com/video/rICT8RpVKS8/w-d-xo.html Capital Gains Tax Increase - th-cam.com/video/qq8YndVACV4/w-d-xo.html TFSA vs RRSP vs FHSA vs RESP - th-cam.com/video/11y_oV3jOU4/w-d-xo.html Year-End Tax Tips - th-cam.com/video/xLXup5L-S2Q/w-d-xo.html Pay Stub Explained - th-cam.com/video/uFg3tDxmqiE/w-d-xo.html
Absolutely you can transfer a stock BETWEEN accounts, to save on future taxes. Just be aware of certain tax implications during the transfer. I have a whole video breaking this down =) th-cam.com/video/WBqJaAFYcRQ/w-d-xo.html
What a guy! During that time of year when we overspend, Adrian sends us reminders on what to do so we make the most of our investments for the next year. The only financial channel I recommend. All the best to you and yours.
You can also open an RESP for yourself as an adult and not for a kid. If your RRSP, TFSA, FHSA are maxed out, it might be a good idea to open an RESP for yourself as an adult and max it out with 50k in it. All the gains are taxed exempted, leave it open for minimum 10 years, then transfer the gains to an RRSP and withdraw the initial 50k capital tax free. :)
@@damonstrembiski2409No, you won't bc you transfer to an eligible registered saving plan. Max contribution is $50K + you get $500 of CLB from the Government under your RESP in the first year. Check it out with your local bank investment advisor.
If you are living in it, then no. If you are paying rent where you live for the past 5 years, then yes! I cover my situation in this short here =) th-cam.com/users/shortsrJNlmQoqH7E
5:05 thanks for this tip just sold all my equity in TFSA since I’m going through a rough patch financially. Hopefully things are better in 2025! Happy Holidays!
Thanks Adrian. I always look forward to your videos. Your videos help me look like a financial genius when I lecture my teenage niece and nephew about their futures.
I'm happy you confirmed literally exactly what I did last week. Took 81k out of my TFSA for a cash down. I will also put another 8k in my FHSA on Jan 1st. When I get all my income papers from work I will max out my RRSP. Massive tax savings this year.
@CinHalCedHerChance Cash Down for a house. I am planning on buying a house in 2025. By withdrawing cash from my TFSA before the end of the year, I will regain the same amount that was withdrawn as contribution room in 2025 plus the 7k that will be added. With the cash that I will withdraw from my TFSA, I will take 8k from it to invest into my FHSA account, which is tax deductible. I will also contribute the maximum amount I am allowed to, into my RRSP, which is also tax deductible, if done before March 3rd. The bottom line is, I will be taking cash that I already have in my TFSA and put it in my RRSP and FHSA to get massive tax deductions.
@@deedahdare1025 I feel so uneducated suddenly, I didn't know what an RRIF was when I read your comment...had to google it. What benefit do you see in having your RRSP in a RRIF? (Just curious because I'm no expert in something I googled about for 5 minutes :))
You don't need to worry about it for now! A RRIF is what you convert your RRSP into once you actually retire, usually at 65 but required at 71. I cover it in this RRSP Withdrawal video here =) th-cam.com/video/gcYlQl6hF6w/w-d-xo.html
Might be useful to mention that one other advantage of doing a TFSA withdrawal in december is to avoid the 'transfer-out' fee that many financial institutions charge to directly transfer the TFSA property to another FI
Absolutely! I have a whole video tutorial on how to TRANSFER your TFSA from a bank or brokerage into another TFSA like Questrade and how to avoid that fee =) th-cam.com/video/Bf1zufNlQSk/w-d-xo.html
Great video! Also, unlike an RRSP, contributions to your FHSA in the first 60 days of 2025 will NOT count toward a tax deduction for 2024. You can only deduct 2025 contributions in 2025's tax return.
"Love your content! Your videos are super informative and inspiring for anyone looking to build wealth and take control of their finances. Quick question: could you share some insights or tips on navigating health or life insurance? Would love your take on that!"
Personally I don't have any need for life insurance. I don't have kids or a family depending on me. but if you do, then it can certainly give you peace of mind!
Thanks for the great tips Adrian. I’ve followed you for years and thanks to a video I’d seen quite a while ago, I was able to understand and utilize a tax break tactic (tax loss harvesting In my non registered account to offset a gain. All the best in 2025.
Hi Adrian, thanks for another informative year end video. Just wanted to wish you a happy holiday and happy new year as well. Take care, see you in 2025!🎉
Can you make a video explaining line of credit and what are some of the best ones in Canada, please? I tried to find it in your playlist if you already made it but couldn’t find it.
That's not something I go for. I just want to invest in profitable companies across various sectors, and I prefer to invest directly in those stocks (or broad ETFs)
Thank you for these reminders Adrian, extremely grateful for all the time and effort you put into your videos - they help out so many folks! I just have a deep appreciation for this space that you have created for us. I cannot wait to continue learning on this personal finance journey! Happy holidays to you and your family! See you in the new year :D PS: I understand that you have been very busy but I had a quick question about short-term investing after watching your video on the topic. Would it be okay if I posted the question here? I do not want to inundate you with a lot of questions at the end of the year either haha so please let me know and if you don't see this then no worries at all! I will just revisit it in the future whenever I get another chance :)
Here's the short version: if you've never bought a home, then you can open one. But if you own a rental property and you do NOT own the home you live in, then you can still be eligible! Watch the video above for the important eligibility rules =)
It's up to YOU to keep track of your available room at all times. So record every contribution and withdrawal. Watch my last video here to see your total TFSA room based on your age: th-cam.com/video/lQ9k_0SnYKE/w-d-xo.html
Thanks! I was too scared to contribute this year's FHSA because CRA websites says "Your 2024 FHSA participation room cannot be displayed at this time." But apparently this is same for everyone?
Don't stress about the CRA limits, those numbers are NOT live. In fact they are only updates ONCE per year in March (because they only receive the tax slips from the banks and brokers once a year in February)
It's up to YOU to keep track of your own contribution limits for all the accounts. Don't rely on the CRA website, it's only good to "double check" your numbers in March. The rest of the year, it's your responsibility =)
Hey @CanadianTShirt. I follow your videos regularly. Could you please something? Which type of account should I put my money now and take it out on January to lower my taxable income now and pay off my car loan in 2025?
None of them! The only account which offers that level of flexibility (putting money in and taking it out) is the TFSA however the TFSA does NOT reduce your taxable income!
If you have a short term money goal like paying off your car loan in a few months, watch this video here on SHORT TERM INVESTING =) th-cam.com/video/8o05hFWHwQQ/w-d-xo.html
Despite knowing that unused TFSA room from previous years rolls over into future years, there's a mental block when you see an annual limit (e.g. 7000 in 2024). I have a TON of unused room from 2022 and 2023 that I can still afford to invest despite hitting 7000 in investments this year. But that irrational paranoia of fines persist, lol!! edit: Clarity.
I promise you, if you have $50K worth of TFSA room, you can contribute $50K all at once this year. The $7000 annual limit is just the NEW room that we all get! =)
I'm so happy to hear that! I definitely suggest this video, going over each of the accounts and which one to prioritize first: TFSA vs RRSP vs FHSA vs RESP etc =) th-cam.com/video/11y_oV3jOU4/w-d-xo.html
Hello, Hope you're doing well! I just had a question for you about TFSA vs RRSP, which I’ve been struggling with for a long time. I currently have a TFSA & I’ve used up $23, 000 of my $54, 000 contribution limit. In this account, I invested in US Stocks & ETFs, such as VOO & AAPL, as well as Canadian stocks & ETFs. I later learned about the 15% withholding tax and realized these US ETFs/stocks would be better off in an RRSP. I do not have an RRSP yet & I’m wondering if you think it’s a better idea for me to open an RRSP or max out my TFSA at this time. I feel like this question is very important, as it’s the end of the year & I know I can transfer my US dividend-paying stocks/etfs from my TFSA to RRSP and I can get back my contribution room in 2025. What do you think? Thank you so much for your help in advance. (Yearly income this year: approx 70k. Next year estimated income: 92K. Financial Goals: Long-term financial freedom for retirement)
Merry Christmas and Happy New Year Adrian! Thanks for the great reminder! Also not sure if you’ve covered this already in another video but I am quite curious about the transfer of the rrsp into fhsa, and whether that transfer has the same rule of needing to be paid back in a certain amount of years, in all the articles I’ve read about this the question isn’t really answered so wondering if you’ve come across the answer
My taxes are gonna be so messed up in the new year, i am off work from surgery and didn't have enough saved and not getting enough from short term disability so went into my rrsp and tsfa accounts 🤦♂️🤦♂️ gonna have my work cut out for me in the new year
Ouch... that is a complicated situation... still you can probably handle it yourself with TurboTax or SimpleTax etc. But if you want specialized help, it might be worth to pay for it
Anyone who is eligible for or have children eligible for the Disability tax credit I highly recommend opening up a RDSP. You contribute $1500 annually you get $3500 in grants annually. Been contributing to my daughter's RDSP for less then 2 years and it's already over $10K with over 70% of that coming by government grants
@ndydo1758 it's meant to act as a regular pension. Deposits are not tax deductible but withdrawals are tax free and they don't impact any benefits they might reveieve through the government just because they have a well funded RDSP. The restrictions are you have to wait 10 years after the government deposits a grant to withdraw the money from that grant. They also only do the grants for 10 years but you can contribute unused amounts from previous years. Essentially if you contribute for 10 years and let it sit for 10 years after that you will have no restrictions on withdrawing the money. There are age restrictions to I should add. You can't open an RDSP if the beneficiary is over 59 and you need to be less than 49 to be able to receive all possible benefits
Taxes are importance,benefits are not important to life.we don’t means less,loved ones only ❤Canada 🎉❤just like heartedly and warmly for Canada development devotion ❤Canada ❤🎉❤❤❤❤❤❤❤❤ and motherhood and motherland love and respect for our own ❤Canada ❤
Nobody talks about the consequences of over contributing on your TFSA. I learned that the hard way: CRA charges ridiculous interests when you do 🤦🏻♂️ I had to pay like $22K in interests alone…
Oh I talk about it all the time in my videos! I have a whole chapter dedicated to this in my TFSA MISTAKES video here: th-cam.com/video/s4cBibLATOU/w-d-xo.html
Are you asking what is my total savings + investment portfolio worth? I recently made a video all about my net worth (investments + real estate) The video is all about how I built long term WEALTH without a big income! =) th-cam.com/video/GVgnGK8juas/w-d-xo.html
Now we have more competition with super beginner focused apps like WS but to be honest, a $250 min deposit is WAY better than what we had back when I started investing! 😅
Great video, Adrian! I fund my kids RESPs via Questrade, I was told that I should fund it in Jan so I can give my money the entire year to grow. For example, I fund 5,000 for my both kids in Jan and the government will add their contribution on top of that at some point (500 each). My investment can start growing throughout the year starting in Jan for that current year, instead of Dec. Any thoughts?
The best case is this: contribute $2,500 for each child every year to get that $500 max grant. If you have $5000 right now, I would put in $2500 into both RESPs to lock in the $500 of grants for 2024
Then in January, it's a new year so new grants. Now you can put in another $2500 for each child to once again max out those $500 of grants! There's no benefit of waiting until January. I hope that helps! =)
Perfect. I’ll continue to contribute in Jan of each year. I already put in 2500 for each child in 2024. That means I have to wait for 2025 to add the next 2,500 per child. So I’ll always add it in Jan then. Thanks
@@CanadianTShirtI believe there’s a limit/cap for the RESP account. Or can I add more than 2,500 per child? (I know I’d get only 500 per child per year from the gov)
Each account has different rules when it comes to withdrawing! Withdrawing from your TFSA is easy, no forms or taxes or nothing! Withdrawing from your RRSP will be taxable and there are other things to consider. Watch this video all about RRSP Withdrawals =) th-cam.com/video/gcYlQl6hF6w/w-d-xo.html
@CanadianTShirt in that case, I am guessing, if I don't have the funds for FHSA, I can withdraw from my TFSA and contribute to FHSA before Dec 31 and I'll have room to replenish the TFSA I took out this year and also get to deduct income from the contribution for FHSA?
That is true! Even better, if you don't want to sell those stocks from your TFSA, you don't have to do a withdrawal. Instead TRANSFER BETWEEN those two accounts! I show you exactly how to do that here =) th-cam.com/video/WBqJaAFYcRQ/w-d-xo.html
Hey Canadian in a T-Shirt! Awesome video. I just wanted to give some feedback on how I felt while listening to your video: - The information is solid, simple, and concise. - The graphics are simple and easy to understand. - The audio level is great, you project very well. - The general audio feels like it needs a bit of cleaning, there's a lot of echo and makes it difficult to listen to while doing something else (which is usually what I, and I'm sure some other people, do when watching videos of this nature) due to how distracting it is. Otherwise, love your videos! Thanks for the information.
Thank you for the feedback! I've had the same set location for the past 6 years (brother's living room) so I'm not sure what I can do about the echo.... You seem to have a good ear for audio quality, anything you recommend?
@CanadianTShirt I'm not too sure as I don't make videos myself. Given that it's your brother's living room, I can't suggest modifying it. Maybe pre-recording settings for the mic need to be adjusted or you can add some post-recording adjustments. I wish I had a better suggestion for you. Hopefully someone will be able to chime in!
Appreciate the insights as always. Just curious regarding TFSA withdraw and regain/recontribution limit. In your example you used $2000 withdrawl in Dec and regain in Jan. Is there a limit to how much you can withdraw and regain?
Nope. If you had contributed $50k to your TFSA and it had gained 10%, the value would now be $55k. You could withdraw that entire sum in December so that your TFSA balance is $0, and then in January you would be allowed to contribute $55k+$7k to top it back up, plus the new contribution room.
Anything less than 3 years, I would go with savings, GICs and money market funds! Watch this video for my short term strategies =) th-cam.com/video/8o05hFWHwQQ/w-d-xo.html
For me, I have a long term horizon, 10+ years so watch this video to see the stocks and ETFs I'm buying in my own FHSA =) th-cam.com/video/jQf91oe1RcU/w-d-xo.html
Hi you have a great channel! I have a question regarding TFSA account. Is it ok to open TFSA accounts with multiple brokers and use just one to invest. I opened my first TFSA account with wealth simple and never invested and opened another with Scotia itrade. Then I saw your video about quest trade and opened another in questrade. So now I have three TFSA accounts and I am using only the one with questrade. I never used any other TFSA to invest.
And yes if you contribute to your RRSP in January 2025, you have the choice! You can either claim the tax deduction right away (for 2024) or you can carry it forward, to 2025 or beyond =)
I have a whole video on which account to prioritize! TFSA vs RRSP vs FHSA vs RESP etc I think you will find it very helpful! =) th-cam.com/video/11y_oV3jOU4/w-d-xo.html
That's why I am able to open an FHSA even though I own a rental property! Watch my FHSA EXPLAINED video for all these important rules! =) th-cam.com/video/l-vFR14I12k/w-d-xo.html
Webull is another strong competitor in the Canadian market. Personally I don't like it as much, but it is good overall, especially options. For me personally my favourites are Questrade, Moomoo and Wealthsimple. Each have pros and cons
If you live in the house you own, then you can't open an FHSA... but if you own a rental property and you pay rent on the house you live in, then you CAN open an FHSA!
That's what I did! I own a rental property but I pay rent for the apartment I live in. As long as I haven't owned the home I live in for the past 5 years, I'm considered a first-time homebuyer and so I opened an FHSA! I cover this important rule in this video here =) th-cam.com/video/flQvVtpev-4/w-d-xo.html
Thanks Adrian, Can you please make detailed video on Questrade edge mobile app order type: Trailing Stop Limit order for buy and sell? online articles are quite confusing. Thanks
I have a whole playlist of Questrade tutorials so check those out! Honestly, I use a Market order 99.9% of the time, for long term investing, limit orders just slow things down =) th-cam.com/play/PLj8bU3AuW2qEIaIoR89ZHl9enwMJzz9De.html
Great Videos as always. My TFSA have gained significantly since i opened it a few years ago, i was thinking of withdrawing it in December and Deposit it back in January to gain more room in the same TFSA Questwealth account. I heard it is one good investment strategy in TFSA . And also to cut back since i have too many TFSA accounts in Questwealth. I have about 4 Questwealth TFSA accounts. What’s your take on this ? Thanks
Yes but it's only worth doing that if you are actually planning on withdrawing in the first place! You've already created "new room" by earning a profit! Your TFSA is now higher than your contributions so you've already earned those benefits!
Now if you want to move money between accounts you should NOT withdraw and then deposit back in! Instead do a Transfer BETWEEN accounts! I have a video tutorial showing you how =) th-cam.com/video/WBqJaAFYcRQ/w-d-xo.html
Not at all! A contribution means you put money INTO the TFSA. A withdrawal means you are taking money out. What you do INSIDE the TFSA doesn't affect your room. So you absolutely SHOULD use that cash to buy stocks and ETFs!
Your videos are great Adrian !! I saw all your tax videos but I need your guidance in a situation I am stuck into. I am a PR who immigrated to Canada in July’23 and I started working from Feb’24. I haven’t received T4 for 2023 from my employer. So, to file returns for 2023, should I ask my employer for T4 or there is an alternate way to it. I know I am already late for filing the returns but now when I plan to do I am stuck. Please help me here. Thank you so much in advance !!
I have quick question. I didnt notice that I can not put more money after maxed out. I withdraw earlier and I thought I have extra room for that. So I think I put more money than max room. What should I do after? Can I move money to other account without penalty?
If you are moving stocks BETWEEN accounts, you don't have to sell, you can do a transfer, follow the steps in this video here =) th-cam.com/video/WBqJaAFYcRQ/w-d-xo.html
Hey Adrian, bit of a more random and personal question but how do you remember all your credit card pins? I only have 4 so far but I'm already getting more confused about all the different pins and passwords I'm using everywhere
But if you have any unused room from previous years, you can add more than $7K! Watch this video (2025 Tax Changes) to see what your maximum TFSA room will be based on your age! =) th-cam.com/video/lQ9k_0SnYKE/w-d-xo.html
Great video as always! I do have a question about FHSA's though, so I have been working towards buying my first home the past few years and made sure to sign up for an FHSA when they came out I contributed to it consistently and maxed it out in June of this year. I then managed to purchase my first home in September and withdrew everything from that account in the process, my question is will the contributions from 2024 be tax deductible even though I withdrew it all shortly after contributing ? thank you :)
Hey Adrian, I have a tax question! My job introduced an incentive this year where we get paid a bonus for retaining clients, but due to some issues with our admin team, we have not received payment yet. Assuming I get paid in 2025 for the client retention from my job in 2024, does that money count as income for 2024 or 2025? Basically, if you get paid in the new year for work you did in the previous year, which tax year is it part of? Thanks for all your help, I really enjoy your videos!
@@CanadianTShirt it seems like they had already baked it in but interestingly if T2 decides to prorogue Parliament I'm thinking that means it doesn't get penned in. great videos keep up the good work cheers
I was told that the FHSA uses the same contribution room as the RRSp. For example, if your RRSP contribution limit for 2024 was 10k and you contribute 8k to the FHSA, you'll only have 2k left to contribute for the RRSP. True?
Now if you decide NOT to buy a house, you can TRANSFER your FHSA into an RRSP but good news, this will NOT take away from your RRSP room! So in essence, if you don't buy a house then your FHSA just becomes EXTRA room for your RRSP =)
@@CanadianTShirt thanks for the clarification. Funny thing is I had got that information from my bank and I was surprised cause I’ve seen a lot of videos about both saving options.
Hi Adrian. Great video, I have learned so much. I have a question regarding child RESP. I am a bit late to the game, and just opened an account for my 7 year old. I've contributed $5,000 this year, but just wondering if I can "catch up" on other years of the grant money, or should I just stick to $2,500 next year onward? I am a bit confused about this.
I’m uncertain if I can afford a house, and I'm still on the fence about buying one. Should I open an FHSA or contribute to my existing RRSP, given that I've maxed out my TFSA?
But if it's a rental and you pay rent to live somewhere else (for the past 5 years) then yes you are eligible! Watch this video for those details! =) th-cam.com/users/shortsrJNlmQoqH7E
Adrian I have low income for 2024 about 23,500.00 between wife and I and want to receive GIS for the first time, does buying RRSP's help me to try to max my GIS for 2025 we are both receiving OAS I didn't include OAS in the income amount. Thanks
I would need to know more information about you two to give you a concrete answer but based on what I can assume about you two, with such a low combined income (before OAS) you should be on track to receive GIS
Since you're already in the lowest tax bracket, using the RRSP won't really help you. I would prioritize the TFSA instead if you have any money leftover after expenses. I hope you find that helpful and best of luck! 🙂
Here are the most important TAX videos to watch after this one! 👇
2025 Tax CHANGES - th-cam.com/video/lQ9k_0SnYKE/w-d-xo.html
CPP Changes in Canada - th-cam.com/video/rICT8RpVKS8/w-d-xo.html
Capital Gains Tax Increase - th-cam.com/video/qq8YndVACV4/w-d-xo.html
TFSA vs RRSP vs FHSA vs RESP - th-cam.com/video/11y_oV3jOU4/w-d-xo.html
Year-End Tax Tips - th-cam.com/video/xLXup5L-S2Q/w-d-xo.html
Pay Stub Explained - th-cam.com/video/uFg3tDxmqiE/w-d-xo.html
Go through my Canadian TAX Guide to learn it all! 🇨🇦
th-cam.com/play/PLj8bU3AuW2qEA_ik7NOAIkBY02nt7KAPj.html
@@CanadianTShirt if i invest in a stock can i place it in RRSP or TFSA for long term and no tax on capital gains?
@@CanadianTShirt and or can i transfer one to tfsa or rrsp. THANK YOU
Absolutely you can transfer a stock BETWEEN accounts, to save on future taxes. Just be aware of certain tax implications during the transfer. I have a whole video breaking this down =)
th-cam.com/video/WBqJaAFYcRQ/w-d-xo.html
Can international student open FHSA?
What a guy! During that time of year when we overspend, Adrian sends us reminders on what to do so we make the most of our investments for the next year. The only financial channel I recommend. All the best to you and yours.
Wow! Thanks you so much Edward for those kind words! I truly do appreciate that! 🙏
You can also open an RESP for yourself as an adult and not for a kid. If your RRSP, TFSA, FHSA are maxed out, it might be a good idea to open an RESP for yourself as an adult and max it out with 50k in it. All the gains are taxed exempted, leave it open for minimum 10 years, then transfer the gains to an RRSP and withdraw the initial 50k capital tax free. :)
No wayyy 😮
I’ll still be taxed on not using my 50k no?
Edit: just looked deeper, he is right but after the age of 31 you can’t do this
@@damonstrembiski2409No, you won't bc you transfer to an eligible registered saving plan. Max contribution is $50K + you get $500 of CLB from the Government under your RESP in the first year. Check it out with your local bank investment advisor.
Didn't know you can do that. Thank you for the info. I'll have to read more on that.
Could we open a RESP when you haven’t maxed out the other accounts yet?
The speed to which you pronounce ‘FHSA’ is remarkable…
hahaha well I've said it HUNDREDS of times over the years! 😂
@@CanadianTShirtAny chance of opening FHSA if you already have a home and living in it ?
If you are living in it, then no. If you are paying rent where you live for the past 5 years, then yes! I cover my situation in this short here =)
th-cam.com/users/shortsrJNlmQoqH7E
😂😂😂
Keen ears 😂😂
5:05 thanks for this tip just sold all my equity in TFSA since I’m going through a rough patch financially. Hopefully things are better in 2025! Happy Holidays!
Thanks Adrian. I always look forward to your videos. Your videos help me look like a financial genius when I lecture my teenage niece and nephew about their futures.
haha I LOVE to hear that! That's why I do what I do, to make you guys look good! 😎
Thank you for the reminders Adrian and have a great 2025!
Right back at you buddy! 😊
I wish I had known about these tax-saving tips earlier! Looks like 2024 is going to be the year of maximizing savings. 📈
Love it! Finish the year off strong! 💪
I'm happy you confirmed literally exactly what I did last week. Took 81k out of my TFSA for a cash down. I will also put another 8k in my FHSA on Jan 1st. When I get all my income papers from work I will max out my RRSP. Massive tax savings this year.
Cash down? I'm new to this sorry if that sounds like a stupid question.
@CinHalCedHerChance Cash Down for a house. I am planning on buying a house in 2025.
By withdrawing cash from my TFSA before the end of the year, I will regain the same amount that was withdrawn as contribution room in 2025 plus the 7k that will be added.
With the cash that I will withdraw from my TFSA, I will take 8k from it to invest into my FHSA account, which is tax deductible. I will also contribute the maximum amount I am allowed to, into my RRSP, which is also tax deductible, if done before March 3rd.
The bottom line is, I will be taking cash that I already have in my TFSA and put it in my RRSP and FHSA to get massive tax deductions.
@HateCrewReaper nice, congrats, hope it works out for you and the family 👍👍
My dream is to max out my RRSP and TFSA, I want that compounding power at full throttle.
When you have your TFSA maxed out, it is the BEST feeling! 🙌
I wasn't able to max mine out the past 2 years but I hope I can max it out in 2025! 😊
And my dream was to move my rrsp to a rrif. Love how the govt controls how much I can take out of a rrif….
@@deedahdare1025 I feel so uneducated suddenly, I didn't know what an RRIF was when I read your comment...had to google it. What benefit do you see in having your RRSP in a RRIF? (Just curious because I'm no expert in something I googled about for 5 minutes :))
You don't need to worry about it for now! A RRIF is what you convert your RRSP into once you actually retire, usually at 65 but required at 71. I cover it in this RRSP Withdrawal video here =)
th-cam.com/video/gcYlQl6hF6w/w-d-xo.html
Important to do list.
Thanks Adrian for all the help this year.
Merry Christmas and a very Happy New Year!
Thank you so much Enid! Merry Christmas to you and your family! 😊
Might be useful to mention that one other advantage of doing a TFSA withdrawal in december is to avoid the 'transfer-out' fee that many financial institutions charge to directly transfer the TFSA property to another FI
Absolutely! I have a whole video tutorial on how to TRANSFER your TFSA from a bank or brokerage into another TFSA like Questrade and how to avoid that fee =)
th-cam.com/video/Bf1zufNlQSk/w-d-xo.html
Thank you for all the free content you create/created, Adrian! It helped me a ton with my investiment journey.👏🏽
That's what I LOVE to hear! Keep it going buddy! 😁
Great tips for this year's end. Thanks Adrian!
You got it buddy! Happy Holidays! 😊
Great video!
Also, unlike an RRSP, contributions to your FHSA in the first 60 days of 2025 will NOT count toward a tax deduction for 2024. You can only deduct 2025 contributions in 2025's tax return.
You got that right! Only the RRSP has that 60 days rule. The rest of the accounts work on a January to December schedule =)
"Love your content! Your videos are super informative and inspiring for anyone looking to build wealth and take control of their finances. Quick question: could you share some insights or tips on navigating health or life insurance? Would love your take on that!"
Personally I don't have any need for life insurance. I don't have kids or a family depending on me. but if you do, then it can certainly give you peace of mind!
Thanks for the great tips Adrian. I’ve followed you for years and thanks to a video I’d seen quite a while ago, I was able to understand and utilize a tax break tactic (tax loss harvesting In my non registered account to offset a gain. All the best in 2025.
Amazing job! Yes this is the BEST time of year to take advantage of tax loss harvesting! =)
For those curious, I go into those details in this video here =)
th-cam.com/video/xLXup5L-S2Q/w-d-xo.html
Adrian, you are awesome, thanks to you our young family has confidence in our future finances!
Thank you for those kind words! I'm so happy to hear that you and your family are taking charge of your financial future! 🙏
Hi Adrian, thanks for another informative year end video. Just wanted to wish you a happy holiday and happy new year as well. Take care, see you in 2025!🎉
Thank you so much! Happy holidays to you as well! 🙌
Adrian you should post this a few days earlier! now I am not sure if my PAD has enough time to get questtrade before 2025
Believe me I wanted to! The past few weeks have been NONSTOP work and real estate issues etc.... it's been exhausting 😂
PAD deposits should only take about 3 business days so you should be good! But contact support to double check and see if they can speed it up! =)
And try INSTANT deposit or even bank deposits, since they are much faster!
Can you make a video explaining line of credit and what are some of the best ones in Canada, please? I tried to find it in your playlist if you already made it but couldn’t find it.
Lines of credit differ so much and they depend on so many personal factors, it's not possible to give a "best one"
But definitely shop around! Don't just go with the first offer you get!
Thanks, Adrian!!!!! Merry Christmas and a happy new year in advance!!
Glad I could help! Merry Christmas to you too! 😁
Thank you Adrian, Merry Christmas
You're welcome! Merry Christmas to you too! 😁
Amazing reminders. Merry Christmas, Adrian!
Joyeux Noel Patrick! 😊
wow thanks for the heads up, opening my account now
That's what I love to hear! Happy investing! 😁
Great Scott! Thanks Adrian! Merry Christmas & Happy New Year!
Thanks Jason! Merry Christmas buddy! 😁
Great video. Can you do a video on Royalty stocks. Pros n cons, who is it suited for, etc. Thx.
That's not something I go for. I just want to invest in profitable companies across various sectors, and I prefer to invest directly in those stocks (or broad ETFs)
Great video❤,
keep’em coming.
Thank you, very much appreciated!!!
Just subscribed
Thank you so much and welcome to the channel! 🙏
You explain well . Subscribed
Thank you and welcome to the channel! 🙏
Thanks I have learned lots with u! ❤ wish u the best for 2025
That's what I LOVE to hear! Thanks for sticking with me and cheers to 2025! 🙏
Thank you for these reminders Adrian, extremely grateful for all the time and effort you put into your videos - they help out so many folks! I just have a deep appreciation for this space that you have created for us. I cannot wait to continue learning on this personal finance journey! Happy holidays to you and your family! See you in the new year :D
PS: I understand that you have been very busy but I had a quick question about short-term investing after watching your video on the topic. Would it be okay if I posted the question here? I do not want to inundate you with a lot of questions at the end of the year either haha so please let me know and if you don't see this then no worries at all! I will just revisit it in the future whenever I get another chance :)
Thank you for all the great videos. Merry Christmas and a happy New Year.
Thank you buddy! Merry Christmas to you too! 😁
Thanks for the reminder vid!!
You got it! We only have a week left so make the most of it! 😁
Insanely informative video…
Thank you! That's what I try to do! 🙂
Great video, thank you!
You're welcome! I'm glad you found it helpful! =)
Thanks for the reminder Adrian, great video!
Glad I could help! 🙂
Thank you Adrian! Merry Christmas and Happy New Year!
Merry Christmas to you too! 😁
I hope your holiday season is the best one ever!
Thank you! Right back at you! 😊
Thanks for the info Adrian. Love the channel and all the effort you put into it! Merry christmas and happy new year. Cheers!!
Thank you for those kind words! I'm happy to know that my videos are helpful! Merry Christmas and Happy Holidays! 😁
Solid information, Adrian. Thank you, and enjoy your holidays
I'm happy to help! Happy Holidays to you too! 😊
Almost anyone can open a TFSA and an RRSP, but not everyone is eligible to open an FHSA though.
True! You have to be an eligible first time homebuyer to open an FHSA!
Watch my FHSA Explained videos for the full eligibility rules!
Here's the short version: if you've never bought a home, then you can open one. But if you own a rental property and you do NOT own the home you live in, then you can still be eligible! Watch the video above for the important eligibility rules =)
@Krynale What's the minimum to open an FHSA?
If i bought a house in 2021, earliest i could open fhsa is in 2026 correct?
Thanks and Merry Christmas!
Merry Christmas to you too! 🙂
Also donations refresh at the end of the calendar year. Get your donations in.
You got it! Before the end of the year! 😊
is there a place i can look so see exactly how much more i can contribute to my TFSA
check your tax returns, it will show each year how much you can contribute
The TFSA number you will see on the CRA website is NOT live and up to date... they only update that number ONCE per year in March!
It's up to YOU to keep track of your available room at all times. So record every contribution and withdrawal. Watch my last video here to see your total TFSA room based on your age:
th-cam.com/video/lQ9k_0SnYKE/w-d-xo.html
Then add up all of your total contributions and take that number away from the lifetime limit =)
@@CanadianTShirt that is based on the assumption that you were resident since 2009. Which may not always be the case.
Thanks! I was too scared to contribute this year's FHSA because CRA websites says "Your 2024 FHSA participation room cannot be displayed at this time." But apparently this is same for everyone?
Don't stress about the CRA limits, those numbers are NOT live. In fact they are only updates ONCE per year in March (because they only receive the tax slips from the banks and brokers once a year in February)
It's up to YOU to keep track of your own contribution limits for all the accounts. Don't rely on the CRA website, it's only good to "double check" your numbers in March. The rest of the year, it's your responsibility =)
But as long as you are buying a home in the next 15 years (and are eligible for the FHSA) definitely open an account before Dec 31! 😊
Just transferred $6K to my FHSA this afternoon.
Also, I'm constantly working on my LTRP.
Wow! That's incredible!!! Did you get a huge Christmas bonus? 😎
@@CanadianTShirt no, just use the tax return to pay down the leverage.
well played! =)
Hey @CanadianTShirt. I follow your videos regularly. Could you please something? Which type of account should I put my money now and take it out on January to lower my taxable income now and pay off my car loan in 2025?
None of them! The only account which offers that level of flexibility (putting money in and taking it out) is the TFSA however the TFSA does NOT reduce your taxable income!
The only way to do that is with the RRSP and FHSA, both of which are for long term goals
If you have a short term money goal like paying off your car loan in a few months, watch this video here on SHORT TERM INVESTING =)
th-cam.com/video/8o05hFWHwQQ/w-d-xo.html
Thanks for the info❤ and happy holidays
Happy to help! Happy holidays! 🙂
Despite knowing that unused TFSA room from previous years rolls over into future years, there's a mental block when you see an annual limit (e.g. 7000 in 2024). I have a TON of unused room from 2022 and 2023 that I can still afford to invest despite hitting 7000 in investments this year. But that irrational paranoia of fines persist, lol!!
edit: Clarity.
I promise you, don't worry about this! If you were in-fact BLOCKED at $7000, then you would NEVER be able to use the rest of your unused room!
I promise you, if you have $50K worth of TFSA room, you can contribute $50K all at once this year. The $7000 annual limit is just the NEW room that we all get! =)
@@CanadianTShirt You're a gem, mate. Been following you since late 2020 when I came to Canada. Became a Canadian this year. 🍁
That's incredible! Congratulations! 🇨🇦 I became a Canadian many, many years ago but I still remember the day! 😊
This is insightful. I've never seen a video explain the fine details between these registered savings accounts as much as you did 👏
I'm so happy to hear that! I definitely suggest this video, going over each of the accounts and which one to prioritize first: TFSA vs RRSP vs FHSA vs RESP etc =)
th-cam.com/video/11y_oV3jOU4/w-d-xo.html
Hello,
Hope you're doing well! I just had a question for you about TFSA vs RRSP, which I’ve been struggling with for a long time. I currently have a TFSA & I’ve used up $23, 000 of my $54, 000 contribution limit. In this account, I invested in US Stocks & ETFs, such as VOO & AAPL, as well as Canadian stocks & ETFs. I later learned about the 15% withholding tax and realized these US ETFs/stocks would be better off in an RRSP. I do not have an RRSP yet & I’m wondering if you think it’s a better idea for me to open an RRSP or max out my TFSA at this time. I feel like this question is very important, as it’s the end of the year & I know I can transfer my US dividend-paying stocks/etfs from my TFSA to RRSP and I can get back my contribution room in 2025. What do you think? Thank you so much for your help in advance.
(Yearly income this year: approx 70k. Next year estimated income: 92K. Financial Goals: Long-term financial freedom for retirement)
Great videos as usual 💚. If someone owns a foreign property but no property in Canada can they qualify to open FHSA or not?
If you don't own any property in Canada, you are eligible for the FHSA!
Just remember that you can only use the FHSA money to buy a home in Canada! You can't use it to buy foreign property! =)
Great video!
Thank you! Glad it was helpful! =)
Merry Christmas and Happy New Year Adrian! Thanks for the great reminder! Also not sure if you’ve covered this already in another video but I am quite curious about the transfer of the rrsp into fhsa, and whether that transfer has the same rule of needing to be paid back in a certain amount of years, in all the articles I’ve read about this the question isn’t really answered so wondering if you’ve come across the answer
My taxes are gonna be so messed up in the new year, i am off work from surgery and didn't have enough saved and not getting enough from short term disability so went into my rrsp and tsfa accounts 🤦♂️🤦♂️ gonna have my work cut out for me in the new year
Ouch... that is a complicated situation... still you can probably handle it yourself with TurboTax or SimpleTax etc. But if you want specialized help, it might be worth to pay for it
Best of luck! I hope you get back on your feet shortly! 🙂
@@CanadianTShirt oh definitely, I should be back at work very soon and I'll be re-contributing asap and can maybe save the upcoming tax season 🤙😊
That's what I LOVE to hear! 🙌
Anyone who is eligible for or have children eligible for the Disability tax credit I highly recommend opening up a RDSP.
You contribute $1500 annually you get $3500 in grants annually. Been contributing to my daughter's RDSP for less then 2 years and it's already over $10K with over 70% of that coming by government grants
Absolutely! If you are eligible for the RDSP, take advantage of that! It's very powerful especially with those government grants! 😊
Really, what are the funds meant for? I already contribute resp for my child who qualifies for dtc
@ndydo1758 it's meant to act as a regular pension. Deposits are not tax deductible but withdrawals are tax free and they don't impact any benefits they might reveieve through the government just because they have a well funded RDSP.
The restrictions are you have to wait 10 years after the government deposits a grant to withdraw the money from that grant. They also only do the grants for 10 years but you can contribute unused amounts from previous years. Essentially if you contribute for 10 years and let it sit for 10 years after that you will have no restrictions on withdrawing the money.
There are age restrictions to I should add. You can't open an RDSP if the beneficiary is over 59 and you need to be less than 49 to be able to receive all possible benefits
@@brandonb7925 thanks alot, i understand now
Taxes are importance,benefits are not important to life.we don’t means less,loved ones only ❤Canada 🎉❤just like heartedly and warmly for Canada development devotion ❤Canada ❤🎉❤❤❤❤❤❤❤❤ and motherhood and motherland love and respect for our own ❤Canada ❤
Thanks for sharing it. ✌️
You're welcome! Glad you found it helpful! =)
I still can't get over your name.... instantly think of Victor Lucas and the Electric Playground reviews =)
@ Thanks! good to hear that the name brings back those memories! It truly was an amazing show from a memorable era.
Nobody talks about the consequences of over contributing on your TFSA. I learned that the hard way: CRA charges ridiculous interests when you do 🤦🏻♂️ I had to pay like $22K in interests alone…
Oh I talk about it all the time in my videos! I have a whole chapter dedicated to this in my TFSA MISTAKES video here:
th-cam.com/video/s4cBibLATOU/w-d-xo.html
You should NEVER exceed your limit! You will be penalized 1% every month! That's 12% a year!!!
Great tips, love what you are doing. What if you do not have a child but plan to, can I still contribute to RESP?
Hello Adrian,
Thx for your awesome vids. What’s your net savings + investment excluding RPP?
Glad you found it helpful! =)
Are you asking what is my total savings + investment portfolio worth? I recently made a video all about my net worth (investments + real estate) The video is all about how I built long term WEALTH without a big income! =)
th-cam.com/video/GVgnGK8juas/w-d-xo.html
Merry Christmas 🎉
Merry Christmas to you too! 😊
Hi, Can you confirm, why Questrade is asking for minimum 250$ deposit to activate an account? Thanks
Most brokerages require a min deposit! In fact, for decades Questrade was easily the cheapest and LOWEST min deposit compared to the banks!
Now we have more competition with super beginner focused apps like WS but to be honest, a $250 min deposit is WAY better than what we had back when I started investing! 😅
my FHSA only has $50 in it...I was surprised I was even eligible!
Well are you a first time homebuyer? If so, then yes you are eligible! =)
Can you open while you own a house?
Let say a person is planning to sell, and move to a rental… can you still open?
If you live in a house you own then no you can't. But if you sell, then you will be eligible in 5 years!
Should you open an FHSA if you already own a home?
Great video, Adrian! I fund my kids RESPs via Questrade, I was told that I should fund it in Jan so I can give my money the entire year to grow. For example, I fund 5,000 for my both kids in Jan and the government will add their contribution on top of that at some point (500 each). My investment can start growing throughout the year starting in Jan for that current year, instead of Dec. Any thoughts?
Well if you fund your RESP now, you get the entire year PLUS the rest of December.... How much money do you have to invest for your 2 kids?
The best case is this: contribute $2,500 for each child every year to get that $500 max grant. If you have $5000 right now, I would put in $2500 into both RESPs to lock in the $500 of grants for 2024
Then in January, it's a new year so new grants. Now you can put in another $2500 for each child to once again max out those $500 of grants! There's no benefit of waiting until January. I hope that helps! =)
Perfect. I’ll continue to contribute in Jan of each year. I already put in 2500 for each child in 2024. That means I have to wait for 2025 to add the next 2,500 per child. So I’ll always add it in Jan then. Thanks
@@CanadianTShirtI believe there’s a limit/cap for the RESP account. Or can I add more than 2,500 per child? (I know I’d get only 500 per child per year from the gov)
Can you link forms or mention them how to withdraw and reporting?
Each account has different rules when it comes to withdrawing! Withdrawing from your TFSA is easy, no forms or taxes or nothing! Withdrawing from your RRSP will be taxable and there are other things to consider. Watch this video all about RRSP Withdrawals =)
th-cam.com/video/gcYlQl6hF6w/w-d-xo.html
@CanadianTShirt in that case, I am guessing, if I don't have the funds for FHSA, I can withdraw from my TFSA and contribute to FHSA before Dec 31 and I'll have room to replenish the TFSA I took out this year and also get to deduct income from the contribution for FHSA?
That is true! Even better, if you don't want to sell those stocks from your TFSA, you don't have to do a withdrawal. Instead TRANSFER BETWEEN those two accounts! I show you exactly how to do that here =)
th-cam.com/video/WBqJaAFYcRQ/w-d-xo.html
@@CanadianTShirt thank you. Awesome idea.
Best of luck!
good video, thanks
Thank you! Happy to help! =)
Hey Canadian in a T-Shirt! Awesome video. I just wanted to give some feedback on how I felt while listening to your video:
- The information is solid, simple, and concise.
- The graphics are simple and easy to understand.
- The audio level is great, you project very well.
- The general audio feels like it needs a bit of cleaning, there's a lot of echo and makes it difficult to listen to while doing something else (which is usually what I, and I'm sure some other people, do when watching videos of this nature) due to how distracting it is.
Otherwise, love your videos! Thanks for the information.
Thank you for the feedback! I've had the same set location for the past 6 years (brother's living room) so I'm not sure what I can do about the echo.... You seem to have a good ear for audio quality, anything you recommend?
I upgraded my mic a few years ago and I thought it made a big difference. Maybe I could install sound dampeners on the wall to minimize the echo?
@CanadianTShirt I'm not too sure as I don't make videos myself. Given that it's your brother's living room, I can't suggest modifying it.
Maybe pre-recording settings for the mic need to be adjusted or you can add some post-recording adjustments.
I wish I had a better suggestion for you. Hopefully someone will be able to chime in!
@Qymar12 I've never done any audio changes during edit (beyond volume up or down lol) but i will look into it! Thanks for the feedback! 😊
Hi there, I just opened a questrade account using your link. Do you always use your computer or do you sometimes use the questrade mobile app?
I hate using my phone.... I only ever use my mobile app sometimes for WS or Moomoo. For Questrade, I only use the web app on my laptop!
I'm old school, I like having a big screen with my Excel sheets and all the info there! Using my phone is so limiting for me
Appreciate the insights as always. Just curious regarding TFSA withdraw and regain/recontribution limit. In your example you used $2000 withdrawl in Dec and regain in Jan. Is there a limit to how much you can withdraw and regain?
Nope. If you had contributed $50k to your TFSA and it had gained 10%, the value would now be $55k. You could withdraw that entire sum in December so that your TFSA balance is $0, and then in January you would be allowed to contribute $55k+$7k to top it back up, plus the new contribution room.
There is no limit. Any amount withdrawn gets added to next year’s contribution room.
You're both exactly right! Thank you for filling in for me! 🙏
Great video as always. Do you recommend a specific investment in the FHSA to grow the contributions?
It really depends on your timeline, when you are buying a house!
Anything less than 3 years, I would go with savings, GICs and money market funds! Watch this video for my short term strategies =)
th-cam.com/video/8o05hFWHwQQ/w-d-xo.html
For me, I have a long term horizon, 10+ years so watch this video to see the stocks and ETFs I'm buying in my own FHSA =)
th-cam.com/video/jQf91oe1RcU/w-d-xo.html
Good to know! Marya Cary song 😅
All I want for Christmas is you 🎶😆
Hi you have a great channel! I have a question regarding TFSA account. Is it ok to open TFSA accounts with multiple brokers and use just one to invest. I opened my first TFSA account with wealth simple and never invested and opened another with Scotia itrade. Then I saw your video about quest trade and opened another in questrade. So now I have three TFSA accounts and I am using only the one with questrade. I never used any other TFSA to invest.
No problem! You can have as many TFSA accounts as you want! I have 3 myself! Just remember that they all SHARE your total TFSA room! =)
I talk about this in my TFSA MISTAKES video here =)
th-cam.com/video/s4cBibLATOU/w-d-xo.html
What is the promo code for questrade? The link is not working.
Useful, but can i still contribute to my RRSP in january 2025 for 2025 ? Because you are saying for the year 2024. Thank you :)
Correct! For the RRSP, you can contribute until March 3 2025 and it will reduce your taxes for the 2024 year!
For everything else (TFSA, RESP, FHSA) the deadline is December 31 =)
And yes if you contribute to your RRSP in January 2025, you have the choice! You can either claim the tax deduction right away (for 2024) or you can carry it forward, to 2025 or beyond =)
Is better to max the THSA before the TFSA even if we have a revenue of 70k and bellow?
I have a whole video on which account to prioritize! TFSA vs RRSP vs FHSA vs RESP etc I think you will find it very helpful! =)
th-cam.com/video/11y_oV3jOU4/w-d-xo.html
is FHSA is only for the first time home buyer only right now?
That's what the F stands for I suppose.
Generally speaking yes however if you sold a house or you rent it out and haven't lived in it for 5 years, then you are STILL eligible for the FHSA!
That's why I am able to open an FHSA even though I own a rental property! Watch my FHSA EXPLAINED video for all these important rules! =)
th-cam.com/video/l-vFR14I12k/w-d-xo.html
I thought you were using Webull? Mumu is better? Or Wealthsimple or quest trade?
Webull is another strong competitor in the Canadian market. Personally I don't like it as much, but it is good overall, especially options. For me personally my favourites are Questrade, Moomoo and Wealthsimple. Each have pros and cons
I'll be working on a head to head comparison video in early January! Stay tuned! =)
What if you already bought your first home? Do you still need to open the FSHA?
If you live in the house you own, then you can't open an FHSA... but if you own a rental property and you pay rent on the house you live in, then you CAN open an FHSA!
That's what I did! I own a rental property but I pay rent for the apartment I live in. As long as I haven't owned the home I live in for the past 5 years, I'm considered a first-time homebuyer and so I opened an FHSA! I cover this important rule in this video here =)
th-cam.com/video/flQvVtpev-4/w-d-xo.html
Got it! Thanks
Happy to help!
Thanks Adrian, Can you please make detailed video on Questrade edge mobile app order type: Trailing Stop Limit order for buy and sell? online articles are quite confusing. Thanks
Personally I don't use mobile apps for investing (sometimes Moomoo and WS but that's it) 99% of my investing is done on my computer!
I have a whole playlist of Questrade tutorials so check those out! Honestly, I use a Market order 99.9% of the time, for long term investing, limit orders just slow things down =)
th-cam.com/play/PLj8bU3AuW2qEIaIoR89ZHl9enwMJzz9De.html
happy new canadian in a tshirt
Thank you! Happy Holidays! 😊
Great Videos as always.
My TFSA have gained significantly since i opened it a few years ago, i was thinking of withdrawing it in December and Deposit it back in January to gain more room in the same TFSA Questwealth account.
I heard it is one good investment strategy in TFSA . And also to cut back since i have too many TFSA accounts in Questwealth. I have about 4 Questwealth TFSA accounts.
What’s your take on this ?
Thanks
Yes but it's only worth doing that if you are actually planning on withdrawing in the first place! You've already created "new room" by earning a profit! Your TFSA is now higher than your contributions so you've already earned those benefits!
Withdrawing and re-contributing will just get you at the same point you are right now =)
Now if you want to move money between accounts you should NOT withdraw and then deposit back in! Instead do a Transfer BETWEEN accounts! I have a video tutorial showing you how =)
th-cam.com/video/WBqJaAFYcRQ/w-d-xo.html
Can i load up my TFSA with cash and then use that cash to buy stocks? Or will that be considered a withdrawal from TFSA?
Not at all! A contribution means you put money INTO the TFSA. A withdrawal means you are taking money out. What you do INSIDE the TFSA doesn't affect your room. So you absolutely SHOULD use that cash to buy stocks and ETFs!
Watch my TFSA MISTAKES video here, I go into this in greater detail! =)
Your videos are great Adrian !! I saw all your tax videos but I need your guidance in a situation I am stuck into. I am a PR who immigrated to Canada in July’23 and I started working from Feb’24. I haven’t received T4 for 2023 from my employer. So, to file returns for 2023, should I ask my employer for T4 or there is an alternate way to it. I know I am already late for filing the returns but now when I plan to do I am stuck. Please help me here. Thank you so much in advance !!
I have quick question. I didnt notice that I can not put more money after maxed out. I withdraw earlier and I thought I have extra room for that. So I think I put more money than max room. What should I do after? Can I move money to other account without penalty?
Which account are you talking about? Each account has different withdrawal rules (and slightly different penalties for exceeding your limit)
If you are moving stocks BETWEEN accounts, you don't have to sell, you can do a transfer, follow the steps in this video here =)
th-cam.com/video/WBqJaAFYcRQ/w-d-xo.html
Oh I didnt mention its TFSA
Then you will br penalized 1% per month on the excess. Luckily you gain $7k of new room next week so you should be good!
Hey Adrian, bit of a more random and personal question but how do you remember all your credit card pins? I only have 4 so far but I'm already getting more confused about all the different pins and passwords I'm using everywhere
Of course I remember them! You can't afford to forget them! 😉
I can't reveal too much online but there is a system to remember each of them 😎
Use password managers like 1password
So we can add $7K to TFSA on Jan 1st?
Everyone will gain an extra $7K of TFSA room on January 1
But if you have any unused room from previous years, you can add more than $7K! Watch this video (2025 Tax Changes) to see what your maximum TFSA room will be based on your age! =)
th-cam.com/video/lQ9k_0SnYKE/w-d-xo.html
Great video as always! I do have a question about FHSA's though, so I have been working towards buying my first home the past few years and made sure to sign up for an FHSA when they came out I contributed to it consistently and maxed it out in June of this year. I then managed to purchase my first home in September and withdrew everything from that account in the process, my question is will the contributions from 2024 be tax deductible even though I withdrew it all shortly after contributing ? thank you :)
Hey Adrian, I have a tax question! My job introduced an incentive this year where we get paid a bonus for retaining clients, but due to some issues with our admin team, we have not received payment yet. Assuming I get paid in 2025 for the client retention from my job in 2024, does that money count as income for 2024 or 2025? Basically, if you get paid in the new year for work you did in the previous year, which tax year is it part of?
Thanks for all your help, I really enjoy your videos!
Can you explain how the CRA can increase cap gains inclusion rate without Parliamentary consensus
There is a bit of deliberation but we have to prepare for it to fully pass. To be honest, the opposition doesn't seem interested in fighting it
@@CanadianTShirt it seems like they had already baked it in but interestingly if T2 decides to prorogue Parliament I'm thinking that means it doesn't get penned in. great videos keep up the good work cheers
We'll have to see! We are in unprecedented territory right now!
I was told that the FHSA uses the same contribution room as the RRSp. For example, if your RRSP contribution limit for 2024 was 10k and you contribute 8k to the FHSA, you'll only have 2k left to contribute for the RRSP. True?
Nope that's not true! The RRSP and FHSA are entirely separate and they do NOT share contribution room!
So if your RRSP room was $10K and your FHSA room was $8K, you could put in the full $18K into both accounts, they don't overlap
Now if you decide NOT to buy a house, you can TRANSFER your FHSA into an RRSP but good news, this will NOT take away from your RRSP room! So in essence, if you don't buy a house then your FHSA just becomes EXTRA room for your RRSP =)
I talk about this in detail in my FHSA EXPLAINED video here =)
th-cam.com/video/l-vFR14I12k/w-d-xo.html
@@CanadianTShirt thanks for the clarification. Funny thing is I had got that information from my bank and I was surprised cause I’ve seen a lot of videos about both saving options.
i am on work permit can i still do all this?
Yes you can! As long as you live in Canada with a valid SIN =)
It's Moo Moo insured?
Absolutely! It is 100% regulated and insured under CIPF. I would NEVER trust my money with any institution if they weren't! This is so important
I cover this point in detail in my Moomoo Review here =)
th-cam.com/video/XDLZqGUpqxE/w-d-xo.html
@@CanadianTShirt Thank You
Happy to help! =)
In the FHSA, does the foreign withholding tax on US dividends not apply -- just like in the RRSP?
Unfortunately the 15% withholding tax DOES apply on US dividends in an FHSA...
Only the RRSP account (and RRIF and LIRA) can waive that 15% withholding tax
Thanks, Adrian, have a great 2025!
@@skycaptain5447 you too! =)
Hi Adrian. Great video, I have learned so much. I have a question regarding child RESP. I am a bit late to the game, and just opened an account for my 7 year old. I've contributed $5,000 this year, but just wondering if I can "catch up" on other years of the grant money, or should I just stick to $2,500 next year onward? I am a bit confused about this.
I’m uncertain if I can afford a house, and I'm still on the fence about buying one. Should I open an FHSA or contribute to my existing RRSP, given that I've maxed out my TFSA?
For the home account... we already have a home, can we still deposit into one?
If you live in the home you own, then no...
But if it's a rental and you pay rent to live somewhere else (for the past 5 years) then yes you are eligible! Watch this video for those details! =)
th-cam.com/users/shortsrJNlmQoqH7E
Adrian I have low income for 2024 about 23,500.00 between wife and I and want to receive GIS for the first time, does buying RRSP's help me to try to max my GIS for 2025 we are both receiving OAS I didn't include OAS in the income amount. Thanks
I would need to know more information about you two to give you a concrete answer but based on what I can assume about you two, with such a low combined income (before OAS) you should be on track to receive GIS
Since you're already in the lowest tax bracket, using the RRSP won't really help you. I would prioritize the TFSA instead if you have any money leftover after expenses. I hope you find that helpful and best of luck! 🙂