Do you have any questions about CDIC protection of deposits held in a RRSP? Ask away below! ⬇
@phaldaz2 жыл бұрын
12:14 the bottom row about 'Your property taxes' I am a tad confused since all others are clearly accounts you put money/securities in, so how does this category get coverage when it prop taxes are typically an expense being paid? Thx
@juliavechkanova63712 жыл бұрын
Do you lose old age security if you have income from your rrsp?
@SuperKamiNeko2 жыл бұрын
You guys didn't mention employers matching. It's super important. For example, some employers will match your contributions. It's a huge advantage
@BarryKrebs3 ай бұрын
Neither it was mentioned what happens when you move to another country either temporarily or permanently. If u do you have problems. Thank goodness I didn’t have one when I moved to the USA. I have the equivalent here aka 401K.
@summerjho27814 ай бұрын
You guys explain way better than my prof. Thank you!
@stephandden4 ай бұрын
We love to hear it! Thanks for watching + your comment 😊
@samgatchene3379 Жыл бұрын
This video is so helpful! Thank you for the clear explanations with lots of examples. Great job 😁
@stacy-annmorgan66852 жыл бұрын
One thing I don’t like is I can’t easily take money out. Anything can happen and I would want to access my money right away. I don’t even know if I want to retire here in Canada. Buy land build a house back home and live 🇯🇲.
@ninod30202 жыл бұрын
Your videos are amazing. Totally helps understand the concept behind all these investment accounts, it’s pros and cons, and nuances within them.
@stephandden2 жыл бұрын
So glad they're helpful 😊 that's the goal!
@mirandavanremortel88502 жыл бұрын
How did I not realize you stopped using blossom- coletta intro? Great video as always :)
@MarkusInTheMixNow2 жыл бұрын
This reminds me i NEED to think about tomorrow (retirement) before it comes. Thumbs up!
@stephandden2 жыл бұрын
Love it! 👏🏿👏🏻
@seburgh8 ай бұрын
this was so well explained!!! thank you!
@stephandden8 ай бұрын
So glad you found it helpful! 😊
@kanishkagagnejaАй бұрын
You guys are great! Thank you for explaining so nicely 👏🏻👏🏻👏🏻
@stephanddenАй бұрын
Thank you so much! So glad you found the video helpful 😊
@leylajudy2 ай бұрын
Your explanation is great! Thanks to both of you
@stephandden2 ай бұрын
We’re so happy to hear that! 😊
@wegoingtojupiter288611 ай бұрын
keep up the great work!
@stephandden11 ай бұрын
Thank you! 😊
@AustinGagnee2 жыл бұрын
God I would marry both of you with how well I understand my finances after watching all your videos! This channel deserves sooooo much more!
@stephandden2 жыл бұрын
Ha! Thank you so much🙏🏿🙏🏻
@arnelrebenito7227 Жыл бұрын
which scheme would you recommend for international students that are planning to stay in Ontario after studying?
@matthouston1162 жыл бұрын
Would it make sense to contribute to an RRSP if you will be getting a government pension upon retirement?
@AshRektum3 ай бұрын
ok i understand life now. thank you
@stephandden3 ай бұрын
Amazing! We're glad this was helpful 😊
@mazwrld2 жыл бұрын
quick question: does having a spouse reduce the taxes overall??
@shristisedai74376 ай бұрын
What happens when you move contries ? For example: if I had RRSP And contributed, can I just withdraw it ? As i will not have any income in canada ?
@phaldaz2 жыл бұрын
I like how this one says, 'for beginners' and may I suggest that you have a second tier of this same concept which looks at using the RRSP for the HBP (11:15) and then discuss the opportunity cost of using the funds for HBP instead of letting it grow untouched during the 15 years that needs to be repaid by. Trying to see what people would choose in this situation
@andrewkoos24312 жыл бұрын
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@stephandden2 жыл бұрын
Thanks for the suggestion!
@bansaripatel8726 Жыл бұрын
you mentioned that it's beneficial to open an RRSP account, once you think you have hit your highest income. Why is that so? (I am an international student and I wanted to open an RRSP account for myself.
@Lvlover-mq1nl2 күн бұрын
wouldn't it make sense to max out your rrsp to the 35000 dollar amount for 1st time home buyer if ur planning to buy a house that , along side fhsa that's a substantial amount to write down as a deduction on ur income?
@AlexTan3819 ай бұрын
Thank you for this channel, Steph and Den! If you don't mind me asking, if TFSA allows investments to grow tax-free, then what is the benefit of using RRSP for investments?
@SaranyaMano7 ай бұрын
TFSA is not tax-deductible but RRSP is.
@jblover20094 ай бұрын
Does the rrsp account you have through your job follow you from job to job? And if you plan on retiring in a different country can you still use the funds from your rrsp?
@michaelssali2 жыл бұрын
I live in America, Memphis, so this doesn't apply to me. However, I know Toronto Dominion is buying First Horizon, which used to be First Tennessee. So welcome to Memphis, Steph and Den.
@stephandden2 жыл бұрын
Ha, that's funny! Thanks for watching 😊
@reenalal35953 ай бұрын
So once I’ve put my money into an RRSP, then what? Does it grow by itself or do I purchase GIC’s through it? What’s the best bank that does it for you?
@vanessaivec28182 жыл бұрын
You can also withdraw from your RRSP if eligible for the lifelong learning plan which I believe is also tax free as long as you pay back within the given time frame
@stephandden2 жыл бұрын
Thanks for sharing! 😊
@davidm09342 жыл бұрын
You don’t have to be 18 to contribute to RRSP i think. As long as you had income the previous year, you’ll have contribution room.
@Zazimozi2 жыл бұрын
Right on time, I am getting a 3 months salary bonus end of May, if I put it in an RRSP I pay less taxes, if I take it as a straight bonus I pay more tax, I choose to put all in RRSP
@stephandden2 жыл бұрын
Great timing! 😊
@mguinsatao2 жыл бұрын
Now that youve done one on TFSA & RRSP, can you do one on Insurance Retirement Plan (IRP)?
@stephandden2 жыл бұрын
Thanks for the suggestion! Our next ones will be on the RESP and RDSP for now 😊
@michelledo14 ай бұрын
I heard a rumour, I hope it is wrong, that the amount you have in your RSP's get deducted from your pension? Is that true?
@theresaantonio67892 жыл бұрын
One important thing to note is that when you withdraw from your RRSP, you’ll permanently lose that amount from your contribution room, and will not be added back unlike a TFSA
@stephandden2 жыл бұрын
Yes, unless you're withdrawing for the HBP like we mentioned at the end! That money has to be re-contributed over the next 15 years.
@raphaelventura84657 ай бұрын
If I never contributed, and my contribution room is above the 18% of what I earned that year, can I contribute more than the 18%?@@stephandden
@Sandy-ij4hb Жыл бұрын
If you guys are trying to max out your TFSA first, does that mean you have already opened an RRSP or will open it in the future?
@stephandden Жыл бұрын
We both have one opened with the same platforms we use to invest into our TFSAs! They just aren’t funded with any money yet 😊
@allanmacdonald9918 Жыл бұрын
Sorry for my ignorance, how do you know how much is in your RRSP? Is there any way to see?
@stephandden Жыл бұрын
Hey Allan! No worries - you can find the exact amount of contribution room in your ‘MyAccount’ on the CRA website. The number is updated alongside your tax filings each year to reflect how much room was used that year. Hope that helps 😊
@lauras3641 Жыл бұрын
Can you do RRSP vs pension?
@stephandden Жыл бұрын
Hey Laura! We'll touch on that in a future video. Stay tuned 😊
@justiceeashappie44492 жыл бұрын
Can you please cover a Registered Disability Savings Plan in a future video?
@stephandden2 жыл бұрын
Yes! We'll have an RESP video up next in this series, then one on the RDSP 😊
@BarryKrebs3 ай бұрын
If you move out of Canada to become a PR elsewhere, you are going to have problems. Thank goodness I didn’t have one when I moved permanently to the US.
@jayzee26342 жыл бұрын
holup Den works at the D in Toronto? Might run into you sometime 👀
@stephandden2 жыл бұрын
He used to! He left last year 😊
@yxmichaelxyyxmichaelxy30742 ай бұрын
Note, you cannot touch it until you are 71. 😂
@dannyisraelАй бұрын
I think you can touch it whenever you want.
@yxmichaelxyyxmichaelxy3074Ай бұрын
@@dannyisrael Not without a huge penalty you cannot. 10% immediate taxation up to $5,000, progressing to 20%, then 30% above that. You may as well hand it all to the State.
@dannyisraelАй бұрын
I see, but after 71 you can’t even have an RRSP?
@yxmichaelxyyxmichaelxy3074Ай бұрын
@@dannyisrael You can, but you must open a RIF which acts as an income fund using your RRSP.
@heartborne1238 ай бұрын
the girl speaks too fast :)
@komaegawa2282Ай бұрын
PLEASE Stop talking with your hands!!!
@stephanddenАй бұрын
We do our best to keep the talking with our hands to a minimum 😊