We have a NEW and updated RRSP video ‼️ - kzread.info/dash/bejne/hm1h3MVmXb3Rn6w.html

Do you have an RRSP or a TFSA? What video do you want to see next?! Let us know! ⬇️

@iffyo2406

3 жыл бұрын

I would love to get information on opening an RDSP. I know that there are grants and bonds associated however banks tell you that you must run this account on your own and I’d like to do it correctly to get the best gains.

@vivianaarboledag.4928

2 жыл бұрын

Thank you!

@chechita14

2 жыл бұрын

You two explain everything so well and clear. Not to fast and cheerfully. Thank you

@StoicthoughtsbyMatt

2 жыл бұрын

A TFSA only because I have graduated from post-secondary yet

I rarely comment but just wanted to say it's so refreshing to see you guys who are also young Canadians explaining all of this! I'm currently in university and am trying to educate myself on financial literacy and just how being aware of my own finances and your channel has been so helpful!

@stephandden

4 жыл бұрын

Thanks so much, Cecilia! ✨ So glad you like the videos - and that's awesome you're being proactive! 🙌🏾🙌🏻

Just opened my first RRSP yesterday, this is super helpful 💯

@stephandden

Жыл бұрын

That’s awesome! We’re glad to hear it 🙌🏿🙌🏻

I'm coming here from CNBC's channel. To be honest I find this channel is gonna be so much helpful to me in the years ahead.

@stephandden

4 жыл бұрын

Yay, thanks for checking us out, Chetan! 😊

Thank you so much for making Canadian-centric content!!! I love your vids

@stephandden

3 жыл бұрын

Woo thank you for watching! ✨

This was awesome thanks! Great to see some young Canadian money folks :)

@stephandden

3 жыл бұрын

Thanks, Julia! 😊✨

Thanks for this video;It’s really helpful

@stephandden

2 жыл бұрын

So glad it was helpful! 😊

If someone in Canada who has Permanent Residency was to start an RRSP here and decide to move again what happens tax wise or even can your rrsp follow you or could you keep contributing to a Canadian one while not been in Canada.?

Thank you guys I didn't know I can contributor +2000 to my contribution limit for the year

@stephandden

2 жыл бұрын

Thanks for watching! 😊

I love this guys!!!

@stephandden

2 жыл бұрын

Thanks, Natalie! 😊

This a great vidoe.RRSP save me some tax money.

@stephandden

3 жыл бұрын

Thank you! 😊

i like the way they explain things can understand it the easy way as well as the way they transition from one person saying one part and second person says the second part of the topic that way audience want get distracted as now a days its easy to get distracted usually when the topic is finance, tax, law or anything . This way you are not only getting distracted ,you are grasping things in a perfect way Great Work @Steph&Den

@stephandden

2 жыл бұрын

Thanks so much! 😊

Hey guys can you make a video about safe investments based on your opinion for a new immigrate?

@stephandden

4 жыл бұрын

Hey! Great suggestion - added to the list! 😊

Do you have any videos for RRSP and Self-employed ??

I never comment on videos, but I came across this video and have to say THANK YOU for this! As a new grad with a new job, I was offered a employer match program for my RRSP. I could never get a clear answer though if their match would contribute to the RRSP limit. Thank you so much for clarifying and I’m super excited to see all the new content in 2021!

@stephandden

3 жыл бұрын

Yay, we’re so so glad it was helpful and clarifying! 😊

This is really amazing video

@stephandden

3 жыл бұрын

Thanks! Glad you found it helpful 😊

If I do put money into a rrsp stock and gain some money from it, I will be charged if I withdraw the money for the profit? But if I get a dividend I won’t be charged tax on it and the entire dividend amount comes to my bank account?

Wow. Lot of topics in one video. Thank you

What account do you guys think is the best to open first, for someone who has no accounts

@stephandden

2 жыл бұрын

If you're talking specifically about investment accounts, we would look into the TFSA (Tax Free Savings Account) first, because everything you make on your investments is tax free. We have a full TFSA video, too 😊

Which app need to apply

@michaeltran2420

3 жыл бұрын

I make huge profits on my investment since I started trading with Anna Lawerence , her trading strategies are top notch coupled with the little commission she charges on her trade..

@michaeltran2420

3 жыл бұрын

You can reach her on tele gram Her user name is investwithAnnaLawerence

Hey guys! If I'm saving aprox 60% of my income while I live at home still how much do you recommend for high interest savings vs rrsp per month? Should I split it 50/50? My understanding is basically RRSP is money I will never be withdrawing vs a high interest savings account I can use as my main savings account where I can withdraw if needed for larger purchases?

@Sagieeee

4 жыл бұрын

RRSP is for retirement, so it is a long term investment. However, you also withdraw RRSP funds if your buying a home (I believe you can with draw without penalty). If you are withdrawing for any other reason, you will be penalized. So it depends...how long do you plan to save your money for in an RRSP and why? What’s the end goal? If it’s a short term investment, I would not recommend an RRSP. I am NOT a financial advisor, however, I love researching and educating myself about money.

@goodone8041

3 жыл бұрын

There is soo many factors involved. It depends on your future goal and expected lifestyle change. RRSP is not a bad investment to contribute to as you could use it for a down payment on a house.

@Healthyhabits06

3 жыл бұрын

@@Sagieeee Thanks for the reply! I am planning to use my RRSP just for long term retirement savings along with my work pension however I didnt know I could withdraw for a house so thats good to know!

@Healthyhabits06

3 жыл бұрын

@@goodone8041 Thanks for the info :) Im planning to used it for long term investments but it's good to know I can use it for a down payment also

@goodone8041

3 жыл бұрын

@@Healthyhabits06 I'm new to financial literacy myself. If their is market crash and you find ur dream home at the same time with a housing pricing crash . That could potentially be a worst case scenario. So it depends on YOUR risk tolerance.

Clear explanations and easy to understand.

@stephandden

2 жыл бұрын

Thank you 😊

How to save money for first house like in tfsa, rrsp etc. please make a video on it

@stephandden

2 жыл бұрын

We did a video last year that talked about the RRSP first time home buyer's plan that touches on that! 😊

This was my first time learning about RRSP and you guys explained it very well. Thank you.

@stephandden

Жыл бұрын

So glad this video was helpful! 😊

Hey just wondering, do you guys yourself have an RRSP account, or just TFSA?

@stephandden

2 жыл бұрын

We're working on maxing out our TFSA's first 😊

@Volfas

2 жыл бұрын

@@stephandden cool, did you guys open TFSA with financial advisor, or with one of your banks?

Great video, really wish they taught us any of this stuff in school! What is the difference between a mutual fund and a segregated fund RRSPs? Is it better to have one or both? What do you think about Financial Planners ie) Freedom 55 Financial, Canada Life ?

Just a clarification at 4:02... You said "total value of the accounts" when you should have said "total contributions to all accounts". As time goes on your total value can (and hopefully will) exceed your contribution limit

Say if I opened a tfsa with rbc or td and invested in US stock, there will be a 15% reduction in our dividends? Also if I’m not working atm do you recommend opening a rrsp?

@stephandden

3 жыл бұрын

Yes, there would be a 15% withholding tax - if you elect to purchase US stocks within your TFSA. There's no harm in opening one, especially if it'll motivate you to start using it once you do have income coming in again! 😊

@Jshowtime02

3 жыл бұрын

@@stephandden thank you!

Interesting to see how it all works in Canada! It doesn't sound TOO different from the accounts we have here in the US.

@stephandden

4 жыл бұрын

Agreed, it's always fun to see the similarities and differences between other countries! 😊

Does the gov’t match your person RRSP contributions?

@stephandden

3 жыл бұрын

Employee match programs are typically seen between employees and their employers. So no, the government does not match anyone’s personal RRSP contributions. Hope that helps 😊

Wow! You guys make it sound so simple! Thank you! Explained everything so well!

@stephandden

3 жыл бұрын

So glad it was helpful! Thanks for watching 😊

you mentioned that you did a tax course. Can you please suggest which course was it??

@stephandden

2 жыл бұрын

It was a university course 😊

@lovishanarula

2 жыл бұрын

@@stephandden Alright. Thank you:)

Hey Steph and Den, so me contributing money from my after taxed pay check into my RRSP, weather I invest it or not .. wil I still pay taxes on that amount when I withdraw ? even tho I was already taxed from my employer ???

@Paoddg

3 жыл бұрын

Yes! as the government would consider this money as “income” when you withdraw from yours RRSP.

My husband has always made substantially more than me. We just turned 40. Is it better to contribute what we have extra to his RRSP (also with wealthsimple!) rather than mine? Or both?

Please do RDSP videos too.

@stephandden

3 жыл бұрын

Thanks for the suggestion 😊

Hi guys! Thank you for making this video. Extremely informative. I was wondering if you guys could explain how the whole process of buying stocks within your RRSP instead of holding cash works. Could you guys explain that?

@stephandden

4 жыл бұрын

Hi Lovepreet! An RRSP from an account perspective is quite similar to your normal bank account. This means that once you open it up, you can transfer cash into it and hold it there (which would do nothing for you given that the money will not grow it will just sit there). Now when it comes to buying investments - depending on which platform you use (your Bank, Questrade, Wealthsimple, etc.) - you have the option of buying for example a stock, using the money in your newly opened TFSA, RRSP, etc. Depending on which account you purchase this stock with, this will dictate which account your stock will be held in. Meaning if you buy it using a RRSP, you’ll be able to reap all the benefits we mentioned, but you’ll also have to consider some of the downsides. We hope that makes sense! 😊

@LovepreetSingh-hz7yx

4 жыл бұрын

Steph & Den - Hi Steph & Den! Thank you for responding to my question. This does make sense and thank you giving me more clarity on this topic. I really appreciate it. I’ll have to figure more stuff out in terms of how to go about doing all this the account. My dad started an RRSP for me a while ago I’ll need to ask him what is happening within it. I didn’t even know you can buy stocks within it or buying stocks will reap more benefits. Thank you for bringing me that awareness!

@steph & Den I have a question about the tax shelter RRSP talk. If I put say 5,000$ in and the investments make me another say 10,000$ in X amount of years. When I start to withdraw the money do I only get taxed on the initial 5k I put in or the entire 15k that is now in there? Thanks for the videos btw I have learnt more in a few hours of watching you both then talking with banks for a year... Got tired of them bshting me and decided to do my own research and found you both =).

I'm sorry but this is just not true... At 5:10 you say you won't be taxed on the gains. In an RRSP you ARE taxed on all money at the time of withdrawals at your regular tax rate.

So for US$ dividends, the US gov takes 15% taxes even within a RRSP account? I am confused 🙄

@stephandden

4 жыл бұрын

Hi JP! It’s the opposite - in an RRSP your money is good to go and protected from the 15% US withholding tax - but in a TFSA you will be charged 😊

Thank you for this one! I’m about to start my first job post grad and the company will match my contribution up to X amount... but tbh I didn’t even know how to start a RRSP account. Thank you both!

@stephandden

3 жыл бұрын

Thanks for watching! 😊

I love these videos, I’ve been watching your videos for like an hour and learning so much! I do have a quick question about “losing your contribution limit”, will I still lose my “contribution limit”, if I take out the money from the “Home Buyers Plan”, or is that an exception? Thanks! 🙃

@stephandden

3 жыл бұрын

Yay we’re so glad you’re here! 😊 Good question - the home buyers plan involves you paying the money back so you don’t lose contribution room - we explain it in more detail in our more recent RRSP video from a few months ago - we hope that one helps! ✨

@musicforeverymood42

3 жыл бұрын

Steph & Den Thank you for your quick response, and I will check out that video next. I’ve hit “subscribe”, and I look forward to your next videos! 🙃

you have to look at your taxes when you set money away. If you making under 50K net, your still paying the same tax rate as if you are making 15K. so pray the investment is making you some money. so when the bank says you;ll save, really only applies to like 100K and up jobs that start paying a lot higher tax rates.

@goodone8041

3 жыл бұрын

I don't understand . Could you clarify ?

@91rss

3 жыл бұрын

@@goodone8041 the purpose of RRSP is to pay taxes on it when your in a lower income Yrs down the road, But if your making less than 50 now, your getting taxed at the same rate now or then cause the rate is 15% for that income range. so your not really "saving" money till your in the higher salaries.

From my understanding RRSP is actually far from a retirement fund. It's more suitable for education or buying a house to get the benefit of withdrawing tax free. Although to be honest that is also deferred by 15 years.

@kurtisf3366

2 жыл бұрын

Not quite. An RRSP is really about managing tax brackets and also about taking advantage of compounding interest. For example, suppose you make $105,000/year which puts you into the third tax bracket of 26% federal tax (I’ll ignore provincial taxes for simplicity). If you put $7,000 into RRSP, you drop your taxable income down to $98,000, dropping yourself down a tax bracket to 20.5% and owing $7,210 less income tax. Let’s say it’s a perfect world and you get this amount back as a tax refund, now you can reinvest it into a TFSA for tax free growth, or back into RRSP to drop next year’s tax bracket. Now move into the future at retirement. The goal here is to withdraw that money at an even lower tax bracket, or at the very least the same tax bracket. You do NOT want to go pulling out $200,000 all at once and land yourself paying way more tax than you would have if you’d never used the RRSP to begin with. If you can manage to pull it out at a lower bracket than you should have been when you earned it, then you are ahead of the game. In our example that would mean pulling it out in the second (20.5%) tax bracket or lower. This is managed by knowing your income sources and not pulling too much out at a time. Having TFSAs to withdraw from in retirement will really help to manage that as that money will be tax free. As a final point, the whole RRSP system only benefits you if you are investing those tax refunds, and if you are above the lowest tax bracket. If you have a lower income or are maybe running a business and have a lot of deductions that drop your tax bracket really low then you can use RRSPs to get a tax refund today, but it’s almost like debt because you will have to pay tomorrow.

I maxxed out my TFSA and I really need to find another way to invest in equities. I understand RRSP for the most part but I have a couple questions. What if I want to withdraw before retirement? How does it work? What if I want to use my RRSP towards my first home? How much can I deposit initially if I've never invested in RRSP and have been working since 2012? Right now I really wish the FHSA was open and running. But I'm stuck with RRSP atm. Hope you can help.

Very comprehensive video. Very informative. You didn't miss anything. Good research and delivery. I spend a whole year researching in my free time everything you delivered in this video. Didn't know Quebec witholding is even higher than everywhere.. Good thing I moved..

@stephandden

3 жыл бұрын

Thank you! So glad it was informative and concise! 😊

@goodone8041

3 жыл бұрын

@@stephandden Soo Good that I send it to my family member to learn about all the factors involved in a rrsp instead of explaining it all to them.

Thank you so much for the informative packed video on RRSP's!!! Question though...I'll be 32 this year and haven't opened an RRSP yet. Does the contribution limit start at a certain age or based on when the account was opened? I'm trying to learn as much as I can before making a decision.

@kylieamanda2444

3 жыл бұрын

Your contribution limit is based on your annual income!

Hi Steph and Den, Thanks for sharing this information. I have a question for you. What if I want to move my money from one RRSP account to another? Let's say I have an RRSP account with my ex-employer and I want to move my money to a RRSP investment account like questrade, Would there be any penalties or any taxes apply?

Could u make a video with an example of income and how much net income comes in hand after taxes and after taxes with rrsp deductions

Watched half the video and forgot to understand.

@stephandden

3 жыл бұрын

Hahaha!

Omg too much hands in my face. Sit on them and just talk.

@stephandden

2 жыл бұрын

😂 I'm expressive with the hands!

economy toobad. Me buy spoon. Spoon stronger than Canadian dollar. Spoon never loses its value.