I hope you reach a million subscribers. Your videos are so good. 😈

Hi my friend that is amazing video, goo a job, all ver clear, congratulations, God bless you and you Family🙏🏽👍🏽

Very Clear explanation and organised presentation! Thanks a lot!

@LivinginCanada

3 ай бұрын

Thanks, glad to hear that!

Nice Explanation, could you please advise if I leave Canada and become a non-resident, how much tax should I pay when I withdraw from my RRSP? what about TFSA? Thanks

Put RRSP only when you have to pay for extra income tax only, let's say when you file income tax because of not enough deductions from your pay cheques or you received bonuses or commissions then you buy RRSP to cover the extra payment of your annual tax. When you withdraw $ 5,000, the bank will deduct $ 500, once you withdraw $ 10,000, the bank will deduct $ 2,000 so withdraw in increments of $ 5,000 only.

Nice video. I want to know about RRSP's future, if you build a wonderful portfolio in RRSP but when you retire, the gov't will force you to take out the money at certain age, but in ideal situation, most of the us would like to live off that portfolio (dividend that it generates ) for the rest of their life. In that sense, is RRSP still a good tool to use?

how much tax do we pay if we withdraw before retirement?

👍👍👍

what happens if i put money in RRSP but then withdrawn some of it after a few months/year

I have a simple question - from what I understand the nature of RSSP, theoretically everyone should try to deposit $$ up to the maximum quota they have to the RSSP account, because even in the worst case, he/she need to withdraw money from the RSSP account for urgent needs, his/her tax payment for that money will only be more or less the same if he/she didn't put the income into RSSP account (unless he/she earns a lot more at that time when doing withdraw). However, RSSP can give immediate tax credit and potential tax savings (since income level at the time of withdraw will likely be less than when someone contributing). Is my understanding correct?

good day, may idea po kayo sa RRSP?

what is your thoughts about Edmonton, alberta? could you give us some pros and cons about living there

@LivinginCanada

9 ай бұрын

Interesting question! I've considered that myself, but haven't visited Alberta so far. Let's see if I have anything to contribute to this topic, but thanks for the video idea!

US Equivalent is 401K.

I want to emphasize that the money contributed to the RRSP is NOT tax-free, but tax-DEFERRED, meaning that at the time one withdraws money from their RRSP, in general (except for cases like withdrawing the money for the Home Buyers Plan), that amount is counted as income and will be subject to income taxes based on your tax bracket. For further illustration on when it makes sense to contribute to an RRSP vs. TFSA vs. FHSA, check out this video: kzread.info/dash/bejne/iIiL2tiKeJOvqLg.html Cheers!

what if i am using the RRSP account and the market price of the shares that i invested in go down, that means that i will start losing money right!?

@LivinginCanada

9 ай бұрын

Right, as with any investment, there's a risk. The price of the shares can go up and down. But that's a risk of buying shares you assume regardless off whether they are in an RRSP, or not.

@rob8732

9 ай бұрын

Thank youu@@LivinginCanada

What I like about RRSP is that there are companies that pay 50% or 100% of what you are paying, which in a way feels like free money.

@LivinginCanada

9 ай бұрын

Thanks for adding this point, I forgot to mention this one! To those who don't know: Many companies offer 1:1 RRSP matching, e.g. if you contribute $100 to an RRSP (usually you have to open this with an issuer appointed by the employer), your employer will match the same amount, so $100. It's indeed free money, so definitely make use of it if you're employed.

@mariapawlicka2487

9 ай бұрын

I have lived in Canada many years, and I have to say, you explained the principles of RRCP v well! Regards!😊

@LivinginCanada

9 ай бұрын

Thanks, I appreciate that! I just hope that it helps people to consider opening one asap and reap the benefits :)

@ninjamode4462

9 ай бұрын

@@LivinginCanada wow, so happy to get a reply from you. I’ve been following your vlog for even before we come to Canada during that time you only have 1-2k subscribers, now you have come a long way and a PR. I’m so happy for you and you inspired me as well so thank you!

@mmani1993

9 ай бұрын

​@@LivinginCanadayour channel is really amazing.Very informative and thank you for sharing your experiences.Keep rocking🎉

you are gorgeous

@LivinginCanada

9 ай бұрын

Aww, thanks!

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