As a Canadian, I'm so grateful I found this great KZread channel! 😊 I've learned more about Living In Canada here, than from any other news or KZread channel. Keep up the awesome work Tan!

@LivinginCanada

Ай бұрын

Your support means a lot for this channel, thank you! I'm also learning so much in the process 😄

Savings should be simple. We should cut all unnecessary expenses and use registered accounts like RSP and TFSA.

@apscoradiales

Ай бұрын

RSP's are one of the biggest con jobs by Canadian government. People think your RSP is a tax free vehicle. Think again! Every time to take money out if it, you will be dinged for taxes, and in some cases, pretty high taxes.

@joeisawesome540

Ай бұрын

@@apscoradiales rrsp is great for deferring taxes so you can invest more and earn more gains. When you do take it out in the future, you will probably be at a lower tax bracket in your retirement.

@apscoradiales

Ай бұрын

@@joeisawesome540 "probably" is the key word. Not in many people's cases, though. With the CPP, and other benefits many Canadian get, and MOST IPORTANTLY, income taxes going up, you will end up paying though your nose when you take some money out. And of course, you pay the tax on the RSP the moment you take the money out or cash in part of your plan, not at the end of the year or when you file your tax return. Now, if you live in Quebec, your tax on cashed in RSP is double what it is in rest of Canada. RRSP is a big con job! It's like the deductions from your pay for health care, either OHIP or whatever your province has. They are very quick in taking your money, but when it comes to you getting a family doctor or help at a local hospital, then you might as well f off! F this country! Can't wait to get the f out of this hell hole.

@joeisawesome540

Ай бұрын

@@apscoradiales For most people, their retirement income is lower than their working income... if your retirement income is higher than your working income, something went wrong with your planning. Which means for most people RRSP is a great tax shelter to grow their retirement assets so they can use it when they retire. It is not for everyone. if your retirement income is very high, TSFA is better. You cant say it is a scam just because not EVERY Canadian will benefit from it.. but most Canadians, with a tiny bit of planning, will benefit from RRSP.

Also, the problem is with to find a job. Job market is completely overstocked. There is no reason for employers to rise the salaries if there are like one hundred people standing behind the door ready to work for minimal wage. Immigration is too quick, too massive for Canadian economy. And yes, I am one of these newcomers, who barely can afford rent having two jobs at the same time.

@LivinginCanada

Ай бұрын

The flood immigration is a problem, although there are certainly a myriad of other structural problems that create this situation.

@apscoradiales

Ай бұрын

Newcomers, and most professionals get exploited BIG time by companies or places they work at. As a architect (now retired) I was often told to come and work the weekend or all-nighters without any additional pay. "If you don't want to do it, there are others lined up on the street who will", what we were often told.

@je5terc0re

Ай бұрын

@@apscoradiales I work on a fixed-term contract that expires soon for a really, REALLY, big bank. They gave a lot of job placement tasks for external recruitment agencies. I am employed in that agency, not the bank itself, while doing the same job as the bank's employees, having the same profile and etc. The bank pays to the agency, they are taking a cut, and I get the rest. A little bit more than a minimal wage. Zero benefits. The contract is short, and they refused to extend it. I wasn't even able to get provincial medical insurance because it's less than 6 months.

@Gloryboyquan

Ай бұрын

what country before u come from orginally before canada im 24 male coming soon any tips help appreciated ​@@je5terc0re

I have never had a problem saving I have always lived below my means and save and invest for most people its not a earning problem it's a spending problem

@LivinginCanada

Ай бұрын

That's right in the sense that no matter how much you earn, even in the millions, you can still end up with $0 or even tons of debt. Ideal is to combine both, controlling savings and increasing earnings. Great for you btw, you've seem to have done great for yourself :)

Canada has everything to enable its citizenship to become wealthy. So why so much poverty as of late? I remember a short decade ago Canada had a ZERO Federal Deficit, and our dollar was worth 3 cents MORE than the USA dollar. Our economy was close to the best in the world. Real-estate and inflation were affordable. What happened? Having a good boss or manager running the show is VERY important. We need that again. We need someone like YOU Tan!!🥰👍

@LivinginCanada

Ай бұрын

The environment is definitely not optimal to save, but still I believe everyone has to do their best (and has the potential) to still prosper. Even though it's hard to save, a bit more money is still better than no money, deugh😂 Yes I agree, the mindset of people, especially leaders (on every level) plays a big role in Canada's future!

@JayB-JayB

Ай бұрын

So true! Leaders on ALL levels, whether in our communities, our private/public sector, all levels of government, etc, need to sharpen up a bit to improve Canadians' ability to earn and save more.😊

@robocop581

Ай бұрын

High taxes, high cost of goods and services and low salaries. Yeah, perfect formula for generating wealth

@shauncameron8390

Ай бұрын

@@robocop581 Also the mentality of instant gratification. Canadians thinking they're entitled to live the high life despite their earnings being too low to support it.

@joeisawesome540

Ай бұрын

A decade ago? Vancouver house prices were over 1.5m a decade ago? How was that anything different?

Good advises here overall. The conundrum of saving while the value of our Canadian pesos keeps eroding year by year works against us at every turn. Although what you say is true, personally I find choosing to live like a pauper for the sake of a better financial tomorrow extremely distasteful. I'm reminded of Chang Po-Tuan's dictum along the lines of that one day we're laughing and merrymaking while the next we're a corpse in a coffin. A bit cryptic but the message that we're not guaranteed tomorrow also holds true. A balance is called for perhaps...

@LivinginCanada

Ай бұрын

You're right, living extremely frugally chips away at one's quality of living (it's one thing if it's done temporarily, another if it turns into a permanent lifestyle). Earning more by creating more value, while keeping expenses as bay is far better, if one can do so!

From the people in my outer circle who have financial problems, theyve either had kids too young or before a career, or bought cars etc that they can't afford. Live within your means first and dont have chanpagne taste with a beer budget!

@LivinginCanada

Ай бұрын

Haha, nice one! Yes, sticking to beer, mostly at home is the frugal choice. Drinks out once in a while with really good friends

I work at a bank and get to see the savings of a lot of canadians (or lack thereof). To be honest it's mostly a skill issue or ignorance of the saving options most people have at their disposition

@LivinginCanada

Ай бұрын

I can imagine. I just hope that a good portion of them, well less than half according to statistics, have money saved and invested in other platforms/banks

First, you don't get any left after paying the heavy tax, rent, bills, food, petrol, clothings....all those essential. Second, the young generation look at life differently today which is enjoy life today as you'll die tomorrow, buy today pay later.

@joeisawesome540

Ай бұрын

Heavy tax? If you are making the median income, of 65k, you pay less than 16% in income taxes.. which is nothing. So low. If you can’t make ends meet, it is your spending habit. I make a bit above the median income, and I save 25k a year while having to pay half of the mortgage.

@LivinginCanada

Ай бұрын

At what % interest rate did you get your mortgage? Also, how much did your house cost when you purchased it? Those variables have changed drastically over the last years.

@joeisawesome540

Ай бұрын

@@LivinginCanada My home price was 850k with a 2% interest rate. I am saving money so I can pay off some principles when I renew my contract in 2 years to keep my monthly rate lower. Gotta have long-term plans. We made this plan before the interest went up because we knew the rate would eventually go up since pandemic rates are not long-term.

@LivinginCanada

Ай бұрын

@joeisawesome540 You've definitely done a really great job! I think what many people in this thread are saying is just that times have objectively gotten more difficult with higher home prices and double triple the mortgage rates. It's great that you're still saving money (I am too!) but if the tax were a bit lower, groceries, and everything else weren't so expensive like the first commenter said, we could save and invest even more. Anyway, yes I agree, no matter the circumstances we need to take things in our own hands, not capitulate to the economy and try to save money. Cheers!

@joeisawesome540

Ай бұрын

@@LivinginCanada taxes a bit lower? How much lower? If you making 65k, even if your entire income isn’t taxed, you have at most 15k more to spend at best since if you factor in cpp, and income tax, your take home is 50k. Obviously there are other taxes. That’s assuming you don’t need any other services paid for by taxes. I think the wrong people are complaining about taxes. Yes Canada has a high marginal tax, but for most people who are “struggling”, their effective tax rate is quite low. The reason we plan is so that when there is a pandemic, or disruptive war or incompetence from the government, our finances is still save and sound. If you can only thrive when time is good, then there is something wrong.

Mam Is your household income 200k dollars a year in Canada? Plz reply. Thanks a lot.

6 months loving in Vancouver as a newcomer and one thing Ive found stupidly expensive is dining out. In the past i would do it once or twice a month but here every time I do it omg instant regret. Most of my dine outs have been going out with friends/coworkers which ive done since I need to meet people but it takes a tall

People need to cut back on their spending and put that money into a savings account. I think people buy things they don’t need, buy on impulse, buy it because they want it and not need it.

@LivinginCanada

Ай бұрын

Controlling wants is the biggest challenge!

It’s only forced savings going to jumbo mortgages building equity over the longer term

Yes,I certainly agree that everyone should learn how to invest. But I think a lot of people do not understand the difference between investing and speculation and commingle these 2 terms thinking they are the same. Reading books like The Intelligent Investor ( a book that every investor should definitely read in spite of it been written 8 decades back but still very relevant today) will go a long way.

@LivinginCanada

Ай бұрын

That's right. Many people are afraid to invest because they think of it as gambling. The Intelligent Investor is definitely a great resource but quite a stretch for most people to read! But yes, very relevant still. I'd recommend books like 'A Simple Path to Wealth' for beginners, it explains the basics of investments very well. Thanks for contributing!

I always felt like it was impossible for me to save until I got hammered with a giant tax bill post mat leave. Now I make it a point to top all possible tax saving accounts otherwise I pay extra taxes. Always feels impossible until you have no choice lol

Saving is the home equity piggy bank. House rich cash poor is your Vancouver millionaire

Great video, I'd like to know why canadian wages have been stagnant!

@LivinginCanada

Ай бұрын

Awesome! Not many people have responded to this question so far, so let's see. But thanks for the interest!

Very insightful li' lady ~ Bravo!

@LivinginCanada

Ай бұрын

Happy to hear!

The savings rate for Canadians is abysmal during good times.

The government takes all my money

@LivinginCanada

Ай бұрын

Definitely too much

How can we get a promotion? Can you do a video in that?

Good video. You have to say a hundred or one hundred. You can just say hundred.

@LivinginCanada

Ай бұрын

Thanks!

Just put away $5000 a month

House rich cash poor is still wealthy in equity terms

All my friends and colleagues have high 6 figures saving ( investing) or more, I think because we are Chinese and follow the traditional Chinese culture about money. I knew a guy who worked on a 4-6 dollar per hour job ( many years ago) and he was able to save 50000, he invested the money into real estate, now he is a millionaire, and his boss told me that he worked on a 5 dollar per hour job and saved 40000 in 6 years before he started his own business. It is not easy, but it is not about your income, it is about how badly you want to do it.

People don't need that $1500 dollar iPhone and 100/month plan

Most degrees are vastly overrated

Ok, trying to solve financial issues by taking quality of life issues. How smart

What if the Wealthsimple goes bankrupt? 😢

Almost first to comment!

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