Welcome to my channel! My name is Yatin Chadha. I am a Toronto based radiologist and a financial literacy advocate. I created the beyond MD podcast to promote financial literacy among Canadian professionals, and the content is frequently geared towards Canadian physicians (including residents & medical students) & dentists. There is a frequent emphasis on topics relevant to incorporated small business owners. This channel contains brief videos on topics covered on the pod.
Insightful video. Currently studying CAIA and this was helpful in consolidating my knowledge. Wished he would touch on co-investments and direct investments into private placement investment vehicles.
When it comes to transferring from RRSP to FHSA...Does the loss of RRSP contribution room apply to your deposit or your whole withdrawal for example i put $10,000 into my RRSP as a contribution, and over time it grows to lets say 20,000 with my investments. When i take out that 20K, do I lose 20K of contribution room or 10,000 from the original amount I contributed and my second question can i split my RRSP into my spouses and my FHSA?
Hoping to learn everything about transferring from RRSP to FHSA, but I'm still left with questions. Can I move $40,000 from my RRSP to my FHSA (not the $8,000 per year limit used in the example) I only have $8,000 tax deductible FHSA contribution room? AND if I move $8K from RRSP to my FHSA, as stated you never gain the RRSP contribution room back, but does that $8K deplete my FHSA $8K per year contribution room?
would not work for medical doctors as their practices have little value. Most of the value of a medical practice is in the cash retained. Unless shares are sold at a gain, there is no tax exemption of the $1 million per shareholder as mentioned by Janie Golombek
What if you used your FHSA to buy your home after 2 years ($16k). Then you have 1+ year before you have to close the account hby Dec 31 the following year). For that last year (after already withdrawing to buy your home), can you contribute a further $8k, before closing the FHSA account, and transfer that $8k into your RRSP?
To my understanding you have 30 days after making a qualifying tax free withdraw to close the account. you'd want to make the contribution the day before you withdraw it but it looks like you could do it up to 30 days after purchasing a qualifying property. ps. I wouldn't want to have that conversation with the CRA.
