RRSP for Beginners: Everything you need to know!

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If you're wondering what an RRSP is and what it can do for you, then you've come to the right place! If you don't have an RRSP yet, you may be leaving a lot of money on the table! In this video, I'll explain the basics about RRSP you need to know. #RRSP #personalfinance #livingincanada
**DISCLAIMER: I am not a financial advisor, consultant, or real estate agent. This video is for entertainment purposes only and should not be considered as financial advice**
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Опубликовано:

27 сен 2024

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Комментарии : 39

@wongck2 15 дней назад

Very good presentation. Very calm and clear. 😊

@mbahgugel271 3 месяца назад

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.

@belindatang9418 5 месяцев назад

Very Clear explanation and organised presentation! Thanks a lot!

@LivinginCanada 5 месяцев назад

Thanks, glad to hear that!

@palashkulshrestha5993 2 дня назад

does money for house needs to be put in any specific header under RRSP ? and is there any tenure restriction before money can be withdrawn towards home equity ? Is there any minimum payment to be done every year against such loan?

@LivinginCanada День назад

No there's no specific header. Until you take out the money, all 'RRSP-money' just sits there under that category

@wongricky9095 6 месяцев назад

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?

@MM-di7ux 10 месяцев назад

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

@FayeWind 6 месяцев назад

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?

@BarryKrebs 5 месяцев назад

US Equivalent is 401K.

@ninjamode4462 Год назад

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 Год назад

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 Год назад

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

@LivinginCanada Год назад

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

@ninjamode4462 Год назад

@@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 Год назад

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

@KamranB1 9 месяцев назад

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

@LivinginCanada 6 месяцев назад

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: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-VTWxvQH0IxU.html Cheers!

@gregbaquero9607 6 месяцев назад

good day, may idea po kayo sa RRSP?

@rob8732 Год назад

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 Год назад

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 Год назад

Thank youu@@LivinginCanada

@eddie7362 8 месяцев назад

👍👍👍

@abdulmoinbaloch5532 Год назад

you are gorgeous

@LivinginCanada Год назад

Aww, thanks!

@angelsanchezfamily 5 месяцев назад

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

@cheekymonkeygirl3378 7 месяцев назад

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

@funtimes7305 Месяц назад

You CANNOT avoid taxes with RRSP. You'll have to pay them back one way or another. Unless there's another hidden benefit

@wongck2 15 дней назад

Growing investment with taxes deferred over say 35 years mean heaven and hell difference.

@rob8732 Год назад

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

@LivinginCanada Год назад

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!