@@CanadianTShirt waiting for part 3 as well. when is it coming out. u are very knowledgeable. u are helping lots of ordinary people. thanks a lot. we appreciate it.
Amazing job! I am surprised that you don't have "all" of Canada's population subscribed to your channel. I have known this info for many years but very few places put it in a concise, compact yet clear package, well done. You are an asset to all Canadians looking to improve their lot in life. Regards. Darryl
Thank you Darryl! I really appreciate those kind words! 🙏 I'm still a pretty small CZcamsr and I only started about 6 months ago but hopefully in a few years I'll be able to get this info out to more Canadians out there =)
@@CanadianTShirt Well you are doing very well. A lot of Traders eventually start online courses for hire. I would suggest that if you do decide to do something like that, that you do something unique that would capture a lot of the market. Like the first course is free so that your followers can experience the content before going all in. In that way they would know that it is worth their money and effort. Just my two cents. Keep up the good content. Ciao.
Wow, finally someone to present tax matters with clear and simple explanations and guidance. Thank you Adrian for sharing your expert knowledge with us.
I moved to Canada several years ago from a country that has different tax system. You are the first person that explained everything in such a simple and easy to understand way. Cheers 🍻
I'm so happy to hear that! I understand how confusing it can be when you move to a new country so I'm glad you are finding my videos helpful! I suggest going through my CANADIAN TAX GUIDE playlist (the videos like this with the silver coloured thumbnails) I hope that helps! =)
@@michaelanyaegbu7384 I didn't call it Part 3 but I made 5 dedicated RRSP videos, watch my RRSP Playlist here =) czcams.com/play/PLj8bU3AuW2qHOikk4VRpSDXCZTuH7eUhz.html
Part 3 will be coming out soon as well as a video on my favourite US ETFs to hold in an RRSP! For now, check out my latest video on the best US Dividend stocks to hold inside your RRSP =)
Way to go buddy, that's what I LOVE to hear! Make sure you watch the rest of my RRSP series (this is part 2 of my 5 part playlist) 😁 czcams.com/play/PLj8bU3AuW2qHOikk4VRpSDXCZTuH7eUhz.html
Adrian, waiting for part 3, Love all your videos, you structure them very well, flow, repeating key points and summarizing pre and post video. Amazing work
Thank you Neil! I really appreciate that! I try my best to structure my videos the same way a professor structures a lecture so I'm glad that it works for you guys! And yes, part 3 will be coming! =)
Wow! Thank you Nicolas! That's what I LOVE to hear! I know that I'm strangely passionate and excited about this stuff and I'm glad that my enthusiasm shines through my videos! Thank you for binge-watching! 😁
It's hard enough juggling this CZcams gig along with a full time job. One video per week is all I can handle for now but that may change in the future! 😁
Wow such fantastic information. However consider this. Those blessed with a pension such as teachers, nurses and public sector workers might be better off keeping RRSP small and contributing to unregistered account. The TFSA is the best thing going and should be filled first. Pension holders are very likely to be in the same tax high tax bracket as when they were contributing to RRSP so tax owing is high on withdraw. If you die with a large RRSP it will get tax whacked unless it goes to spouse. Keep up the fantastic work and I just subscribed. Cheers
Currently doing a "Canadian in a T-shirt" marathon!! I'm so grateful your channel exists. Looking forward to Part 3. And now, enough with the comments, its back to your videos i go. byeeeeeeeee
If you're keen on doing a marathon, can I suggest checking out my playlists? I organize them in a way that will make sense and each video will flow into the next =)
Thank you so much for these very clear explanations! Really looking forward to part 3 of the RRSP series. I checked your channel and I can't find it, so I assume you haven't made a video yet? That one will be supremely helpful too. Thank you again!
I'm happy to hear that this video was helpful! Make sure you watch the next video in the series: RRSP MISTAKES =) czcams.com/video/I8k95_R_L_Q/video.html
I'm 50, never too late. Watched your video and got totally inspired. You've answered so many questions that I was unclear about. You've done a Fantastic job! BTW Signed up with Questrade and moved my entire TFSA to them. I think I can handle them smarter on my own now. Would you mind sharing some pointers on what numbers to look at to decide a good Stock or ETF? Thanks!
That's what I love to hear! You are absolutely right, it is never too late to start investing and taking charge of your financial future! 😁 I will be making a whole video soon where I show step by step what I look for in a stock before I decided to invest in them but in the meantime, check out my past stock pick recommendations to see some of the things I look for =) czcams.com/play/PLj8bU3AuW2qFD4sCsCxXdaAADlyiP8bqB.html
Haaa "part 3 lost in space" Adrian is simply amazing,a little bit fast talking but we are lucky 10 sec back option is available 😂 good job,just keep going man,all the best 👍
hahaha I promise part 3 is coming very soon! In the next few weeks! In the meantime check out my unofficial sequel, RRSP MISTAKES: czcams.com/video/I8k95_R_L_Q/video.html
And yes, I know I talk fast, especially when I get excited! 😅 This is why I put the text overlays and I also manually write out English subtitles to help people follow along! If you'd like to slow the video down, hit the Settings (gear icon) and change the Playback Speed to 75%. I hope that helps! =)
Thank you George Orwell, I'm a huge fan of your dystopian novels as well! 😆 But I'm glad that my videos have been helpful and welcome to Canada very soon! 🇨🇦
Great video!!! Looking for part 3 :) As Canadian dollar is so low right now, do you think that is better to wait before exchange it and use Norbert's gambit?
It's true that the currency exchange rate hurts a bit more right now but consider this: currently the Canadian dollar is about 8% of what it usually is but a lot of quality US stocks and ETFs are down more than 20% off their usual price so overall you're still getting a great deal! That being said, if you currently have USD I would use that to invest first rather than converting CAD cash. I hope that helps! =)
Hey man! Love the content. I had a question regarding investing for a beginner in Canada. I have about $5000 to invest and am debating whether investing in XEQT (100% equity all in one ETF) or going with dividend ETF's like XIC and VDY so that I can DRIP and grow my account. I am confused why anyone would go with XEQT over dividend ETF's as a beginner if they can reinvest the dividends and grow their portfolio even more? Thanks!
XEQT is an ETF which just holds a few other Canadian and US ETFs inside of it and it's aimed at capital growth not dividends. It's a great option for beginners and passive, hands-off investors. People who don't want to do any research and just put their money into a fund. Which is totally fine, it's still way better than spending 10 times that much money on a mutual fund. But I prefer taking more control of my investments and buying ETFs and stocks directly. Also, I am focusing on passive income with dividends in my tax sheltered accounts and leaving capital appreciation for my taxable account. I hope that helps! =)
@@CanadianTShirt What is your reasoning behind holding passive income with dividends in TFSA/RRSP ? Why not have a growth etf like VGRO in there or an etf that tracks s%p 500 like VFV ? They tend to do better than dividend etfs (XEI and others) even if you reinvest dividends
I’m new to your channel and have always been terrible with taxes. You’ve inspired me to get a better grip on my personal finance. Thanks for the great content and way to go on your channel!
Hey Adrian, was just about to sign up on questrade for a TFSA and a RRSP. Clicked your referral link and it's states that it is not a valid promo code. Figured I'd let you know!
Thanks Owen for the heads up! Ya it seems that the Affiliate Pro server has been down for the past few hours. They are partnered with Questrade and they handle all of the affiliate links. I reached out to them and hopefully they can get it fixed by tomorrow. I'll let you know when it's back online. Thanks for supporting my channel! 🙏
I love how clear and concise you are explaining things.. You speak clearly and quickly and get to the point which I REALLY APPRECIATE. I often have to speed up the playback of you tube videos or skip the first 5 minutes because it's just someone talking about their cat or grocery store visit or whatever else that is not remotely related to the topic of the video... Your videos are great! Keep it up please!! Loyal Subscriber! Looking forward to part three! and Thank you so much!
Thank you Kalynn! I really appreciate that! I know I speak quickly and I try to remove all the useless fluff. I hate the idea of wasting anyone's time =)
Adrian, thank you for making Canadian taxes so simple for newcomers. I'm a big fan who referred your videos to other immigrants in a similar situation. Can't wait for part 3!!
My pleasure! I'm glad you found this video helpful and I'm in the middle of editing a new RRSP video as we speak! It should be ready by tomorrow morning! =)
Hi Aidrian I just found your video and I can't tell you how great it was to have you explain it all in simple language and made it very easy to understand. Thank you
I made an unofficial part 3 called RRSP MISTAKES. I actually have 5 videos in my RRSP Explained playlist so please check those out! =) czcams.com/play/PLj8bU3AuW2qHOikk4VRpSDXCZTuH7eUhz.html
That is a common misconception! Generally speaking you SHOULDN'T withdraw before retirement but you always can! Just make sure you do it in a low income year to minimize your tax bill =)
This is absolutely amazing! I have been watching your taxation series to help a friend out who is moving to Canada soon! Your videos are so concise and incredibly well explained! Keep going mate - look forward to more videos in the future after I complete this series! :D
Damn! I just lost some contribution room in my RRSP a couple of months ago... didn't know about that. I closed an account with my former employer and transferred the money to another RRSP account, by myself. I will most likely feel the damage next year when filing my taxes. Well, at least I know better now. Waiting for part 3 as we are planning to buy a house. Thanks for the great content!
Thanks mate 👍. So far I learned that there is no good parking lot available for your money in Canada because of low interest rate. This is to pile up cash for buying opportunities in stock market.
I doubt we will see decent interest rates for at least a few years. GICs and savings accounts are dead right now. If you have extra money which you won't need for the next 5 years, I would suggest investing your money in stocks and ETFs, a little bit at a time over the next several weeks =)
I really appreciate your videos! If I could make a suggestion, I would want to learn more on CPP through your videos especially for self-employed people. Thank you!
Thank you Anna! You bet, I have talked about CPP in greater detail in my tax videos as well as my Canadian Business Guide! Check out this video on the DOWNSIDES of Being Self-Employed where I talk more about CPP and the fact that you pay DOUBLE in CPP as a self-employed individual! czcams.com/video/ST1_Zem8AcM/video.html
Great Video Adrian ! Really helpful for every Canadian and especially newcomers. The simple yet detailed explanation would help even a layman to understand about Canadian taxes. Looking forward for more and more such videos. I do have a suggestion though- can you make a video on T4 vs. Incorporation for contractual workers including the pros and cons and an example of how someone would save/pay more taxes? Thanks in advance!
Glad to see you back and posting. Hopefully the issue with your previous videos gets resolved. I have started using a spreadsheet for tracking my expenses after watching one of your earlier videos. Keep up the great work!
That's what I want to hear! Way to go! I'm such a nerd but I honestly have fun setting up my budget on Excel and tracking my expenses 🤓 To increase your wealth you can either increase your income (which is HARD) or you can reduce your expenses, which is MUCH easier! You don't have to live a minimalist existence but there are definitely expenses that everyone can cut down on =)
I was so confused about RRSP, You cleared all my doubts, help me to make the decision to do contribution in RRSP. I could not able to find part3. Are u still working on it? Wonderful ! Well explained .
So, Let's say you contribute 20,000$ to your RRSP and your investments grew to 100,000$, upon withdrawing then entire thing for example, you would only pay taxes on the contribution amount since Capital growth + dividends are tax free correct ? So 80,000$ + whatever is left from the now taxed 20,000$ at whatever bracket you are in is what you would be getting in your pocket ? Great Video as always. No amount of school could teach this nearly as well as you can! Huge thanks! Going to Binge all your vids!
No unfortunately it doesn't work that way. You don't pay taxes on capital gains or dividends while it remains in your RRSP but once you withdraw, you will pay taxes on the full amount as if it was income. So if you withdraw $100K, you will pay taxes on that $100K at that tax bracket (as if you made $100K salary) That's why when you build a large sum of money in your RRSP, you do NOT want to withdraw it all at once since you will pay a HUGE portion of it in taxes. You will want to withdraw a little bit at a time, year after year to minimize the taxes you pay on the withdrawal. I will go over some of the best withdrawal strategies in a later video when I talk about RRIFs =)
I am so glad that I’ve got to know you!!!!! Everything you say in the video is so helpful and easy to understand! I can’t wait till part 3 to be out! Cuz i am buying real estate soon and will be using first home buyer plan 😆😆 thank you for the great video!!!
Wow thanks buddy! I'm glad you found my channel and I'm really happy to hear that my videos have been helpful! I should be working on part 3 in the next few weeks so stay tuned for that! =)
Awesome, Buddy. i like your detailed explanation, i also think RRSP is for the long run - retirement to take advantage of no tax especially when matched by an employer, i invest in stocks for the short term to maximize my ROI , thanks for sharing, big thumbs up
Hi.. We are eagerly waiting for the RRSP Part 3 video since I really wish to understand the conditions and benefits of withdrawing from RRSP for First Time home buyer plan... !!I have already posted a quastion for you in another video of yours. I Am reposting it here and would wait for your guidance . Hey Adrian.. First of all you are doing an amazing job here.. The content is great and very easy to understand.I have a specific qustion but I would try and explain my situation. I just moved to Canada 2 years back and since I had to settle my family so I was not able to contribute to RRSP or TFSA . Now, I have some some decent savings in my bank account and I am planning to buy the first home within next 3-4 months. Now I am in high tax paying job ( My annual salary is between 100-130 k) and want to understand if I should contribute to RRSP and TFSA , but most likely I would need this money for home down payment. So My dillema is 1. Should I keep this money in saving or HISA or I should invest in TFSA / RRSP to save the high taxes Ill be paying for 22 income . 2. If I invest in TFS/RRSP and I need to withraw this money wihtin 3-4 months , would I be able to do that and weather there would be any tax implications. Please do guide me here. Regards
Hi I think your videos are very interesting. In your one example the person is making $100,000 a year and when they are retired they are only make $20,000 , that’s a huge drop off unless I’m missing something that person should not be retired. They couldn’t live on that. They would have to cash in the rrsp. Sorry if I missed something in the video.
Ok you are officially my favourite finance education channel. The information you provide is super helpful, to the point and easy to understand. Thank you!! Do you work in accounting?
If you invest over a period of 50 years by contributing a portion of ur monthly income salary on a every month basis to ur RRSP. Lets assume that over 50 years of a bull market ull mange to grow ur RRSP portfolio into 400k. That means if u on the lowest tax bracket due to retirement that 400k withdrawal will put u right back into a highest tax bracket. Which than will take a huge portion of ur life time investment gains. Please correct me if im wrong. But that honestly doesn't seems like a good investment account to have. Writing this as a person who is mainly interested in NYSE but living in canada and doesnt want to pay withholding tax with TFSA. Great video btw I have learned a lot from u.
The key then is not to withdraw all $400k at once... Say you retire at 65. You can withdraw it over the rest of your life. Spread it out over 10 years, for example, then you'll only be taxed as if you're earning $40k a year instead.
Was waiting for this video to drop since last week! Can you also do a video on types of investments to hold in RRSPs and how you can contribute when you have an individual RRSP and RRSP with your employer.
I'll be making a whole video on employer based pensions and RRSPs but generally I would suggest maximize the RRSP or pension matching offered by your employer and then all other RRSP contributions should be done on your own since your employers RRSP plan most likely comes with a high management fee. When they are matching your contributions, that's free money so it's definitely worth it but after that, it just becomes another expensive mutual fund. I hope that helps! =)
Absolutely you can but ideally, you want to get to the point where you have maximized BOTH your TFSA and RRSP contributions. Once you have both of them maxed out, withdrawing from an RRSP will really hurt since you have permanently lost that tax-sheltered room! =)
So let's say you've grown your RRSP account to 5M and you're 50yrs of age and you think that's enough money to retire... so you quit your job in 2020. You withdraw 40k total for the year 2021 from your RRSP and this is your sole income for 2021. When 2022 taxes come would be paying income (fed & prov) tax on the 40K. Would I have 18% of the 40k to use as additional RRSP contributions to reduce my taxes for the year 2021? Great content btw! Crisp and clear.
Unfortunately no. The $40K you withdraw will not count as earned income so you don't gain 18% of that as RRSP room for next year. Once you withdraw from an RRSP, that room is gone forever, you don't get any of it back!
Adrian, do a video on what happens to our investments when we have to convert our RRSP account to a RIFF. For this reason I'd prefer to hold US growth stock and US stock that's mostly growth with smaller dividends in TFSA. Moving from RRSP TO TFSA is costly but not so vice versa.
Make sure you watch Part 1 First! 👇
RRSP Explained Part 1 - Tax Deductions & Contributions:
czcams.com/video/bKMNgnMBSdE/video.html
Canadian in a T-Shirt welcome back 😁👍
Check out my CANADIAN TAX GUIDE 👇
czcams.com/play/PLj8bU3AuW2qEA_ik7NOAIkBY02nt7KAPj.html
And check out my CANADIAN CREDIT CARD GUIDE 👇
czcams.com/play/PLj8bU3AuW2qGixzriCuazZ1E5RznbhcFB.html
Thank you so much! You make soooo much sense! Where is part 3 of the RRSP series mentioned at 12:46? Have you made it yet?
@@oliviatsi2324 I've been looking and don't see anything!
Release part 3! Best explanation for RRSP on CZcams so far!
Thank you! Part 3 will be coming! =)
@@CanadianTShirt ETA?
When is part 3 coming????
@@CanadianTShirt waiting for part 3 as well. when is it coming out. u are very knowledgeable. u are helping lots of ordinary people. thanks a lot. we appreciate it.
Looking forward to part 3 . Great Job and thanks for sharing knowledge 👍
Amazing job!
I am surprised that you don't have "all" of Canada's population subscribed to your channel.
I have known this info for many years but very few places put it in a concise, compact yet clear package, well done.
You are an asset to all Canadians looking to improve their lot in life.
Regards.
Darryl
Thank you Darryl! I really appreciate those kind words! 🙏
I'm still a pretty small CZcamsr and I only started about 6 months ago but hopefully in a few years I'll be able to get this info out to more Canadians out there =)
@@CanadianTShirt Well you are doing very well.
A lot of Traders eventually start online courses for hire. I would suggest that if you do decide to do something like that, that you do something unique that would capture a lot of the market. Like the first course is free so that your followers can experience the content before going all in. In that way they would know that it is worth their money and effort.
Just my two cents.
Keep up the good content.
Ciao.
@@CanadianTShirt yeah man watched like 10+ different RRSP/TFSA and other investment videos from other youtubers. yours is the best lol
@@johnnyphan5416 thanks Johnny! I really appreciate that! 😁
So clear and concise. I could watch it forever. I will be sure to subscribe
Wow, finally someone to present tax matters with clear and simple explanations and guidance. Thank you Adrian for sharing your expert knowledge with us.
Thank you Colleen! I'm glad you found this video helpful! 🙏
I moved to Canada several years ago from a country that has different tax system. You are the first person that explained everything in such a simple and easy to understand way.
Cheers 🍻
I'm so happy to hear that! I understand how confusing it can be when you move to a new country so I'm glad you are finding my videos helpful! I suggest going through my CANADIAN TAX GUIDE playlist (the videos like this with the silver coloured thumbnails) I hope that helps! =)
Can't wait for part 3! Absolutely GOLDEN!! Thank you so much Adrian
Thanks buddy! That's what I love to hear! 😁
@@CanadianTShirtthe part 3 never came😭😭
@@michaelanyaegbu7384 I didn't call it Part 3 but I made 5 dedicated RRSP videos, watch my RRSP Playlist here =)
czcams.com/play/PLj8bU3AuW2qHOikk4VRpSDXCZTuH7eUhz.html
Waiting for part 3!!! This is the best time to buy. CHeap stocks etfs to hold inside rrsp.
Part 3 will be coming out soon as well as a video on my favourite US ETFs to hold in an RRSP!
For now, check out my latest video on the best US Dividend stocks to hold inside your RRSP =)
I am also waiting.
- subscribed
@@KKS.22 thank you for your patience! 🙏
Is it worth it to buy US stocks when you have to buy in US dollar,not much gains after tax and and conversion..what else to hold in rrsp,?thanks bro
@@filipinocanadianbrotvchann3855 you can convert your cad to usd using norbert gambit. No fee for conversion.
Looking forward to part 3! Glad I found you on youtube!
Thank you Ember and welcome to the channel!!! =)
Me too this has been informative. New subscriber here.
Can’t wait for part 3! Activated the subscription bell for it
Thank you Dressday! I appreciate the support and part 3 will be coming soon! =)
Another great video! I love how much I'm learning from you!!! Can't wait for part 3...
Thanks Oksana! I'll get to part 3 in a few weeks. I need a little break from RRSPs 😅
your video just saved me 700 dollars right now in this very moment. thank you.
Way to go buddy, that's what I LOVE to hear! Make sure you watch the rest of my RRSP series (this is part 2 of my 5 part playlist) 😁
czcams.com/play/PLj8bU3AuW2qHOikk4VRpSDXCZTuH7eUhz.html
Adrian, waiting for part 3, Love all your videos, you structure them very well, flow, repeating key points and summarizing pre and post video. Amazing work
Thank you Neil! I really appreciate that! I try my best to structure my videos the same way a professor structures a lecture so I'm glad that it works for you guys! And yes, part 3 will be coming! =)
I barely leave comments on youtube. Came across your channel randomly and it has been great so far.
Thank you for the detailed explanation!
Thank you Trang for those kind words and welcome to my channel! I'm glad my videos have been helpful so far! 😁
I think I binged 3 hours worth of these videos its incredible. I never thought I'd say this, but I'm finding these topics interesting thanks to you.
Wow! Thank you Nicolas! That's what I LOVE to hear! I know that I'm strangely passionate and excited about this stuff and I'm glad that my enthusiasm shines through my videos! Thank you for binge-watching! 😁
You are the best hope u can post videos everyday. Keep the the canadian content 💯. Is that to much to ask?👌👌
It's hard enough juggling this CZcams gig along with a full time job. One video per week is all I can handle for now but that may change in the future! 😁
Looking forward for it. U have it on you brother. Ur channel will grow!! 👌👌
Wow such fantastic information. However consider this. Those blessed with a pension such as teachers, nurses and public sector workers might be better off keeping RRSP small and contributing to unregistered account. The TFSA is the best thing going and should be filled first. Pension holders are very likely to be in the same tax high tax bracket as when they were contributing to RRSP so tax owing is high on withdraw. If you die with a large RRSP it will get tax whacked unless it goes to spouse. Keep up the fantastic work and I just subscribed. Cheers
Waiting for part-3 👍👍👍 Thanks for the good information.
I'm happy to help! Part 3 will come out in a few weeks! I need a little break from RRSPs 😅
Currently doing a "Canadian in a T-shirt" marathon!! I'm so grateful your channel exists. Looking forward to Part 3. And now, enough with the comments, its back to your videos i go. byeeeeeeeee
haha thanks Cheryll! I am honoured that my videos are considered "binge-worthy" 🙏
Maybe I should put my videos up on Netflix 😁
If you're keen on doing a marathon, can I suggest checking out my playlists? I organize them in a way that will make sense and each video will flow into the next =)
Thank you so much for these very clear explanations! Really looking forward to part 3 of the RRSP series. I checked your channel and I can't find it, so I assume you haven't made a video yet? That one will be supremely helpful too. Thank you again!
Thank you Ivanka for your patience but no, I haven't made part 3 just yet but it should be coming out in the next few weeks! Stay tuned! 😁
Amazing explanation.
For me, who is complete newbie in Canada taxes, your explanation works perfectly. Appreciate it.
I'm happy to hear that this video was helpful! Make sure you watch the next video in the series: RRSP MISTAKES =)
czcams.com/video/I8k95_R_L_Q/video.html
I'm 50, never too late. Watched your video and got totally inspired. You've answered so many questions that I was unclear about. You've done a Fantastic job! BTW Signed up with Questrade and moved my entire TFSA to them. I think I can handle them smarter on my own now. Would you mind sharing some pointers on what numbers to look at to decide a good Stock or ETF? Thanks!
That's what I love to hear! You are absolutely right, it is never too late to start investing and taking charge of your financial future! 😁
I will be making a whole video soon where I show step by step what I look for in a stock before I decided to invest in them but in the meantime, check out my past stock pick recommendations to see some of the things I look for =)
czcams.com/play/PLj8bU3AuW2qFD4sCsCxXdaAADlyiP8bqB.html
Haaa "part 3 lost in space"
Adrian is simply amazing,a little bit fast talking but we are lucky 10 sec back option is available 😂
good job,just keep going man,all the best 👍
hahaha I promise part 3 is coming very soon! In the next few weeks! In the meantime check out my unofficial sequel, RRSP MISTAKES:
czcams.com/video/I8k95_R_L_Q/video.html
And yes, I know I talk fast, especially when I get excited! 😅
This is why I put the text overlays and I also manually write out English subtitles to help people follow along! If you'd like to slow the video down, hit the Settings (gear icon) and change the Playback Speed to 75%. I hope that helps! =)
Here’s what I’ve been waiting for. Good job 👏
Thanks buddy! I hope it was worth the wait! =)
Your videos are such a help, I plan to move to Canada from the UK in the next few years, your explanations are very thorough.
Thank you George Orwell, I'm a huge fan of your dystopian novels as well! 😆
But I'm glad that my videos have been helpful and welcome to Canada very soon! 🇨🇦
Great stuff bro🙌
Waiting for part 3🤞
You're doing a Great job👏
Thanks buddy! I will be working on part 3 early in 2021, stay tuned! =)
I wish, Someone would have made this video 12 years before to educate layman like me
, Great job! Please make more videos. Thank you very much.
Dude! You’re the Buddha of Bread! Very knowledgeable.
Beauty, way to go eh?
The CRA loves to hose you!
hahaha Buddha of Bread? I've never heard that one but I'll take it. Thanks bud! 😁
This is the best video I have seen on RRSP Withholding tax. THANK YOU!!!
Wow! Thank you Taylor! I'm so happy you found this video so helpful! I am working on more RRSP videos soon so stay tuned for those! =)
Great video!!! Looking for part 3 :) As Canadian dollar is so low right now, do you think that is better to wait before exchange it and use Norbert's gambit?
It's true that the currency exchange rate hurts a bit more right now but consider this: currently the Canadian dollar is about 8% of what it usually is but a lot of quality US stocks and ETFs are down more than 20% off their usual price so overall you're still getting a great deal! That being said, if you currently have USD I would use that to invest first rather than converting CAD cash. I hope that helps! =)
i am a millenial thank you very much!! really don't know much honestly but am learning loads
I'm happy to hear that my videos have been useful! Welcome and feel free to reach out with any questions! =)
FIRST MY NAME IS JEFF AND I'M ALWAYS FIRST.
Great video!
Best way to assert dominance 😆
I CANNOT THANK YOU ENOUGH FOR THIS
Thank you Gazelle! I'm glad it was helpful! =)
What are your favourite US ETFs when investing with RRSP?
I’m going with VOO
I'll be making a WHOLE video just on that topic in the next few weeks =)
Following 👍
Great video! looking forward to part 3 :)
You got it! Part three will be coming soon! I'm glad it was helpful! =)
Hey man! Love the content. I had a question regarding investing for a beginner in Canada. I have about $5000 to invest and am debating whether investing in XEQT (100% equity all in one ETF) or going with dividend ETF's like XIC and VDY so that I can DRIP and grow my account. I am confused why anyone would go with XEQT over dividend ETF's as a beginner if they can reinvest the dividends and grow their portfolio even more? Thanks!
XEQT is an ETF which just holds a few other Canadian and US ETFs inside of it and it's aimed at capital growth not dividends. It's a great option for beginners and passive, hands-off investors. People who don't want to do any research and just put their money into a fund. Which is totally fine, it's still way better than spending 10 times that much money on a mutual fund. But I prefer taking more control of my investments and buying ETFs and stocks directly. Also, I am focusing on passive income with dividends in my tax sheltered accounts and leaving capital appreciation for my taxable account. I hope that helps! =)
@@CanadianTShirt What is your reasoning behind holding passive income with dividends in TFSA/RRSP ? Why not have a growth etf like VGRO in there or an etf that tracks s%p 500 like VFV ? They tend to do better than dividend etfs (XEI and others) even if you reinvest dividends
I’m new to your channel and have always been terrible with taxes. You’ve inspired me to get a better grip on my personal finance. Thanks for the great content and way to go on your channel!
Thank you Dylan! I really appreciate that and I'm glad my videos have made an impact! Welcome to the channel! 😁
Hey Adrian, was just about to sign up on questrade for a TFSA and a RRSP. Clicked your referral link and it's states that it is not a valid promo code. Figured I'd let you know!
Thanks Owen for the heads up! Ya it seems that the Affiliate Pro server has been down for the past few hours. They are partnered with Questrade and they handle all of the affiliate links. I reached out to them and hopefully they can get it fixed by tomorrow. I'll let you know when it's back online. Thanks for supporting my channel! 🙏
Best RRSP explanation on CZcams so far. You just won a new sub👏🏻👏🏻👏🏻👏🏻
I'm so glad you found my RRSP videos helpful! I'm working on a new RRSP video as we speak so stay tuned! =)
I love how clear and concise you are explaining things.. You speak clearly and quickly and get to the point which I REALLY APPRECIATE. I often have to speed up the playback of you tube videos or skip the first 5 minutes because it's just someone talking about their cat or grocery store visit or whatever else that is not remotely related to the topic of the video... Your videos are great! Keep it up please!! Loyal Subscriber! Looking forward to part three! and Thank you so much!
Thank you Kalynn! I really appreciate that! I know I speak quickly and I try to remove all the useless fluff. I hate the idea of wasting anyone's time =)
@@CanadianTShirt WEll You are a rare gem on you tube that way!!
Adrian, thank you for making Canadian taxes so simple for newcomers. I'm a big fan who referred your videos to other immigrants in a similar situation.
Can't wait for part 3!!
My pleasure! I'm glad you found this video helpful and I'm in the middle of editing a new RRSP video as we speak! It should be ready by tomorrow morning! =)
This guy is a true blessing.
Wow! Thanks Mike for those kind words! I'm so happy to hear that you've found value in my videos! =)
Hi Aidrian
I just found your video and I can't tell you how great it was to have you explain it all in simple language and made it very easy to understand.
Thank you
You explain these concepts so well. Thank God I found your channel!!!! Thank you a million times!
Wow! Thank you Natalie for those kind words! I really do appreciate it! You are welcome, a million times! 😁
You are welcome!
Am I missing something or we just don't have part 3 after this? This content is so good...
I made an unofficial part 3 called RRSP MISTAKES. I actually have 5 videos in my RRSP Explained playlist so please check those out! =)
czcams.com/play/PLj8bU3AuW2qHOikk4VRpSDXCZTuH7eUhz.html
Parts 4 and 5 have some very important RRSP tricks that most people aren't aware of =)
Patiently waiting for Part III :D
Thanks Wade! I will be working on RRSP part 3 early in 2021! Stay tuned for that! =)
Thanks for helping
We waiting for part3 for RRSP
You got it Eri! Part 3 will be coming soon! =)
@@CanadianTShirt Thanks alot
Still loving these videos, learning so much! Here I thought you were literally not allowed to withdraw money from your RRSP till retirement 😂
That is a common misconception! Generally speaking you SHOULDN'T withdraw before retirement but you always can! Just make sure you do it in a low income year to minimize your tax bill =)
This whole series is great. Well presented and concise. Most importantly not filled with a bunch of useless trash. Thank you.
Thank you Stefan! I'm happy to hear that this video is helpful and you're right! I don't like to waste anyone's time! =)
This is absolutely amazing! I have been watching your taxation series to help a friend out who is moving to Canada soon! Your videos are so concise and incredibly well explained! Keep going mate - look forward to more videos in the future after I complete this series! :D
Thanks Aadi! I really appreciate that and I'm so happy to hear that my videos have been helpful! Stay tuned for more great videos coming! =)
Another video, another dollar saved!
Thanks buddy! I hope you put that dollar to good use! =)
Damn! I just lost some contribution room in my RRSP a couple of months ago... didn't know about that. I closed an account with my former employer and transferred the money to another RRSP account, by myself. I will most likely feel the damage next year when filing my taxes. Well, at least I know better now. Waiting for part 3 as we are planning to buy a house. Thanks for the great content!
Thanks mate 👍.
So far I learned that there is no good parking lot available for your money in Canada because of low interest rate. This is to pile up cash for buying opportunities in stock market.
I doubt we will see decent interest rates for at least a few years. GICs and savings accounts are dead right now. If you have extra money which you won't need for the next 5 years, I would suggest investing your money in stocks and ETFs, a little bit at a time over the next several weeks =)
It's better to spread out your investments and take advantage of dollar cost averaging than to try to time the market =)
I really appreciate your videos! If I could make a suggestion, I would want to learn more on CPP through your videos especially for self-employed people. Thank you!
Thank you Anna! You bet, I have talked about CPP in greater detail in my tax videos as well as my Canadian Business Guide! Check out this video on the DOWNSIDES of Being Self-Employed where I talk more about CPP and the fact that you pay DOUBLE in CPP as a self-employed individual!
czcams.com/video/ST1_Zem8AcM/video.html
Also check out my video on How to Read a PAY STUB, I go into greater detail on CPP there =)
czcams.com/video/uFg3tDxmqiE/video.html
You’re THE BEST I’m so happy I find your account beginners really need little details that you are providing thanks
Thanks Faria! I'm really happy to hear that my videos are helpful and thank you for all the great questions too! 🙏
Excellent explanation. Thanks for sharing very useful information.
Thank you Atul! I'm glad this video was useful! =)
Great Video Adrian ! Really helpful for every Canadian and especially newcomers. The simple yet detailed explanation would help even a layman to understand about Canadian taxes. Looking forward for more and more such videos. I do have a suggestion though- can you make a video on T4 vs. Incorporation for contractual workers including the pros and cons and an example of how someone would save/pay more taxes? Thanks in advance!
Glad to see you back and posting. Hopefully the issue with your previous videos gets resolved. I have started using a spreadsheet for tracking my expenses after watching one of your earlier videos.
Keep up the great work!
That's what I want to hear! Way to go!
I'm such a nerd but I honestly have fun setting up my budget on Excel and tracking my expenses 🤓
To increase your wealth you can either increase your income (which is HARD) or you can reduce your expenses, which is MUCH easier! You don't have to live a minimalist existence but there are definitely expenses that everyone can cut down on =)
No dislikes!!! great job. Love your videos
Thank you Sergey! I appreciate the support! 🙏
You're really good at explaining!
Thank you Kaylani! I really appreciate that! 🙏
Keep the information flow super high speed! Awesome!
Thanks buddy! That's what I try to do! I don't want to waste anyone's time! =)
Another great video! Can't wait to hear more tax related advise.
Thanks buddy! I'm glad to hear it was helpful! =)
Loving your content. The information provided is so clear. I never learnt this much about RRSP and TFSA. Good job. Cheers!
Thank you Ketan! I'm happy to hear that my videos are helpful and thanks for watching! =)
I was so confused about RRSP, You cleared all my doubts, help me to make the decision to do contribution in RRSP. I could not able to find part3. Are u still working on it? Wonderful ! Well explained .
Thank you Sarbjit! I'm glad you found it helpful and part 3 is definitely coming! =)
Love the content! You answered all my questions in this video! Thanks!
Thanks Suzy!!! I'm glad I was able to help! =)
Great info, looking forward to part 3
You got it Deb! More RRSP videos are coming very soon! =)
Awesome content!! Keep the good work you are really good at explaining complicated concept and make them really easy to understand!
Thank you Frederick! I'm glad my videos are helpful and thank you for the feedback! =)
Great.
Wonderfully explained
Love your videos
Thanks buddy! I really appreciate that! =)
Great video, clear and concise explanation and examples on withholding tax!
Thank you! I'm so happy to hear that you found this video so helpful! =)
You are an angel bro! Thank you for this financial literacy lessons!
Thank you Klimvan! I'm happy to hear that my videos are helpful! =)
This's so helpful 👍👍 and easy to understand
Thanks July! I'm so glad to hear that my videos are helpful and accessible! =)
can't wait for part 3 !
Thanks Kelvin! Part 3 is definitely coming sometime soon! =)
Great part 2 thanks for this.
Thanks buddy! Make sure you watch the sequel, RRSP MISTAKES:
czcams.com/video/I8k95_R_L_Q/video.html
That's part 3 of 5 in my RRSP series =)
So, Let's say you contribute 20,000$ to your RRSP and your investments grew to 100,000$, upon withdrawing then entire thing for example, you would only pay taxes on the contribution amount since Capital growth + dividends are tax free correct ? So 80,000$ + whatever is left from the now taxed 20,000$ at whatever bracket you are in is what you would be getting in your pocket ? Great Video as always. No amount of school could teach this nearly as well as you can! Huge thanks! Going to Binge all your vids!
No unfortunately it doesn't work that way. You don't pay taxes on capital gains or dividends while it remains in your RRSP but once you withdraw, you will pay taxes on the full amount as if it was income. So if you withdraw $100K, you will pay taxes on that $100K at that tax bracket (as if you made $100K salary) That's why when you build a large sum of money in your RRSP, you do NOT want to withdraw it all at once since you will pay a HUGE portion of it in taxes. You will want to withdraw a little bit at a time, year after year to minimize the taxes you pay on the withdrawal. I will go over some of the best withdrawal strategies in a later video when I talk about RRIFs =)
@@CanadianTShirt ohhhh yeah makes sense actually. Thanks for the correction!
Can't wait for part 3!!! :D
You got it buddy! It's definitely coming! =)
I am so glad that I’ve got to know you!!!!! Everything you say in the video is so helpful and easy to understand! I can’t wait till part 3 to be out! Cuz i am buying real estate soon and will be using first home buyer plan 😆😆 thank you for the great video!!!
Wow thanks buddy! I'm glad you found my channel and I'm really happy to hear that my videos have been helpful! I should be working on part 3 in the next few weeks so stay tuned for that! =)
@@CanadianTShirt waiting on this!!
Awesome, Buddy. i like your detailed explanation, i also think RRSP is for the long run - retirement to take advantage of no tax especially when matched by an employer, i invest in stocks for the short term to maximize my ROI , thanks for sharing, big thumbs up
Thanks buddy! You got it! Taking advantage of employer RRSP matching is a great strategy!
Hi.. We are eagerly waiting for the RRSP Part 3 video since I really wish to understand the conditions and benefits of withdrawing from RRSP for First Time home buyer plan... !!I have already posted a quastion for you in another video of yours. I Am reposting it here and would wait for your guidance .
Hey Adrian.. First of all you are doing an amazing job here.. The content is great and very easy to understand.I have a specific qustion but I would try and explain my situation.
I just moved to Canada 2 years back and since I had to settle my family so I was not able to contribute to RRSP or TFSA . Now, I have some some decent savings in my bank account and I am planning to buy the first home within next 3-4 months.
Now I am in high tax paying job ( My annual salary is between 100-130 k) and want to understand if I should contribute to RRSP and TFSA , but most likely I would need this money for home down payment.
So My dillema is
1. Should I keep this money in saving or HISA or I should invest in TFSA / RRSP to save the high taxes Ill be paying for 22 income .
2. If I invest in TFS/RRSP and I need to withraw this money wihtin 3-4 months , would I be able to do that and weather there would be any tax implications.
Please do guide me here.
Regards
Waiting for part 3, Amazing video, Keep up the good work. Thank you
Thanks buddy! Part 3 is definitely coming! =)
Is RRSP part III up there and I miss it? Thanks for all your work!
I am actually working on a new RRSP video as we speak! =)
Hi
I think your videos are very interesting. In your one example the person is making $100,000 a year and when they are retired they are only make $20,000 , that’s a huge drop off unless I’m missing something that person should not be retired. They couldn’t live on that. They would have to cash in the rrsp.
Sorry if I missed something in the video.
Thank you so much. Your videos are so helpful.
Thanks Mehak! I'm happy to help! 😁
Amazing Adrian! Thank you very much! very helpful. :)
Hi great video!!! Keep it up. Good information for everyone
Thank you Edward! I really appreciate that! =)
Ok you are officially my favourite finance education channel. The information you provide is super helpful, to the point and easy to understand. Thank you!! Do you work in accounting?
Thank you! I really appreciate that! 🙏
And no, but I am the unofficial accountant of most of my family and friends 😆
@@CanadianTShirt Haha I bet! Can I ask what you studied in and in what field your are currently working?
Dayum amazing content...I'm addicted to your channel. Any plan for RRSP Explained Part 3? I feel like this is the part I really need!
Thank you Pierre-Olivier! I really appreciate that! If you have to be addicted to something, it might as well be financial literacy! =)
And yes I will be working on RRSP part 3 sometime in January so stay tuned for that! =)
@Canadian in a T-Shirt: Huge appreciation to your work :). Please upload part 3 ASAP.., waiting to know about home buyer plan
Thank you Shiva! I'm really happy to hear that my videos are helpful and you got it! RRSP part 3 will be coming soon! =)
Another highly educational video, thanks Adrian
Thank you Gabriel! I'm happy to hear that my videos are helpful! =)
Super informative! Thank you so much! You've answered so many of my questions and concerns.
Thank you so much Mika! That's what I love to hear! I'm glad it was helpful! =)
@@CanadianTShirt Just subscribed to your channel :)
@@mikamori9456 Thanks Mika! 🙏
If you invest over a period of 50 years by contributing a portion of ur monthly income salary on a every month basis to ur RRSP. Lets assume that over 50 years of a bull market ull mange to grow ur RRSP portfolio into 400k. That means if u on the lowest tax bracket due to retirement that 400k withdrawal will put u right back into a highest tax bracket. Which than will take a huge portion of ur life time investment gains. Please correct me if im wrong. But that honestly doesn't seems like a good investment account to have.
Writing this as a person who is mainly interested in NYSE but living in canada and doesnt want to pay withholding tax with TFSA.
Great video btw I have learned a lot from u.
The key then is not to withdraw all $400k at once... Say you retire at 65. You can withdraw it over the rest of your life. Spread it out over 10 years, for example, then you'll only be taxed as if you're earning $40k a year instead.
Was waiting for this video to drop since last week! Can you also do a video on types of investments to hold in RRSPs and how you can contribute when you have an individual RRSP and RRSP with your employer.
I'll be making a whole video on employer based pensions and RRSPs but generally I would suggest maximize the RRSP or pension matching offered by your employer and then all other RRSP contributions should be done on your own since your employers RRSP plan most likely comes with a high management fee. When they are matching your contributions, that's free money so it's definitely worth it but after that, it just becomes another expensive mutual fund. I hope that helps! =)
Thank you for this video. Looking forward for part 3.
I'm glad it was helpful! Stay tuned! =)
@2:37 not really agree with the miss long term investment point. you can transfer it to TFSA and keep investing. great video still, thanks for sharing
Absolutely you can but ideally, you want to get to the point where you have maximized BOTH your TFSA and RRSP contributions. Once you have both of them maxed out, withdrawing from an RRSP will really hurt since you have permanently lost that tax-sheltered room! =)
You are so knowledgeable and have amazing content! Ive been rewatching a lot of your videos. Patiently waiting for part 3 though ;)
Thank you! I appreciate that and stay tuned for part 3, it should be coming out sometime in the next few weeks =)
Can't wait to see the part 3 !!
Thank you Pierre-Antoine! Part 3 is definitely coming but I have a few other topics I want to get to first! =)
Would love to see a video on USA ETF's and index funds to build the ultimate RRSP!
You got it! That video will be coming soon! =)
So let's say you've grown your RRSP account to 5M and you're 50yrs of age and you think that's enough money to retire... so you quit your job in 2020.
You withdraw 40k total for the year 2021 from your RRSP and this is your sole income for 2021.
When 2022 taxes come would be paying income (fed & prov) tax on the 40K.
Would I have 18% of the 40k to use as additional RRSP contributions to reduce my taxes for the year 2021?
Great content btw! Crisp and clear.
Unfortunately no. The $40K you withdraw will not count as earned income so you don't gain 18% of that as RRSP room for next year. Once you withdraw from an RRSP, that room is gone forever, you don't get any of it back!
Thank you Adrian. Great video
My pleasure Neville! Thanks for the kind comments as always! =)
@@CanadianTShirt of course
Adrian, do a video on what happens to our investments when we have to convert our RRSP account to a RIFF. For this reason I'd prefer to hold US growth stock and US stock that's mostly growth with smaller dividends in TFSA. Moving from RRSP TO TFSA is costly but not so vice versa.
Thank you for all the information and professional explanation
I'm happy to help! =)
After a year, I am still waiting for part 3. I hope it comes soon
I am working on a new RRSP video as we speak! =)