CANADIAN BANK ACCOUNTS (For Immigrants)

Do you know how to open a Canadian bank account?
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My channel is about learning English. I try to make creative and fun lessons to help you learn vocabulary, grammar, pronunciation, verb tenses, idioms, CELPIP, IELTS and TOEFL preparation, and much more! My videos will help you improve your English speaking, reading, writing, and listening. If you don't understand something I say or have any questions for me, please just ask! I reply to all the comments on my videos! I make new lessons every day so follow me on Facebook and KZbin! 😃
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#canadianbankaccount #bankincanada #canadianimmigration

[@katelyn442]

I'm born and raised in Canada and I watch your videos to learn new things 🤣 Thanks for being a wonderful teacher!

[@dibyoanuvlogs123]

Wow 👍👍

[@suhasatharva1867]

Hey, Mark! I'm from India currently moving to Canada via PR visa. Thank you so much for the valuable info. Keep going on! You are awesome.

[@mozhganmusavi6361]

I really like this video because i learned alo of new things .Thank you so much😍

[@mikasaackerman1938]

RRSP is good for NOW. TFSA is like fooling yourself. . It's like putting your money in a piggy bank. . But at least it would inspire discipline. LOL. Loosely translated, nobody can really shield himself from Canadian Taxes.

[@gotha655]

I am going to retire in three years. when I retire, my daughter will already graduate from college,so I will be very easy in finance.I have a plan to travel to some famous place such as Beijing,shanghai,xinjiang.I want to spend time to study stock,and invest some money in stock market.I don't want to make money I just find something fun to do to prevent from being lonely.

[@margaritamoreno3225]

I just find your channel. Thank you for such simple explanations. See you on Canada!

[@saja3653]

can you also explain taxes in the USA too, you are not an ordinary teacher you know a lot

[@MadEnglishTV]

I'm not too sure about USA taxes! Sorry!

[@Pulpswo]

Really people don't help each other? That doesn't sound Canadian to me...

[@faisalali9818]

Well explained RRSP & TFSA. No questions :) No retirement plan so far.

[@nesma8240]

Can these taxes be used later to cover my children university education in Canada or we will never get any benefits back from these taxes regarding our kids' future university education?

[@racsito39]

Here, our salary gets automatically deducted into three directions: 1. AFP (for retirement) 2. ARS (for universal health care). 3. ISR (tax, if your monthly income applies). If I ever migrate to another country, I stop paying taxes, I stop paying healthcare and retirement savings, if I reach retirement age abroad, I can then use that money, meanwhile, is locked in by law.

[@basim62]

Hi Mark, Your precise information are precious & knowledgeable. Thank you.

[@kianostad5064]

18:47 magic!! 😄

[@vadym1316]

It's just bug in the matrix

[@edgarganados9874]

Nice video, very helpful

[@MadEnglishTV]

😃😃

[@zanaagmo5783]

Hi MAD I'm from Somalia we need to Canadian money exchange rates for American dollars

[@mohamedborham8851]

could you speak about dental loans, and tax that is related to imegrant students?? thank you in advance

[@itsByShan]

mate, im newcomer in Canada and you help me a lot, I find all my question on your channel ❤️

[@zahrasadeqi3948]

what is the point with RRSP, when you can save the money in TFSA? I think the majority of people will be "tax-free" therefore open a TFSA instead of RRSP, unless there is more benefit in RRSP, I want to know if there is more benefit by opening RRSP?

[@abdelilahjamali9099]

Hi! At the beginning of 2023, I will retire and I will leave Casablanca, which is a big city, then I will look for a new job to remain useful and dynamic. Take care!

[@asadkhan-xs1zt]

superb. it was really helpful. I've my account in TD bank and take out money from chequing account and savings account is also functional as monthly or weekly some little amount is transferred from chequing to saving the account. RRSP and TFSA are new to me. I need to probe into it, how can I benefit from these two accounts in the current scenario. thank u so much.

[@mykolaenko]

I'm still have a question, if I can't withdraw money from RRSP without being taxed how can I use that money?

[@amanjotsingh9444]

How much money a new Immigrant is allowed to bring through bank wire transfer? Is there any limit and are there any tax liability on that fund's?

[@luffydragneel5635]

very helpful video thank you! Also, can you set up an RRSP or TFSA account if you are unemployed and are a student? Is it also possible to change your RRSP into TFSA whenever you want?

[@MadEnglishTV]

You're welcome! 😃😃 Yes, you can set up those accounts any time regardless of your employment. You cannot change an RRSP into a TFSA. They are two different accounts.

[@AG-gu9id]

So what's the difference between, savings account and tfsa? If I put money on my savings account (for which i have already paid taxes) when I withdraw them I'll have to pay taxes again?

[@amaobien2766]

My retirement plan is, I want to go back and live in my origin country with my family.

[@aakashdk3550]

can u take out the money saved in TFSA even before you're retirement? let's say if someone wants to buy a house at 45, can he take the money out without tax deductions?

[@saja3653]

I'm intimidating, do you know anything about retirement plan in the USA,can you make a video

[@tawfeeqkhan9947]

Is there a limit to how much we can invest in TFSA ? like 18% ?

[@VikramSingh-ow9jp]

First of all you asked do you about canadian Bank account if we know why we watch your video?

[@fassbenderf716]

I know nothing about Canadian bank, please tell me , Mark

[@shabatshalom693]

What is the difference b/n cheking and saving teacher sorry?

[@patochispatochin]

🐍 hola teacher nice topic ... Do you know if there have poison insects to take my insecticide RAID in my luggage or my huge "chancla" hahahahahaha 🐍🐜🐝🐛

[@spiderlinux]

patochis patochin ha ha bored 😐 perhaps?

[@MadEnglishTV]

Hola! I don't understand the question.

[@twixerwixer3372]

u have to pay taxes either way before or after saving.. is it correct.

[@andrewkalulumusisimayanja6500]

Thank you so much for the information..

[@lorenzag6396]

My retirement plan is to go traveling all around the word. I have a question for you: "When I'll get retired, could take just a small amount of money at the time from my RRSP?" Thanks.

[@MadEnglishTV]

That's amazing! 😃Yes, you can take out however much you want. If you take out less than $12,000 per year, you won't need to pay any tax.

[@lorenzag6396]

Wow that's such awesome news. :D

[@MadEnglishTV]

😃

[@funlo8627]

We call chequing account as current account

[@AjayPoriya]

If I am an international student can I open rrsp account?

[@AbujanDisco]

No, you need an income for a year.

[@Vetgong]

Hey, Mark! Thank you for interesting info about Canada! Your explanaton is precise and uderstandable as always. Keep on going and take care!

[@julianovo7237]

Hi, Mark! Congratulations! I just noticed the first sign of your channel becoming very popular - in the comments, some people start using the channel as an advertising platform for "easy" ways to make money. Lol

[@MadEnglishTV]

Lol, yes, it's a great sign! 😃

[@mandeepkaur-yr6jy]

hey mark...good job..i m a student here in montreal..i just want to know which bank account is best for students ...i want to open an account.

[@prasadwickramasinghe8169]

Can use FFSA for main account?

[@ahmednasr9728]

Is the Canadian government offering a welfare system for retired people?

[@MadEnglishTV]

Yes. It's called Old Age Security.

[@golnazkh7087]

Here peoples get retired between 40 till 50 old year,so after got retired start new job, some time new job have income more of old job,really we have bad regal about retired,so my plan for get retired find new job with high salary,

[@MadEnglishTV]

That's great! 😃

[@overshot8331]

I recently immigrated to the United States and your videos have been very helpful to me even though they are about Canada.Thanks a lot.

[@MadEnglishTV]

Thanks so much! :)

[@liluo4033]

I like your video, it is very help me to learning English thank you very much, a good teacher is hard to get, thank you so much .

[@MadEnglishTV]

Thanks for your comment! 😃😃

[@neetapatil6556]

Good information, thanks

[@20796mayur]

hi what is the limit of the amount you can put/save in both TFSA and RRSP per year?

[@MadEnglishTV]

RRSP 18% of previous years gross income. TFSA $5000 every year.

[@briannahills4452]

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[@beowolfgoth]

RRSP sounds good for short term. However, if i plan on retiring in 30 years, the taxe might be more that 33%! So I guess its safer to pay 33% now that 50% in the future!? Do you get my point? Makes a lot to think about after watching your other Tax video so I’m quite confused on how to get a « happy Retirement » ! I though CA had retirement pension to begin with -_-

[@constantinkwiatkowski1940]

This video is awesome! So much helpful!! RSP has more than one layer! RRSPA is just the base. Savings accounts make sense!! :D

[@MadEnglishTV]

Thanks so much for your comment! 😃I'm so happy you liked the video!

[@MariA-yl2nm]

Hello ! I wonder if you may do a video about health Care system an how get your health card ! Thank you!

[@MadEnglishTV]

Did you see this video? kzbin.info/www/bejne/r36cfoqqicScsLM

[@spiderlinux]

Sup teacha, how r ya? is a placer know bout u again dude!

[@MadEnglishTV]

Haha, are you practicing your colloquial expressions?

[@patochispatochin]

Hey Omar I like your language can you teach me some, just for fun ..... I like yujuuuu 👀 👅

[@elizabethmicheal8217]

To make a real huge cash or you have any problem you need to contact only this guy called Marat Leonid a Russian guy who based in Cali, he is an expert in hacking anything and everything, oh and if you want to become an hacker too email... [e-mail]...ir text him(680)4441975

[@kinneyashley1280]

Ok

[@sarwarhossen2020]

You cannot invest in RRSP if you don't have income. So, a newcomer cannot open RRSP until s/he earns, Newcomer also cannot open TFSA just after arrival.

[@compositingwithkushal]

Do we get interest on the money which is in RRSP?

[@MadEnglishTV]

It depends what the investment is. Many people have stocks or mutual funds in the RRSP.

[@afnaanzaid2446]

Can we open two accounts together e.g a chequeing account and also a RRSP account

[@MadEnglishTV]

Yes, you can have as many accounts as you want! 😃😃

[@CarlosEduardo-hq1pv]

I thing pay a retirement plan is very good because the age comes very fast.

[@MadEnglishTV]

😃😃

[@viniciusnoyoutube]

Very good video. Thanks.

[@knammee]

OH Thank you Teacher! This is what I want to know ! :> I read a news on online that said interest in saving account would go down 1.8 per cent to 1.5 per cent. Thus I have wanted to know how Canadian save money. I did not know that there is RRSP and TFSA. What a nice information! haha. If I want to buy a car or house, Would TFSA be better than RRSP to save money? What do you think? Last summer I met one couple who was traveling with a RV car and looking around BC. They seemed very happy and to enjoy their life! I want to travel with my partner using a RV car in Canada after I retire. Thank you so much Mark. I am glad you make GREAT video always. :)♡ Have a good! night!

[@MadEnglishTV]

Wow, those are great plans! I'm sure they will come true! 😃 Well, RRSPs have a feature called the "Home Buyer's Plan". That basically lets you take money out of the RRSP without paying taxes. You can find more information about it here. www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html

[@ahmedbayoumi1345]

What is the most popular bank in Hamilton, Ontario? I need a nice ATM distribution nearby Hamilton General Hospital

[@halaariki6330]

👍👍

[@tiong7787]

I have no plan for retirement, I think I must work until I die. There are two reasons, one is I won't have enough retirement fund, the other is I believe having a job to busy can make me live longer, thank you Mark, :)

[@MadEnglishTV]

😃😃

[@rileygillman1604]

Make $5,000 weekly, all you need is a Canada bank.

[@armorunit6970]

I'm 32 and this video got me thinking about my retirement. Hopefully I'll be able to save up enough money by that moment.

[@benjohnson4606]

Canada lol the banking system is so archaic it makes me laugh , good video though

[@belhartiotmane3407]

I suck in English. But when I see the videos I understand the conversation Thanks Mark.

[@hudadiab8092]

I like your lessons. It will be helpful if you could make one about how to find a job here in Canada, especially for those who didn't have any Canadian experience, but have good level of education like master degree

[@MadEnglishTV]

Okay! 😃

[@rileygillman1604]

Make $5,000 weekly, all you need is a Canada bank.

[@danielasayuri5432]

In my country the interest is pretty high. So I am thinking to invest the money there for retirement

[@MadEnglishTV]

That's awesome! 😃

[@prabhnoorsingh7488]

Hey, I am an international student. Can i open a chequing account? Your videos are great btw. 😅

[@MadEnglishTV]

I think so!

[@edinkaymakchi5268]

Can you open an RRSP or TFSA if you live in Canada with a work permit?

[@MadEnglishTV]

If you are a permanent resident, then yes.

[@aarti6330]

This is a really late reply but you can open a TFSA at RBC with your work permit only. Not every bank allows that but I opened mine at RBC as soon as I finished school and I was not a PR then. Hope that helps.

[@rileygillman1604]

Make $5,000 weekly, all you need is a Canada bank.

[@wennesmota3860]

I am 31 years old and I live with my parents yet. I'm single, so I prefer to live with them. Here in Brazil family members help each other all the time.

[@MadEnglishTV]

That's great! 😃😃

[@ДжокерВеликолепный]

that's right!

[@Amanvirk-jq8uc]

Good

[@theresaphuongloantran2023]

I really really like the way you explained! It’s clearly! Easy to understand & It’s very helpful! Thanks

[@baby1621]

planning to move to canada by myself after few years, your videos are so helpful

[@saariaaigner]

question. For RRSP, let say we have accumulated a million dollar at 65yo, we then take out 2000 per month to pay bills, do we pay taxes based on the amount we took per month or the whole savings?

[@MadEnglishTV]

Only on the amount you take out. If you only take out $2000 per month, your tax will be almost nothing.

[@tien3000]

Is it popular for a Canadian to buy some real estates for leasing to get incomes in the retirement life?

[@MadEnglishTV]

Yes, many people do that. 😃😃

[@tien3000]

Thank you for answering.😘

[@architector87]

Hello Mark. There no transcripts (subtitles) in this video. why? there is only French. in all your videos I am listening with the transcript when I can't understand I am looking for subtitles. it is very interesting topic to watch, please if it is easy, make transcripts for this video. thanks.

[@MadEnglishTV]

Sorry, I'm not sure why that happened! Maybe I can fix it.

[@janemagallon5655]

this is so informative and helpful...thank you on this vid...im new here in your channel.

[@seunvictoria2580]

I'll surely recommend your videos to my friends

[@MadEnglishTV]

Thank you so much! 🤗🤗

[@kamleshsainiindia]

I have three savings account in banks and debit card, too. If I use my debit card then amount directly would cut from my saving accout. I did not give it a thought for my retirement plan yet.

[@MadEnglishTV]

That's great!

[@PK-yb9xx]

OMG! I have only one. I opened an PPF account, a savings-cum-tax-saving scheme for my retirement. So, if you have more money, then no need to open another account. I'll give my account no. you can deposit there!

[@afamokafor6839]

Do one pay tax for money he makes outside canada if he brings it into canada

[@MadEnglishTV]

I don't think so. All Canadian residents need to pay money on their worldwide income. If you bring in cash, I don't think it counts as income, but I'm not sure.

[@afamokafor6839]

Mad English TV thanks for ur prompt reply. But can u find out more. Let me help u with more information. Am leaving in canada thru the PR system. But I have a property outside canada that I sold and brought in the money. Will I pay taxes for it.

[@royalmellon6811]

Afam Okafor yes you will pay tax on it

[@vineshr3321]

I call you Sir, every video spot on and clear. i love em

[@jervincau7288]

Question, if im investing on stocks on my own. Will that fall to TFSA? Thanks!

[@MadEnglishTV]

You can invest in stocks in any of these accounts: TFSA RRSP Normal investing account

[@jervincau7288]

Oh sorry, i mean in RRSP, if i didnt actually apply for it and only have a direct investing account.

[@briannahills4452]

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[@briannahills4452]

He is legit and you can also text him on [phone]

[@stisti7879]

Is anybody interested in RRSP when TFSA seems to be much better product? I have retirement plan - I have some properties to rent and furthermore I save money on special retirement account - the money put on it reduces my income - it is a tax credit (but I can't withdraw this money before I am 65). I have a question - there is a special term in English for writing a check - to make out a check. Is this true? Have you met this meaning of make out before?

[@MadEnglishTV]

You're right! You can make out a check, fill out a check, fill in a check, write a check, etc. Haha. Sounds like you have a great retirement ahead of you! 😃 Well, rich people benefit from RRSPs because it reduces their taxable income. But you're right, TFSAs have a much great potential. But the thing I didn't mention in my video is that there is also a yearly limit to how much you can put in a TFSA. Many people have both accounts.

[@stisti7879]

Now I see! In our language there is a proverb "a wealthy guy can grow roses on a concrete" It means rich people can make money on everything and as I see the same is with those two accounts, they can make use of their benefits.

[@MadEnglishTV]

Awesome proverb! 😃

[@benardrobert142]

what if die where my money go?

[@MadEnglishTV]

That's a great question. It goes to your next of kin (nearest relative).

[@thuchanhangle4336]

Yes, i know some banks in canada sụch as td bank, Scotia...

[@MrBarak1984]

I think this is best youtube Channel. Thank You

[@Kawsar67]

Ur spk so interesting thank u so much

[@wanmanki9311]

Then what is the point of using the RRSP if i still pay tax when i am old...

[@MadEnglishTV]

Because you will be in a lower tax bracket. The idea is that you will need less money when you retire.

[@Aaron-ej7im]

What kinds of shops accept the checks ? Can you use the cheeks everywhere in Canada?

[@MadEnglishTV]

I don't know any shops that accept cheques.

[@mohammedbeghidja3409]

Hi teacher can I open a bank account such a visitor?

[@ਅਮਨਪ੍ਰੀਤਕੌਰ-ਠ4ਰ]

So how the money grows in RRSP or TFSA account types ?

[@MadEnglishTV]

You can chose the type of investment you want: stocks, mutual funds, savings accounts, bonds, etc.

[@favourchinwendualabi8586]

A very good video. But please tell us the minimum amount for opening each account type. Thank you

[@MadEnglishTV]

There is no minimum.

[@favourchinwendualabi8586]

@@MadEnglishTV Thank you.

[@MiltonUNAMAdiv11]

Here in Brazil after 65 old peaple retire and get money from the Government until die.

[@MadEnglishTV]

That's great! Free money! 😃Actually, in Canada it's the same. We have two things called CPP and OAS. But many people who don't have retirement savings struggle to live off those things because it's not much money.

[@MiltonUNAMAdiv11]

When my retirement time come up I'll get sort of R$ 33.000,00 Real per month. It's similar to a $ 10,000 USD a month. Not bad !!!!

[@MadEnglishTV]

What! That's crazy! How is that possible?

[@MiltonUNAMAdiv11]

Ah, ah, ah, yeah...of course that's possible, buddy. Perhaps because I'm a Probation Officer. I work for the Government in the Judicial System. A long time ago I did a hardly public exam to get this Public Job. You know, that's the real reazon. Got It ? To achieve that after 65 old I must have to contribute every month from my salary sort of R$ 1.450,00 or $ 445,00 USD just to benefit of that in the future life. But for others private workers there is other reality so much below this average.

[@MadEnglishTV]

Wow, that's great! You're really successful in life. 😃When you retire, can you build a room for me in your house?

[@rashidmalik100]

Many thanks!

[@MadEnglishTV]

You're welcome!

[@rashidmalik100]

Keep it up!

[@MadEnglishTV]

Thanks!

[@zakariaismailabubakar426]

well, my paln is in retierement time i would build apartments i will buy A piece of light , small business, that cover my life . also you'r children they grow up will help you ." as you have helped them " when they were small childreen . in addition you'r bank accunts .

[@MadEnglishTV]

That's great! 😃

[@elkhayatila875]

I would open bank account unline because I'm living in other countries I will to study there . that is possible.

[@vicvic6559]

Hello lovely teacher!!! :) I have been thinking about as you do that using two different bank accounts is kind of unuseful, but i found that having your money in an account that you can not pay directly, the money can be there safer, in the case your debit car is stolen, they are going to use only or buy only with the money that is available in the debit card at that moment; and something else: i guess the bank understand that if you leave your money in an account that you can not use so easily, you are going not to touch that money so frequently, so the bank can make more plans with that money to investing them; that’s why they pay you that 2%, to encourage you no to use it, and leave them there for ever or as much as possible. That’s my idea! Thanks a lot for your great classes!!! I learn a lot watching each of your video, and speak that english so clear. A big hug for you!!! :)

[@MadEnglishTV]

Thanks for the hug and the nice comment! 😃You're right! Losing your debit card would be bad! Where are you from? 🤗

[@vicvic6559]

Thanks, great teacher!!! I am from a small island in the Caribbean (in America), that is divided into two different countries. I am from the east side of the island, that one speaks spanish (Its name is Dominican Republic) ; the other side speaks french (Haiti Republic). But i have of couple of years living in the USA (Boston). I am planning to visit Canada this year to see Niagara Falls, and meet some friends. I hope so. Meantime, i’ll keep enjoying your videos!!! :)

[@MadEnglishTV]

Wow, that's great! I hope you have a great time in Canada! Welcome here! 😃

[@anabelaoliva2616]

Omg We are coming to Calgary in August, your lessons are so useful!! Thanks a lot

[@pussiguro69]

1more year for Canada🙃