RRSP, Explained - Everything You Need To Know About The Retirement Savings Account For Beginners

[@stephandden]

Do you have any questions about CDIC protection of deposits held in a RRSP? Ask away below! ⬇

[@phaldaz]

12:14 the bottom row about 'Your property taxes' I am a tad confused since all others are clearly accounts you put money/securities in, so how does this category get coverage when it prop taxes are typically an expense being paid? Thx

[@juliavechkanova6371]

Do you lose old age security if you have income from your rrsp?

[@SuperKamiNeko]

You guys didn't mention employers matching. It's super important. For example, some employers will match your contributions. It's a huge advantage

[@BarryKrebs]

Neither it was mentioned what happens when you move to another country either temporarily or permanently. If u do you have problems. Thank goodness I didn’t have one when I moved to the USA. I have the equivalent here aka 401K.

[@MiceDnP]

@@BarryKrebs what you said does not make any sense.. what problems can you have regarding everything that they explained, let me know.

[@summerjho2781]

You guys explain way better than my prof. Thank you!

[@stephandden]

We love to hear it! Thanks for watching + your comment 😊

[@ninod3020]

Your videos are amazing. Totally helps understand the concept behind all these investment accounts, it’s pros and cons, and nuances within them.

[@stephandden]

So glad they're helpful 😊 that's the goal!

[@darkmanjah24]

This reminds me i NEED to think about tomorrow (retirement) before it comes. Thumbs up!

[@stephandden]

Love it! 👏🏿👏🏻

[@AustinGagnee]

God I would marry both of you with how well I understand my finances after watching all your videos! This channel deserves sooooo much more!

[@stephandden]

Ha! Thank you so much🙏🏿🙏🏻

[@gogohappygirl]

Great summary of the RSP, the only thing I would’ve added that you missed is the pension adjustment factor that influences how much a person can contribute to their RSP. Yes, I know work pensions are on the decline but there are still some folks out there who get pensions, so it would’ve been good for you to have included that in this video.

[@mirandavanremortel8850]

How did I not realize you stopped using blossom- coletta intro? Great video as always :)

[@samgatchene3379]

This video is so helpful! Thank you for the clear explanations with lots of examples. Great job 😁

[@phaldaz]

I like how this one says, 'for beginners' and may I suggest that you have a second tier of this same concept which looks at using the RRSP for the HBP (11:15) and then discuss the opportunity cost of using the funds for HBP instead of letting it grow untouched during the 15 years that needs to be repaid by. Trying to see what people would choose in this situation

[@andrewkoos2431]

Whatsapp✙𝟭𝟯𝟮𝟯𝟱𝟭𝟱𝟵𝟭𝟮𝟱 More updates on XRP,NFT's,BTC📊 Whatsapp✙𝟭𝟯𝟮𝟯𝟱𝟭𝟱𝟵𝟭𝟮𝟱 More updates on XRP,NFT's,BTC📊 👆👆👆👆👆 I got something profitable for you

[@stephandden]

Thanks for the suggestion!

[@stacy-annmorgan6685]

One thing I don’t like is I can’t easily take money out. Anything can happen and I would want to access my money right away. I don’t even know if I want to retire here in Canada. Buy land build a house back home and live 🇯🇲.

[@Zazimozi]

Right on time, I am getting a 3 months salary bonus end of May, if I put it in an RRSP I pay less taxes, if I take it as a straight bonus I pay more tax, I choose to put all in RRSP

[@stephandden]

Great timing! 😊

[@leylajudy]

Your explanation is great! Thanks to both of you

[@stephandden]

We’re so happy to hear that! 😊

[@matthouston116]

Would it make sense to contribute to an RRSP if you will be getting a government pension upon retirement?

[@kanishkagagneja]

You guys are great! Thank you for explaining so nicely 👏🏻👏🏻👏🏻

[@stephandden]

Thank you so much! So glad you found the video helpful 😊

[@seburgh]

this was so well explained!!! thank you!

[@stephandden]

So glad you found it helpful! 😊

[@wegoingtojupiter2886]

keep up the great work!

[@stephandden]

Thank you! 😊

[@bansaripatel8726]

you mentioned that it's beneficial to open an RRSP account, once you think you have hit your highest income. Why is that so? (I am an international student and I wanted to open an RRSP account for myself.

[@theresaantonio6789]

One important thing to note is that when you withdraw from your RRSP, you’ll permanently lose that amount from your contribution room, and will not be added back unlike a TFSA

[@stephandden]

Yes, unless you're withdrawing for the HBP like we mentioned at the end! That money has to be re-contributed over the next 15 years.

[@raphaelventura8465]

If I never contributed, and my contribution room is above the 18% of what I earned that year, can I contribute more than the 18%?@@stephandden

[@michaelssali]

I live in America, Memphis, so this doesn't apply to me. However, I know Toronto Dominion is buying First Horizon, which used to be First Tennessee. So welcome to Memphis, Steph and Den.

[@stephandden]

Ha, that's funny! Thanks for watching 😊

[@Jovan-Marquis]

wouldn't it make sense to max out your rrsp to the 35000 dollar amount for 1st time home buyer if ur planning to buy a house that , along side fhsa that's a substantial amount to write down as a deduction on ur income?

[@AlexTan381]

Thank you for this channel, Steph and Den! If you don't mind me asking, if TFSA allows investments to grow tax-free, then what is the benefit of using RRSP for investments?

[@SaranyaMano]

TFSA is not tax-deductible but RRSP is.

[@shawn1197]

I moved out of Canada 20yrs ago and became a PR elsewhere. I still receive my RRSP statement from my bank of what i have in my RRSP account. Question is how can i withdraw it?

[@vanessaivec2818]

You can also withdraw from your RRSP if eligible for the lifelong learning plan which I believe is also tax free as long as you pay back within the given time frame

[@stephandden]

Thanks for sharing! 😊

[@farahk4395]

Hi guys, love your channel! Question for you guys - if you are a sole proprietor earning foreign income, can you contribute to an rrsp? does this count as 'earned income'?

[@alexandrasalas1198]

I have a question, you can contribute 18% and then you can invest that money? or just contribute and that's it?

[@shristisedai7437]

What happens when you move contries ? For example: if I had RRSP And contributed, can I just withdraw it ? As i will not have any income in canada ?

[@durgas-m5f]

Hi Steph & Den , can you make more detailed video on withdrawal from RRSP Wealthsimple account? Because I was trying to withdraw the funds without fees but I was anyways charged for it

[@davidm0934]

You don’t have to be 18 to contribute to RRSP i think. As long as you had income the previous year, you’ll have contribution room.

[@reenalal3595]

So once I’ve put my money into an RRSP, then what? Does it grow by itself or do I purchase GIC’s through it? What’s the best bank that does it for you?

[@arnelrebenito7227]

which scheme would you recommend for international students that are planning to stay in Ontario after studying?

[@jblover2009]

Does the rrsp account you have through your job follow you from job to job? And if you plan on retiring in a different country can you still use the funds from your rrsp?

[@mguinsatao]

Now that youve done one on TFSA & RRSP, can you do one on Insurance Retirement Plan (IRP)?

[@stephandden]

Thanks for the suggestion! Our next ones will be on the RESP and RDSP for now 😊

[@Henryincanada]

What if my income is already the lowest taxable bracket below 49k 😅 Does that mean that RRSP is completely useless for me? Cuz either now or later, withdrawing that money will have me taxed the same or higher.😢

[@mazwrld]

quick question: does having a spouse reduce the taxes overall??

[@michelledo1]

I heard a rumour, I hope it is wrong, that the amount you have in your RSP's get deducted from your pension? Is that true?

[@Sandy-ij4hb]

If you guys are trying to max out your TFSA first, does that mean you have already opened an RRSP or will open it in the future?

[@stephandden]

We both have one opened with the same platforms we use to invest into our TFSAs! They just aren’t funded with any money yet 😊

[@allanmacdonald9918]

Sorry for my ignorance, how do you know how much is in your RRSP? Is there any way to see?

[@stephandden]

Hey Allan! No worries - you can find the exact amount of contribution room in your ‘MyAccount’ on the CRA website. The number is updated alongside your tax filings each year to reflect how much room was used that year. Hope that helps 😊

[@nickistlouis]

Thank you!

[@justiceeashappie4449]

Can you please cover a Registered Disability Savings Plan in a future video?

[@stephandden]

Yes! We'll have an RESP video up next in this series, then one on the RDSP 😊

[@lauras3641]

Can you do RRSP vs pension?

[@stephandden]

Hey Laura! We'll touch on that in a future video. Stay tuned 😊

[@jayzee2634]

holup Den works at the D in Toronto? Might run into you sometime 👀

[@stephandden]

He used to! He left last year 😊

[@BarryKrebs]

If you move out of Canada to become a PR elsewhere, you are going to have problems. Thank goodness I didn’t have one when I moved permanently to the US.

[@yxmichaelxyyxmichaelxy3074]

Note, you cannot touch it until you are 71. 😂

[@dannyisrael]

I think you can touch it whenever you want.

[@yxmichaelxyyxmichaelxy3074]

@@dannyisrael Not without a huge penalty you cannot. 10% immediate taxation up to $5,000, progressing to 20%, then 30% above that. You may as well hand it all to the State.

[@dannyisrael]

I see, but after 71 you can’t even have an RRSP?

[@yxmichaelxyyxmichaelxy3074]

@@dannyisrael You can, but you must open a RIF which acts as an income fund using your RRSP.

[@komaegawa2282]

PLEASE Stop talking with your hands!!!

[@stephandden]

We do our best to keep the talking with our hands to a minimum 😊

[@heartborne123]

the girl speaks too fast :)

[@AshRektum]

ok i understand life now. thank you

[@stephandden]

Amazing! We're glad this was helpful 😊