RRSP Explained for BEGINNERS (EVERYTHING YOU NEED TO KNOW)

[@beaviswealth]

📈📚 As always, if you're a beginner to the Stock Market in Canada and you're looking for a step-by-step blueprint on how to get started... Find out more about our Investing Academy here - bit.ly/theinvestingacademy

[@HarjinderVlogs]

Correct me if im wrong " if you withdraw money from rrsp account under hbp it is tax free ( wouldn't put you in high tax bracket) but by withdrawing you will lose your contribution limit "

[@francinadoube9920]

@@HarjinderVlogs à

[@thuwarakanthavarasa1183]

hey you said the in the rrsp your contribution space is determined by the deposits not including the growth of the initial deposit so which other plans were you comparing to? Which account caps off your contribution limit INCLUDING the growth you make within the account?

[@AaDd-xp1bw]

Can you please talk about RRSP - Mortgage Investment strategy?

[@perrinayebarra]

Why this isn’t taught in high school is beyond me. I was 30 years old before I fully understood RRSP and TFSA accounts. Great video as usual!

[@beaviswealth]

It's pretty crazy to be honest... Thanks sir and I appreciate the ongoing support. Hope the fishings going well? Ice fishing? LOL

[@gyallikLala]

Same! Ughhh!

[@brianf147]

because school teaches us to be dependent, not independent

[@Za3rour]

Sadly I'm older than that and I don't know. True story.

[@mikeb5030]

Because school is a scam. They basically teach you how to be an employee and spend unwisely.

[@AM-ry4gj]

Finally a Canadian Financial KZbinr that address all my investment concerns. Keep up all the great work!

[@beaviswealth]

✌🏻

[@kurts3779]

Dude, honestly, your teaching style and clarity is amazing and I'm not one to compliment easy. Loving your channel. You should teach this in high school.

[@beaviswealth]

Thanks Kurt :)

[@samanthamok]

Literally my parents just spent 30 mins explaining this to me and I did not get it lolol. Stumbled upon your video and its helped so much! Fellow Canadian from Toronto 😊👏🏻

[@brandonedwards905]

Fellow Canadian, and brand new to investing! I absolutely love your videos man. You make things so simple, and easy to understand. I have learned more about investing in the last 3 days than I have in my entire life. Thank you for the great content. Keep it up bud!

[@beaviswealth]

Appreciate the comment Brandon :) That's awesome feedback to hear man.. You're very welcome and thanks for the support! eh! 😂

[@maferbruce]

Thank you so much! 30 years old and just starting to learn all of this...really appreciate the help

[@HoozahYK]

One big correction: the interest you gain in RRSP is tax free as long as it remains within the plan. Once you withdraw it, it will be taxed normally.

[@YR2050]

Rrsp is basically how the government and institutions trap your money in bank account for decades.

[@stephpilot]

Great video! I’m 37 and I had no clue how this worked, was just a bunch of acronyms and numbers to me. I’m pissed they don’t teach this in school. The government probably wants to keep the general public knowledge low on this, have a higher “working poor workforce” There needs to be someone behind the counter asking me “would you like fries with that” when I retire early.

[@breakwindfarms5583]

I agree its a good video but all I heard was blah blah blah, it still doesn't make sense.

[@dynasty5053]

@@breakwindfarms5583 to sum it all up in any easy way to understanding : THE GOVERNMENT WILL ALWAYS END UP TAXING YOUR MONEY IN THE END

[@anidas8299]

I learned more from this 14min video than an entire semester worth of a tax course I had to take for my accounting program in uni

[@marthamiches]

I need to say that this video is so helpful to me. I spent a few hours reading about RRSP and I didn't understand anything, I watched your video and it was such a light on the road :)

[@lydiaatiemo1018]

Also there is the Lifelong Learning Plan , used it to pay for Tuition (Masters) . You have 10yrs to pay back without affecting your contribution room. Great video

[@joe4585]

Please explain the following three 1) RRSP deduction limit for 2020, 2) Unused RRSP contributions previously reported and available to deduct for 2020 3) Available contribution room for 2020 In my notice of assessment they have following relation. Why minus? Available contribution room for 2020 = RRSP deduction limit for 2020 - Unused RRSP contributions previously reported and available to deduct for 2020 Thanks a lot!

[@AryBerri]

thank god i found this page back in january lol. opening up an rrsp just in time before i file my taxes :)

[@AceVenturaXii]

I really can’t say thank you enough for your simple explanation of these complicated topics. I w had people at my bank attempt to explain them, I just glaze over, I know they’re busy and want to move on to the next customer. Your simple explanations just hit me the right way to make me understand. Thank you VERY much.

[@KyngD469]

You're so kind for offering this information for free! You're too good for this world. Thanks Brandon!!

[@Lamiasoka]

It everything about money.. jeez this generation is just greedy

[@RickyC2107]

Thank you for this amazing and informative video. I always had trouble understanding the concept of RRSP, but not anymore! Thanks!

[@susanarustemova4839]

Thank you so many for explaining that very clearly. I went to my bank and bank representative couldn't explain it to me. I am so glad I found your video

[@beaviswealth]

✌🏻😁

[@rickytruong5994]

Thank you Brandon for teaching me about personal finance and wealth! Nobody taught me this growing up and education system is a scam so looking forward to learning more and making personal finance not so foreign!

[@InvestingRobinhoodInvestor]

Compound interest in retirement accounts is amazing! Tax-advantaged accounts are really helpful

[@SeanONeill13]

At 2%, it would take 36 yrs to double. Income based retirement accounts are not amazing.

[@mohammedrashid3729]

You are a gifted teacher. Excellently explained. This should be shown in schools!

[@beaviswealth]

It should be... haha thank you

[@TidusTrading]

I was wondering why I never heard of this before, realized it was geared towards Canadians! Makes more sense now!

[@Trypton]

Dude this is the best explanation of RRSP that I found in entire KZbin 🔥

[@harshjoshi5242]

Every word and every second of this video is worth taking notes! Thank you for this great explanation!

[@Kevin_Street]

This is a really interesting, well explained video! Thanks for making it! RRSPs aren't really my thing, but it's still a good idea to understand how they work. Your video has triggered some memories of my Dad grumbling about how the government forced him to take more and more money out of his RRIF every year. He was definitely more of a saver than a spender. Could you make a TFSA video some time? There might not be as much to understand with them as there is with RRSPs, but it would be really cool to hear you explain them in this same clear style.

[@bradleywinlaw4472]

Great video for beginners! The only thing I would add is to speak to the marginal tax brackets and who should be doing RRSP. I'd rather have the lowest tax bracket income earners do TFSA before RRSP and vice versa for the higher income earners.

[@jimsoncruz453]

Very well explained. I finally understand it. My wife and I are our trying to purchase a home for the first time and we were trying to understand how to utilize the RRSP to help us. Thanks!

[@sailingshantaram2003]

I can't agree more with those who mention that investing tools are life skills that should be taught in school. Appreciate your take on things. Simple to understand.

[@TheMonkWay]

Very useful, I just opened my RRSP and will contribute this year to save some cassssh

[@PositiveInvesting]

Smart! I'm looking to utilize mine more as well.

[@ganjagod1878]

Good stuff man. I'm in accounting/finance and know this stuff but sometimes knowing the specifics confuses me and this helps. Thanks!

[@koushik..]

Just wanted to say a BIG Thank You! Great content and now I understand some part of how the tax thing works in Canada and how I can plan things a little better!

[@chavezito]

Just arrived in Canada last year, Not even a permanent resident just yet and I am looking up to max out any of RSP or TFSA; whichever I can first. Great Video, Thanks!!

[@emmer_flynnt]

I consider you my third parent; The one that actually teaches me about money and does leave me high and dry like the other two!

[@omarzahraoui805]

Hi Dear. Quick Recap! When your income is $ 40.000'00 You are in the tax bracket of % 15,5 - So a contribution To Your RRSP of % 18 of your last year income will not Reduce your payable amount of Tax. If your income is above 46.000 Your tax Bracket is %20.5. And now your RRSP contribution of % 18 form your last year income will help to put you back at the %15.5 Tax Bracket. Best, Omar

[@eugeniopurificacion1237]

Your RRSP presentation was very clear especially for beginners. Thank you so much.

[@StoriesFactsandHistories-xh4uq]

i really like the way u explain and the content u speak. understandable

[@vikgeorge7562]

Thank you for making videos like this. So many other videos on youtube never break things down for people who are absolute beginners to investing, and they speak in a way that only people who have been investing for a while will actually know. Your channel is definitely the best one I've come across for people looking to get started. Greatly appreciated!

[@javierbarreto5875]

straight forward info, quite helpful without promoting his own products through out the hole video. His TFSA is also very good

[@michaelpoczynek]

All great info. Your marketing is amazing. Great work on being above the crowd.

[@TheDarkQueen313]

Brandon, I'm planning to immigrant to Canada next year and your videos are really helping me to put my financial strategy on track! Thanks a lot for so great content. I'd suggest you to make a video about tax-free bank accounts. I already know there's some out there like tangerine and simplii but it'd be nice to know how they work or if it's worthy.

[@beaviswealth]

That I will do! I've heard lots about the Tangerine options as well but haven't really looked into them. and... Pre-welcome to Canada :)

[@Mercyforthewicked]

There is so much that parents did not know about taxes. I'm trying my best or learn and help them out. All they knew to do was work hard, but man tastes really got em

[@yoyoyojoe619]

Wow I learned so much out of this video. Thank you!

[@beaviswealth]

HAaha awesome Justin! Cheers :)

[@Shankovich]

Thank you! Great explanation. It's cool that you can do this with RRSP's, but honestly this deferral isn't that great since you lose a bit in inflation as well. The homebuyer credit is probably the best thing about it. ALSO DON'T FORGET!! Canada sees even a house you buy outside of Canada as your first home, so you lose this when you buy your first house ANYWHERE

[@dynasty5053]

Right. Like all scams you got to read the tiny fine print at the bottom.

[@hy5718]

Great coverage of RRSP and its benefits! Can you do a video on how to assess a company's worth, showing how to critically analyze if a company is worth the stock it's trading at? I'm sure a great deal of us would love to see that!

[@beaviswealth]

Thanks Hui! I've actually been planning a video like that for quite some time. I'll do what I can to get that out.. It's just a difficult one to put together.

[@canadianjatti]

HBP limit increased last year. You can now borrow up to 35k which is great!

[@rulelife3866]

Is it borrow or withdraw? If I have $1000 in RRSP can I borrow $35000 for HBP?

[@angelsanchezfamily]

Hi Brandon, you explain very easy to understand the RRSP, good Job, Congratulation, God bless you

[@PhongNguyen-ob4ju]

you have RRSP in Canada. In the US, we have IRA, 401K, etc.

[@beaviswealth]

Bang on!

[@patricklibunao5532]

Phong Nguyen pension as well

[@krunaldave3446]

Best Virtual financial advisor ❤️

[@angelsanchezfamily]

Hi Brandon very simple and ease explication about what is RRSP and how work when we we make Income Tax Return, good Job, thank you and Congratulation

[@ruthbalisong9695]

Thank you in a bigger scale we have generational cycle of financial expenditures/debts,loans because we were never taught except the rich and privilege..how .to invest right. we were groping to teach our kids..its good there is awareness globally now thanks to E commerce too.

[@zakzoghbi]

That was amazing :)

[@Kunstentech]

AMAZING, Thank you . I already knew 80 of what you said but, you just helped understand things to the fullest

[@patriciaduchnicky1350]

Amazing. Thank you so much for this easy explanation😮

[@ninod3020]

Just found out about your channel as I got myself into investments and I have learned a lot from your videos. Thanks for all that you do. You do an excellent job explaining so keep it up

[@joycedepaula2797]

So happy I found you on KZbin. OMG, so clear. I loved this video. Thank you for sharing it with us

[@sheilarementizoofficial7862]

U are amazing person .. ive learn so much .

[@mjahangir786]

Thank you i like your example. Do out more real life examples and scenarios

[@mahams8954]

Very helpful. I am hooked to this channel as someone who is keen to start investing.

[@seishun9611]

Awesome information. Definitely a lot of bits that I missed out on during my initial research. The bit about work pensions cutting into contribution room is definitely something I'll need to consider. Subbed

[@rcnal22]

This was a perfect video. I understood it perfectly, and am now less ignorant to this.

[@bhavikthaker7374]

Dude..first of all, thank you so much. You explained very effectively.. great work Appreciate it !

[@pedrobichara9596]

Many thanks!! You help a lot. Especially for new in the country. I am Brazilian. That kind of account is completely different. Keep doing it.

[@PositiveInvesting]

Excellent video! I have one coming out tomorrow on RRSP as well... Great minds! Also FYI, Questrade is covering all transfer in fees for rrsp until end of March. With no minimum transfer amount required!

[@brienwalsh8098]

You are a smart young man, wished I had your insight into rasp’s years ago.

[@harkiratskaler5855]

Hi Brandon Thanks for all the informative videos. I have couple of questions 1. What happens if our tfsa value by increased prices goes beyond our limit ? 2. Thinking about all the tax free money when you with draw, why would anyone want to pay taxes on all the cap gains at the time when they retire in rrsp?

[@nadia6994]

Thank you for making great content in such an easily digested manner :)

[@villiam2696]

Well if I have low income there is totally so sense for me to use rrsp. I hope I’ve made correct decision after watching this video

[@michellerogers557]

Great video. Your very Simple to understand.

[@mikepawlikguitar]

They say the rich grow richer, but no one tells you how they planted the seed. Every rich person planted some kind of financial seed at some point and had no debt. Of course, the rich have MORE to start with but everyday millionaires are walking around more than you'd realize because of this simple stuff. Thanks for a great video!

[@triniboy802696]

Great informational video. Thanks !

[@dumanliveshere]

your videos are very clear and easy to follow, great work.

[@vvolfflovv]

Right to the point and very informative. I hadn't realized the contributions were cumulative.

[@beaviswealth]

thanks Wolf! Yup :)

[@elizabethchwakanowski5067]

Thank you smart guy

[@matthewl9836]

Amazing video. Your making me smarter!

[@sonial7038]

Thank you for the very informative video. Could you please do RESP? Thank you

[@theingeniouskeif354]

Great teaching style, very comprehensible. Thank you!!!

[@jordansmith8547]

You are great at explaining everything in laymen's terms.

[@lemanluong3123]

Hi Brandon, love your videos. Can you make a video on the difference between a RSP and RRSP? Thank you!

[@token157]

Hi Brandon, can you PLEASE PLEASE PLEASE do a video on RDSPs (Registered Disability Savings Plan) ? Great video as always!

[@jgabriel1625]

thank you! very clear explanation and straight forward. keep it up!

[@marcospacheco9831]

Hey, thank you for the super helpful video!

[@nandhatobby7208]

Excellent explanation

[@angelli8967]

Thank you Brandon! very informative! but will ask more questions along the ways!

[@p3ter408]

Bro thank you so much this is such a well explained video! You know in Quebec, the governement of Quebec does us dirty with all them inflated taxes 🥲. On a serious note, you did an amazing job, can't wait to see more of your content 🥰

[@alienwayne19941010]

damn the information you're providing is gold. subscribed and signing up for your course as we speak

[@becsmunn6726]

Thank you so much this helps so much !!!

[@lukdev]

jeez, soon, the best video i`ve seen. tnks

[@beaviswealth]

Gotchu!!!

[@jaypatel1758]

amazing work ....thank you very much

[@panisochek]

amazing - thank you for the way you present this info!

[@nevillejames2200]

Thank you for being clear and easy to understand

[@yolodolo9143]

You explain things perfectly. Subscribed.

[@seburgh]

awesome video thanks, still a bit lost on how RRSP helps retirement as I opened mine following my bank adviser telling me my RRSP will grow (*10) and will give me a comfortable retirement plan.

[@ssanzidhusain7257]

thank you for breaking it down so nicely... all the best to you...

[@erictrinh13]

Hey Brandon, loving all your videos man. Quick question. For a TFSA, where if you have a realized capital loss, is that room permanently lost? Compared to a RRSP, what happens in terms of contribution room from a capital loss? I feel like I already have an idea what the answer may be, but you seem to be amazing at explaining things very clearly. Confirmation would be amazing. Thank you!

[@DannyHype]

Ive recently found your videos and they have been awesome! Ive learned quite a bit as a new investors. But this Video literally had all the information I was looking for about some of the tax questions i had, that i had a hard time finding soo THANK YOU!!!

[@crystal137]

Very informative and helpful video. Thank You Brandon !

[@seanpaterson1602]

Thanks for the info. I really appreciate it. I don't like how we have to put the funds back after using it to purchase a home.

[@constantinkwiatkowski1940]

Great video. I think RRSP is still better then TFSA. First of all you don't have access(with some exceptions) to RRSP until you turn 65. The government helps you to keep the money instead to wast it. Another point is that you get your RRSP contributions back with the tax return. If you contribute the money again to the RRSP and that every year then you can increase the contribution amount every year until you have reached the contribution limit. After couple of years the you don't have to do any contribution anymore. There is no similar option at TFSA.

[@FRJMJ]

Thanks. Awesome information

[@elizar5180]

Thank you for this video! ive been wondering about this for a while. clear and informative! thank you again