RRSP in Canada Explained & Simplified for Beginners - part 2 (Tagalog)

[@khristianrimer]

Pampalakas tong channel mo. Very good!

[@ShieLovesFinance]

Awe thank you Khristian 😇😇😇

[@darwinreyes3]

❤❤❤

[@fatimaamor3882]

Hello Shiela. Can you explain more about "You can wait to use your RRSP deductions until a later year...." as you mentioned on 12:10mins. Does it mean, I can put money to RRSP in year 2024 then claim the tax deduction in year 2026 when I have higher income?

[@ShieLovesFinance]

You got it right! You can start contributing to your RRSP (if it makes sense with your income), but you don't have to use all its tax-deductible benefits every year. You can consult with your accountant and maybe use only SOME of it, so you don't pay more income tax than you need to. You can also use the rest of your contribution later on, like in 2026 as you said, if you're anticipating that your income will be higher-perhaps you're expecting a promotion, planning to take on a 2nd job, or considering selling rental properties, cottages, business assets, or stocks in your non-registered accounts in the next couple of years. RRSP offers this flexibility. Hope it helps.

[@fatimaamor3882]

@@ShieLovesFinance thank you

[@ShieLovesFinance]

@@fatimaamor3882 you're very welcome :)

[@darwinreyes3]

Ma’am Shiela ask lang po papano kng bibili po ako ng etf na may US company under ng RRSP or TFSA pero in Canadian Dolar magiging taxable po b ung . Sample po ng etf Hamilton Enhanced Multi-Sector Covered Call ETF. Maraming salamat po.

[@ShieLovesFinance]

If you have ETF within an RRSP your money still grows tax-deferred po (capital gains, dividends, interest), meaning you won't pay taxes on the income or capital gains until you withdraw funds from RRSP. A major benefit of holding U.S.-based ETFs within an RRSP is that U.S. dividends are generally not subject to withholding tax due to the tax treaty between Canada and the U.S. A downside of holding U.S.-based ETFs in a TFSA naman is that U.S. dividends are subject to a 15% withholding tax, as the tax treaty doesn’t apply to TFSAs because it is not considered retirement accounts.

[@darwinreyes3]

RRSP convert to RRIF po sana kng pwede maraming salamat po❤

[@Christianflores-qt7zj]

matanong ko,why do you need to repay when you withdraw your rrsp let say to buy a home? dba pera mo yan na kinuha mo?

[@ShieLovesFinance]

RRSP is a registered account po na ginawa ng gobyerno para tulungan tayong makapagipon particularly for our retirement. It has great tax benefits like I discussed in the video but if you withdraw money today, magbabayad ka ng withholding tax plus the money you will take out will get added to your taxable income. Homebuyer’s plan (HBP) is just a program that allows people to withdraw tax-free sa RRSP if you are a first time home buyer. Yes pera mo yang kinuha mo pero sayo parin naman yan kung ibabalik mo sa RRSP, para parin yan sa retirement mo which is the original purpose of RRSP. But If you choose not to repay your HBP withdrawal on schedule, the amount you fail to repay will be added to your taxable income each year. Additionally, you will permanently lose the contribution room for the RRSP withdrawal you made. Hope that helps.

[@Christianflores-qt7zj]

got it. yung ibabayad mo ba sa hbp loan mo kasali nba yan sa rrsp limit mo kung mag start kna magbayad after 2 years? salamat sa reply

[@ShieLovesFinance]

@@Christianflores-qt7zj Your HBP repayment po will not affect your RRSP limit and hindi na rin po siya pwedeng ideduct on your income tax return.

[@Christianflores-qt7zj]

thank you very informative

[@ShieLovesFinance]

@@Christianflores-qt7zj you're very welcome :)