RRSP vs TFSA🤷‍♂️- Tips to Lower Your Taxes and Build Wealth

[@AndrewEydt]

Always good to revisit this whenever I'm doing some planning.

[@edition819]

He is a Gem 🤝feels like one on one consultancy when watching the video, very clean and informative.

[@AvalonAccounting]

Thanks so much! Glad it was useful for you!

[@nathaelgonzalez7669]

Excellent info thank you so much

[@54321mas]

Thank you for explaining both options in a calm and understandable manner.

[@zshn]

So RRSP is relatively better suited for buying US/foreign dividend stocks than the TFSA?

[@pjm3005]

yes. can't speak to places other than the USA but US dividends aren't subject to the withholding tax when held in your rsp account.

[@Richard-hx6mi]

Thanks for this. By far the best explanation I've found. Do you have a video for Americans working in Canada?

[@AvalonAccounting]

Hey Richard! Glad you found it useful. I'm sorry to say we don't have any content like that on our channel.

[@Richard-hx6mi]

@@AvalonAccounting no problem. Thanks for the content you do have! 👍🏾

[@juliyamarinalnisamuelthang3233]

This is the best clear explanation about TFSA and RRSP among other you tube videos. Great job brother! Thanks a lot .

[@AvalonAccounting]

Thanks Juliya! So glad this video was helpful :)

[@jeanmarchockeypro]

Great vid

[@AvalonAccounting]

Thanks Jean-Marc!

[@lpgoog]

Already invested recommended contribution stated on notice of assessment last year. I have gross pay from last 2022 pay stub. How do I get up to date pension deduction since I haven't done taxes yet? Want to contribute early January instead of waiting.

[@AvalonAccounting]

I don't actually know of a way to find that information apart from reaching out to the finance department at your work. Sorry that's not overly helpful - Paul

[@lpgoog]

@Avalon Accounting Thx for response anyway 👍 If not mistaken if u base contributions on notice of assessment u are a year behind. Calculation off last paycheck in Dec & contributing in January is better. Think read this in some really old Gordon Pape book. Not accountant. Maybe clueless lol 😆

[@MaximShelkov]

Great video! Really helpful for me, you explain the two subjects really well. Thanks for taking the time.

[@AvalonAccounting]

Glad it was helpful, Maxim!

[@zshn]

Can I borrow against the RRSP / TFSA instead of withdrawing from it? If yes, then is the borrowed money taxable that year?

[@AvalonAccounting]

Hey there - I'm not sure about borrowing against your investments. Might be a question for a banker. There are specific government programs that let you borrow FROM your RRSP for specific purposes (buying a home or education). We explain it in our latest article here: www.avalonaccounting.ca/blog/rrsps-explained

[@catherineto]

Did you hear that cra would apply a business income tax if you do day trading in tsfa account? It sounds unfair. Any advice ?

[@Narcissist86]

How is it unfair if you're treating it as a business?

[@pjm3005]

the CRA has made that known since the beginning. Of course, since you're most likely going to LOSE money when day trading, the CRA probably won't bother you.