Should you use the TFSA or RRSP?? | Investing For BEGINNERS in Canada

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Today we'll talk about when and how to use the RRSP vs TFSA.
TFSA Explained - • TFSA Explained For BEG...
RRSP Explained - • RRSP Explained for BEG...
US Dividend Withholding Tax - • Understanding US Divid...
#stockmarket #investing #brandonbeavisinvesting
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About Brandon Beavis:
Brandon Beavis was one of the youngest advisors to become fully licensed here in Canada.
In 2013, Brandon officially began his industry studies. Over the years he has completed his CSC (Canadian Securities Course), CPH (Conduct & Practices Handbook), WME (Wealth Management Essentials), 90-day Investment Advisor Training Program, attended the Manulife Professional Development Workshop in Oakville, ON, and attended countless industry seminars, conferences & events to help further his learning.
At age 20, he became a fully licensed Investment Advisor, working for one of Canada’s largest Investment Brokers, Manulife Securities. For 4 years, he worked alongside a highly experienced team at Beavis Wealth Management, specializing in High-Net-Worth Investing. He’s had the opportunity to work under his Father, an advisor of over 25 years, and has dealt hands-on with client portfolios, involving; analyzing, building, and managing multi-million-dollar client accounts.
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About Marc Beavis:
Marc is a retired Portfolio Manager, having spent over 25 years in the investment industry, managing multi-million-dollar portfolios and working with clients of all ages. He retired in 2021 and is a regular contributor to this channel.
Following his initial licensing back in 1996, he completed a number of industry courses, including the Derivatives Fundamentals and Options Licensing Course, Portfolio Management Techniques, Wealth Management Essentials, Investment Management Techniques, Fixed Income Investing, Hedge Fund Essentials, Portfolio Theory, and of course, the Canadian Securities Course.
Marc previously served as a Director of the Canadian Association of Financial Planners (Now FP Canada) including the roles of Vice President and Director of Ethics.
When working in the industry, he held the Chartered Investment Manager (CIM) Designation as offered by the Canadian Securities Institute. In addition, Marc was a Certified Financial Planner (CFP) practitioner, the industry gold standard in financial planning.
Disclaimer: The views and opinions shared on this channel are for informational and educational purposes only. Although previously licensed, the contributors are no longer industry participants and are not licensed to provide financial advice. They strive to provide you with educational information in an entertaining manner. Always do your own research and due diligence before investing. Generally speaking, you should consult a licensed investment professional before investing.
For our full legal disclaimer, please visit our website: www.theinvestingacademy.ca/Di...

[@beaviswealth]

If you'd like to touch up on the different accounts and how they work... Give these videos a watch: TFSA Explained - kzbin.info/www/bejne/nJS0h6CQpZV6Y7s RRSP Explained - kzbin.info/www/bejne/o4OVm3RmqMlmmac US Dividend Withholding Tax - kzbin.info/www/bejne/pZ6taYNjqr9-fqs 📈📚 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

[@vivekkhetani]

I will like to know if someone is saving for their retirement and trying to decide between an RRSP or TFSA, does it matter what they plan to do with the tax savings they would get from contributing to an RRSP?

[@steveantonioni]

It's great to see you included the difference on dividend taxation. That's definitely a tip people can use to optimize their accounts beyond the basics.

[@CaseyBurnsInvesting]

Cash College For sure. That’s definitely something I’ll put in my tool bag for my Canadian friends.

[@Yentra163]

True! I forgot about this difference!!

[@jimacep5089]

Great video. The only thing that I would comment on with your #1 (overall investment objective) is that even if it is short term, depending on how you will use the money, the RSP might be as good or better option as the TFSA. For example, the government allows you to withdraw a certain amount from the RSP to purchase a house (if it is your first home) and it also allows you to withdraw a certain amount of money for full-time university studies. If an investor is planning on doing either of these 2 things in the short term, an RSP could be a good choice.

[@jeanaquino138]

What if I don’t buy a house or don’t go back to school? What should I do with my RRSP?

[@littlefoot4417]

@@jeanaquino138 you keep contributing

[@kendrixkek]

Good timing with the video. Love that you’re from Vancouver too!

[@FPSEli]

Dude, I'm glad you talked about this. This has been one of the biggest questions I've been asking myself before I start investing. I think I'm leaning in the TFSA direction as I don't have quite enough money to max it out, I don't have a very high income, and I'm not 100% sure of my timeline (but probably long term). Also, nice shirt - PPCIan, like yourself, has been someone great to learn from. Keep it up and thanks for the info!

[@GenZInvestor]

Amazing info in this! I have acouple friends who I will share this with. You explained the differences extremely well and made it easy to understand

[@kazgoz2529]

You are spot on right about using TFSA on Canadian Dividend stocks and using RRSP on US Dividend stocks.

[@NickPeitsch]

Never knew that about the 15% withholding tax not existing in the RRSP! Thanks for the knowledge 😊

[@ellasoes8325]

I wonder why though.

[@revans7240]

Another major consideration is whether or not you'll have pension income when you retire. If you will have significant pension income you're better off to contribute to TSFA because the RRSP withdrawals that supplement your pension income will be taxed heavily.

[@Dave004]

I guess it depends if the extra 15% dividend you receive compounded over 20-30 years (however long until you retire) is worth the additional tax you'll have to pay when you take out the money. Wish I was better at math to really determine if its worth it or not lol

[@reptilianskin]

There is often a belief that those in the higher/highest tax bracket will be a lower tax bracket when they retire. However, often a high income earner will have multiple sources of income when they enter retirement, so they stay in the higher bracket into retirement. I think it's a good problem to have. I am not in the highest bracket, but I have done projections for myself, and I will be in the same marginal tax rate in retirement. So I will save nothing when I pull income from a RRIF. That's why I have prioritized TFSA and non-registered accounts buying eligible Canadian dividend paying stocks. I plan on only using the dividend income in retirement, and never selling shares/withdrawing my principal.

[@goodone8041]

@@reptilianskin in non registered account you pay taxes on dividend and capital gains ?

[@khai4202]

I love this ! Very much needed for a beginner like me

[@ostrichinvesting4432]

Great video. Talking Tax isn’t glamorous but proper planning has a huge impact on your investment returns. Something all investors need to educate themselves on.

[@larahsalinas5505]

Thanks for this video! I’m a begginer and i want to start investing and didn’t really know about tfsa and rrsp or anything about investing. Hope to learn more from all your videos.

[@MUSICLOVER-uu9ej]

Helpful tips. Thank you mate. Keep more videos. Keep it up

[@Taomazz]

Great Video! Perfect Explanation!

[@gbradley5264]

Very important thanks!!!!

[@KKArchive149]

So helpful thanks so much!

[@ckevin2202]

If you have a cash, should you put it on tfsa account or just in high interest savings account? Does the gain in savings account is being taxed?

[@momo35444]

thank you for the video. great content!! very knowledgeable

[@andreacooke4798]

Thank you! Great video :)

[@ojasmehta]

Thank you for doing this!

[@imkriswithak1135]

Been watching a ton of these finance videos and it seems the big theme is, if you can get away without paying the government taxes, your golden. I use my tfsa during the year, and at tax time, I use it to buy rrsp. 👍🏽 If i break even, great. Refunds go back into the tfsa or debts. IF CAN GET AWAY WITHOUT PAYING TAX? DO IT.

[@KenanGrace]

Great video? Yes! I like the three main topics format! I may use a similar style on my channel! New tup the great work! I looked forward to new content from you! Subscribed! I Hit the bell to be a part of your notification SQUAD!

[@valp855]

thank you so much Brandon!

[@samuelhernandez2542]

Great video !!! Thank you! :)

[@xxrngxx5]

Hey Brandon, don't want to put too much pressure on you, but you mind making a video on trading "options" in the future? Just an idea. Thanks!

[@mohamedsaad8474]

Thank you so much .. so informative

[@LYZASTABLE]

Thanks for the infos

[@666dynomax]

i'd really like to see the math on the two... i mean the RRSP you not only get the tax benefit now, but even if you didn't, are you not experiencing more exponential growth on that saved (and invested) tax?

[@lianap1147]

Very informative! Thank you!

[@beaviswealth]

Very welcome!

[@fc6827]

That dividend rule is very interesting

[@turbofanlover]

Good vid, but I want to swing trade, so neither of these options is good for me, no? Gonna need a cash account for that.

[@nevillejames2200]

Thanks for the video. What about if you have US stocks that aren dividend stocks. Do you still recommend putting it in a RRSP?

[@michaelperry6376]

Great Stuff

[@pierrelucmontreal]

Hi. Great video. I may watching this one to late after investing my firsts stocks. For now, I have futur grow stocks and ressources in my rrsp and high yeild us dividend in my tfsa. What should I do? Is it possible to transfer stocks from an account to an other ? Is it possible to take capital gain from the tfsa and invest in the rrsp account ? Thank in advance for your follow up.

[@zeropro0]

thx bud good to know i didnt know this info. By watching your channel i learned alot and now i am into investing... Im loving it :)

[@GenZInvestor]

Congrats on getting into investing! Goodluck with your portfolio

[@zeropro0]

@@GenZInvestor thx... I am late in the game but hey as they say it's never too late ....

[@GenZInvestor]

@@zeropro0 Absolutely

[@mahams8954]

Just came across your channel and already on 3rd video for today. I have a question. You mentioned we can have as many tfsa accounts as possible. I want to know how to choose which bank/institute u want to open your account with, how does it impact the account and its benefits?

[@Nurseinator]

Hello Brandon, first of all let me say I'm a big fan of your videos, I learn something new with each one. I have a questing about with-holding tax. If I purchase a Canadian stock in my TFSA but I buy it in American funds, do I pay with-holding tax or is it still tax free. Thank you in advance.

[@andrewlee1856]

If you invest in a S&P 500 ETF that is listed on the TSX would you pay withholding tax?

[@dgezy5454]

Thanks guy

[@nanchesca3950]

Do you get clients that choose the companies they invest in by what their ethical standards are? (say they are against pipelines so won't invest in oil or a Canadian who only wants to buy Canadian stocks?) I'm curious what you advise them

[@soraydamendoza9385]

Hello Brandon. Isf we hold a no-divident etf. Are we still paying the 15% withholding tax in another way? Thank you

[@S4MCRD]

So is it fair to assume that if your income is still high well into your 60's and 70's that an RRSP is not right for you?

[@johnstutt5927]

In an RRSP the gains in capital appreciation of your investment plus any of the dividend gains become fully taxable at your then income bracket tax rate when you withdraw from the account, but in a TFSA the gains from Dividends and capital appreciation are not taxed when withdrawn. Am I correct?

[@alextennis24]

Hi brandon. Great video! I had a question for you. If i wanna buy U.S stock, the best way would to simply open a RRSP, buy stock and leave it there, let it grow until you can actually take it out ? Also, i heard that i could buy the same U.S stock in a TFSA account, but i gotta make sure to sell it in a window period kinda i think...like putting it in and taking it out.. Would you know if that's accurate ? Could i buy the same U.S stock and put on in a RRSP and one in a TFSA ? thx

[@reazuddin7899]

How about Canadian company dividend paid in USD? Is it subject to 15% tax in TFSA

[@RA-zr2rg]

Great info...I know you don't believe in timing the market...but how about a talk about how to invest cash someone may be waiting to deploy!!

[@RiceballRox]

Hmm thanks for this video, question, what about market values? If you hold an us stock in TFSA, the market value increase is still not taxed. But in RRSP, you would have to pay a capital gain in the income bracket no?! Based on the last years performance my US index didn’t pay any dividends but went up more than doubled in its market value... thankfully it’s in my TSFA.

[@sunilreddy4573]

hi, Do you know any trading platform to trade us stocks for canadians especially after regular market hours for NASDAQ AND NYSE

[@kingtsik]

Hi Brandon, quick question.. I invested my tfsa under index funds with most US equities, is that means. They charge my investments with 15% withholding tax because these are mostly US stocks.

[@jeweljose1285]

in your video you say medium income. how much exactly u think would be a medium income?

[@jaypatel6998]

What about VFV fund that hold US stocks on TSX? Does they subjected to withholding tax in TFSA? Can you make video about hedge fund vs non hedge fund. I think, I have not found a detailed video about those fund in your channel. Hope to see your reply. Thanks

[@sanidhyagohil2079]

When you’re using terms like long term and short term, Can you please mention a tentative time period for the same?

[@johnjakobs6563]

One thing that was not discussed was company matching pension or RRSP plans. This is usually "free" money your employer is willing to give you when you you contribute to an RRSP through that program. The investments you can select through that program may (or may not) be limited, but you still get an immediate 100% rate of return on every dollar saved. I would do this before contributions to a TFSA.

[@patrickroux1574]

On reddit some people say you must have a Questrade account balance of $250 at all times, is this true? Will you be penalized if it goes below? I can’t find this claim anywhere on questrades site.

[@orangechupa5798]

I used your video to prep for my investment rep interview and I got the job offer the next day! lol Thank you!!

[@beaviswealth]

Awesome, and congratulations on the new job! - Marc

[@orangechupa5798]

@@beaviswealth Thank you!!!

[@1stchoicejohn]

You can't right off capital losses in either the TfSA or the RRSP accounts. In the case of the RRSP even though you receive capital appreciation and Dividends in the end it will all be taxed as though it was income. There is no capital gains tax and no dividend tax on the earnings. meaning you are taxed on the withdrawals along with any other pension money as if it was earned income..

[@apurbapaul8157]

RRSP is taxable for practicing day trading?

[@hello-qt5mo]

Which is the best way to start investing in stocks? Or starting wealthsimple trade 🤔

[@maesha5498]

Also just a note - Upon withdrawal from an RRSP account, any capital gains on stock will be taxed as ordinary income while in the TFSA the capital gains on the stock can be realized tax-free.

[@ellasoes8325]

How about capital gains on US stock? I am assuming the 15% tax withholding only applies to the dividends. I hope so.

[@canadiandividendinvestor9740]

I hold my US holdings in a US dollar RRSP. No with holding taxes due, and no frequent conversions to US dollars. TBH, if it wasn't for this advantage of the RRSP, I wouldn't have an RRSP

[@p.c.h.6721]

That’s what I was thinking, the only real benefit of a RRSP, at least when it comes to investing, is the benefit of no withholdings on U.S. dividends

[@gauravgarg4611]

Awesome video series, just started to watch around 2-3 weeks but it helped me a lot, I have a question, appreciate if anyone can guide me if I contribute towards CPP (via my employer) does it eats up from the RRSP bucket or not.

[@garrygrewal149]

Yes it does

[@flyingiguana409]

the value of the tax deferral makes the RSP much more valuable if you make say 30% a year.

[@Ms.MonterayLearning]

Hey Brandon, I am about to take the plunge into the investing world and your videos have been very helpful!!! However, I still have some confusion... I plan on using Questrade as my brokerage account, but how do I actually buy a stock using my TFSA & RRSP? I currently have a TFSA with Tangerine... would I contact Questrade and have them transfer over my money to create/open a Questrade TFSA? Then once that is opened/money transferred, can I just buy and hold my stocks/equity in that TFSA for longer periods of time before I decide to sell? I know I can't do "day trading" in either my TFSA or RRSP, but am I still able to buy the desired stocks I want and let them raise in price in that account until the time I want to sell? Please clarify thanks

[@voicemeup9488]

Hi, did you find the answer of your question?

[@brunocastonguay6939]

Thanks, didn’t know that we pay US taxes on US dividends stocks in a TFSA account, Can you confirm if it’s still the case if the US company sell stocks on the Toronto market? What about a ETF US index on the TSX market?

[@WhisperingEye519]

I would also like to know this. I currently own a s&p500 etf that trades on the tsx (vfv). Is there any tax implications?

[@canadiandividendinvestor9740]

@@WhisperingEye519 Nope

[@chrisjaison3330]

So you say that its always better to buy US stocks in RRSP than TFSA?

[@allylucch5948]

if you already have a bank tfsa account is it ok to still open the tfsa account on i.e. Wealthsimple for trading?

[@jordimw80]

Thanks for this video, great info! I work in a privately held company that has granted me some stock options. Do you know if I can put these into a RRSP, or really either? It's a US based company. Thanks in advance.

[@viralpatel6156]

This Same situation I have and I am also looking for the answer. I am not aware of how tax thing works. I am paying more tax on my dedicated company stocks when it got deposited in my sharework account. Please share any leading point to this situation if possible. Thanks in advance.

[@richardwhyte8893]

What about using RRSP Asa adown payment on a house?

[@f3wbs]

PPCIAN gang! If I become an electrician, I'm hoping to max out my TFSA in 3-4 years. Right now with my current income I'll never max it out, assuming the federal government consistently increases the contribution room.

[@Icecold0505]

Dividend Gang. Represent. 💯🙌

[@NickPeitsch]

I’ve only added to my TFSA since I believe that my tax rate will only increase with time! It wouldn’t make sense to max out my RRSP at such a low tax rate while I’m young. Great point in the video 👍

[@ruthtombe9901]

Questrade has an RSP account. Is this the same as an RRSP?

[@rohumnorouzey2643]

Hi Brandon, thanks for the great videos. There's one point people don't pay attention to; we can avoid the 15% tax on US dividends if we put the investment in an RRSP account; however, we have to pay tax on half of the capital gains in an RRSP account. So whether TFSA or RRSP is better depends on the stocks. If the capital gain is high, we'll be better off having it in a TFSA account and pay the 15% tax on dividends. What do you think?

[@beaviswealth]

Hi Rohum. You're right about the 15% tax on US dividends and RRSPs, but you don't pay capital gains tax in RRSPs. You only pay when you take the money out, and then it's taxed as regular income, at your personal tax rate, different for each person. Not sure if that's what you meant? Other factors to consider, too, are your current income level, etc. It's never a one-size-fits-all solution, but you're doing the right thing. Gather the information and then do what's best for you personally! Thanks for watching and for your comments.

[@jerrystiff9613]

Brandon. I really like your channel and appreciate the good info you are passing on!! Although you (and most) talk about the flexibility of a TFSA vs RRSP account, don't you think you should do the math on which pays more over time on identical investments? Do total tax sheltered dollars invested over a longer horizons outweigh tax paid dollars earning tax free interest over the same horizon. I think this and knowing your top marginal rate is a key element in making this decision.

[@iTzzproclan]

Good question

[@heyitsnugget1448]

Hello can you please guide me. I want to invest inTFSA which bank or company offer better interest.

[@OK002]

How do you transfer an RRSP to a TFSA without tax consequences? Is there video on it?

[@ranafarooq8185]

Please make a video for EQ bank, show us your 1000$ account and explain the interest calculation. Thanks much waiting for the video

[@832elf]

don't think I will open a questrade account because of the many complaints at BBB. clients complained that they got charged interest of at least 300 US - 3000 dollars for buying US stock that the brokerage was not transparent about it. in addition to the 1.99 percent conversion fee, it is not worth buying US stock at all.

[@marcangelo3718]

Basically.. build your TFSA so your returns on investments are tax free. Move it to your rrsp to max contribution, receive 20-50% at tax returns and reinvest it back into your TFSA. Withdraw from your rrsp as a down towards a house. Can’t be that easy... can it?

[@filipinocanadianbrotvchann3855]

But Canada govt Will tax you with the RRSP investment income at the end of the year right?

[@BigBen-wb1kl]

Didn't know about the 15%!

[@CaseyBurnsInvesting]

PPCIAN hoodie 💯 Shout out to all my fellow Thug Life Investors.

[@Madeline637]

How can we open these accounts?

[@tomjose2006]

Can you make vedeo on day trading

[@1stchoicejohn]

RRSP can not be used as collateral for a loan.

[@ajflegar]

How about taxes on capital gains? I believe TFSA you do not pay tax on capital gains but in an RRSP you do pay tax on capital gains... correct? Also, are dividends or interest payments considered capital gains?

[@ajflegar]

Nvm, I just went back and watched the rrsp explained video and you answered my question. RRSP is tax free on any income made within it which includes capital gains. Cheers!

[@courge37]

So is it still worth it to have US stocks in a TFSA? 🤔 Sorry if this sounds dumb, I'm a total newbie 😅

[@MrHappyman14]

What should i do after i max out both but want to still invest?

[@canadiandividendinvestor9740]

Have to open a non-registered account

[@jzee100]

It sounds like its more beneficial to hold a US dividend stock in a RRSP. But it also sounds like you alluded to the fact that it may be more complicated than that. Is there a reason why you wouldn't want to hold a US dividend stock in your RRSP?

[@xo_kryptoknight4147]

Hi Brandon, thank you for another great video. I have a question about investing towards my first home. I am looking to get my own condo in about 3-5 years. From the short amount of time, the TSFA would be a good idea. However, I do know that there's also a home buyers plan that allows Canadians to withdraw from their RRSP, tax-free, to purchase their first home. Should I invest in a mix of TFSA and RRSP, or just TFSA in this case? Thank you for all your videos!

[@vk2461]

Idk. It depends on your income, and what you already got going.

[@anne-mariel3256]

Very informative about TFSA with US $.

[@Bavubuka]

Does the TFSA get taxed once you pull money out as well?

[@kazgoz2529]

no

[@jenniferwang8939]

Do you have any thoughts on the home buyer’s plan? If I do plan on taking advantage of that, should I do RRSP over TFSA?

[@tomv2302]

Which home buyers plan are you speaking of? I didn't think there was such a thing

[@trevorcory887]

Is it possible to put your RRSP contributions forr the yearr in your TSFA until Dec1 then transfer them to RRSP. I amgetting taxed at 44% which means i will get 4400 back for every 10000 on income tax return. right now i put it straight in RRSP but if i could take advatage of it growing in tsfa and transfer without penalty to RRSP that would be sweet!

[@beaviswealth]

Hey Trevor. Yes, it's possible, but if your goal is to take advantage of the tax-free growth, that also occurs inside the RRSP. So there would be no advantage to doing it this way, if you know for sure you were going to contribute to your RRSP anyway. - Marc

[@YG-vs3fq]

Hi Brandon i love your program. However, there's always the same add which says may 20 whatever so annoying.

[@CoryResilient]

He doesn't control the ads on his videos

[@Johangauffinify]

I love this(not a strict quote to be clear) at 6:35 :"Even if you´re not someone that makes a lot of money, I guess you´re mediocre or an average kind of person".

[@Johangauffinify]

To be clear, I like the video in general though and it was helpful!

[@malikd.mcnish6482]

i am in my early 20's and I want to know if I can use the tfsa and then in the future when I am out college switch over to rrsp

[@courge37]

Yes you can !

[@realgarlic4644]

Yes...why not take out of TFSA (if not at a loss) and put into your RRSP when you are earning more $$$$ and would like the deduction.

[@malikd.mcnish6482]

@@realgarlic4644 ok got u tanx so much, god be with you

[@effsalvador1700]

Does new immigrants can open TFSA?

[@rebeccam2]

Can you explain to me why I am only making $10 on a mutual fund every 3 months and then I randomly received $41 on December 31st? My financial advisor never gets back to my emails....

[@vk2461]

Fraud.

[@Abhishek-iw5qm]

👍

[@finallyanime]

What do you mean no more contribution space...??