RRSP for Beginners: Everything you need to know!

If you're wondering what an RRSP is and what it can do for you, then you've come to the right place! If you don't have an RRSP yet, you may be leaving a lot of money on the table! In this video, I'll explain the basics about RRSP you need to know. #RRSP #personalfinance #livingincanada

***DISCLAIMER: I am not a financial advisor, consultant, or real estate agent. This video is for entertainment purposes only and should not be considered as financial advice***

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*** DISCLAIMER ***
I am not a lawyer, not an immigration agent, and not a financial advisor or tax consultant. I'm just sharing my experience and knowledge in the hopes it can be useful to you. Please always do your own due diligence and research before deciding to purchase or sign up for any financial product or service!

[mbahgugel]

Put RRSP only when you have to pay for extra income tax only, let's say when you file income tax because of not enough deductions from your pay cheques or you received bonuses or commissions then you buy RRSP to cover the extra payment of your annual tax. When you withdraw $ 5, 000, the bank will deduct $ 500, once you withdraw $ 10, 000, the bank will deduct $ 2, 000 so withdraw in increments of $ 5, 000 only.

[belindatang]

Very Clear explanation and organised presentation! Thanks a lot!

[cheekymonkeygirl]

I hope you reach a million subscribers. Your videos are so good. 😈

[wongricky]

I have a simple question - from what I understand the nature of RSSP, theoretically everyone should try to deposit $$ up to the maximum quota they have to the RSSP account, because even in the worst case, he/she need to withdraw money from the RSSP account for urgent needs, his/her tax payment for that money will only be more or less the same if he/she didn't put the income into RSSP account (unless he/she earns a lot more at that time when doing withdraw). However, RSSP can give immediate tax credit and potential tax savings (since income level at the time of withdraw will likely be less than when someone contributing). Is my understanding correct?

[MM-diux]

how much tax do we pay if we withdraw before retirement?

[FayeWind]

Nice video. I want to know about RRSP's future, if you build a wonderful portfolio in RRSP but when you retire, the gov't will force you to take out the money at certain age, but in ideal situation, most of the us would like to live off that portfolio (dividend that it generates ) for the rest of their life. In that sense, is RRSP still a good tool to use?

[angelsanchezfamily]

Hi my friend that is amazing video, goo a job, all ver clear, congratulations, God bless you and you Family🙏🏽👍🏽

[wongck]

Very good presentation. Very calm and clear. 😊

[ninjamode]

What I like about RRSP is that there are companies that pay 50% or 100% of what you are paying, which in a way feels like free money.

[rob]

what is your thoughts about Edmonton, alberta? could you give us some pros and cons about living there

[KamranB]

Nice Explanation, could you please advise if I leave Canada and become a non-resident, how much tax should I pay when I withdraw from my RRSP? what about TFSA? Thanks

[adel]

what happens if i put money in RRSP but then withdrawn some of it after a few months/year

[PardeepKaur-xxlk]

Hi mam
I just put money in my wealth simple app but i don’t know how to transfer money bank in my bank account . Can you please explain how to put money back in bank account.

[palashkulshrestha]

does money for house needs to be put in any specific header under RRSP ? and is there any tenure restriction before money can be withdrawn towards home equity ? Is there any minimum payment to be done every year against such loan?

[antonguri]

I make 130000 per year is good idea to put money in RRSP

[Canadian_endeavour]

Nice explanation!
I have a question: If you contributed 18% of your income for two years and you saved some taxes, but, you needed funds for an emergency and you withdraw funds, all the savings for two years from RRSP. In this case the taxes you saved earlier will be less or more than the taxes you need to pay to withdraw your funds?
I'm confused what would happen!
Thanks for your time!

[gaëtanlizotte-yj]

J'aimerais avoir ces infos en français est-ce possible merci

[rob]

what if i am using the RRSP account and the market price of the shares that i invested in go down, that means that i will start losing money right!?

[funtimes]

You CANNOT avoid taxes with RRSP. You'll have to pay them back one way or another. Unless there's another hidden benefit

[planmaster]

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