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BEST Investing Account? TFSA vs RRSP vs RESP vs FHSA // TAX-FREE Investing Accounts in CANADA

Frames BEST Investing Account? TFSA vs RRSP vs RESP vs FHSA // TAX-FREE Investing Accounts in CANADA

Description BEST Investing Account? TFSA vs RRSP vs RESP vs FHSA // TAX-FREE Investing Accounts in CANADA

Comments BEST Investing Account? TFSA vs RRSP vs RESP vs FHSA // TAX-FREE Investing Accounts in CANADA

Awesome content Thanks for the guidance, Adrian! Comment from : Ole Canada

I think it's important to note for long-term investing, the FHSA can only be opened for 15 years from inception, so it may be worth waiting 5 years to put in a lump sum of $40,000 You could put $8,000 into an RRSP and when you transfer it to the FHSA, your income from the withdrawal would be cancelled by the FHSA contribution This way you get more time for tax-free gains on the $8,000 blocks :) Comment from : googi

Hi Adrian, if by some chance I over contributed to my TFSA for 2022, should I withdraw the overage or can I leave it there to act as my investment for 2023? Thanks! Comment from : phuong

In your RRSP account, if you had USD, would you use that directly to avoid conversion fees or use norbert's gambit for ease of tracking on how much you've contributed? On the note of tracking, do you have any advice on how to best track this? Are there any softwares/tools that accurately provide you with the limit you currently have or is it just the good old spreadsheet? Thanks! Comment from : Joker

Thanks for all the videos I didn’t get one thing about FHSA, so when we say it’s also combination or RRSP and TFSA, does it mean that we contribute to FHSA from our gross salary before tax, not net income like in case of TFSA? Comment from : Tural M A

Keep up the VIDEOS!!!! br Comment from : Kevin Khau

Amazing content as always Adrian! A lot of your active followers like myself are trying to act in a way to retire earlier in life, in one way or another Would you still recommend the use of the RRSP for us? If so, what are some strategies we should be considering? Comment from : Whatitduz 23

Questions: does a car loan (799 I think) fall under high interest? I want to say yes but not getting taxed on other things might be more worth it…brbrSecond question: for the FHSA, does the $8,000 per year built up like tfsa? If I open one by the end of 2023 and only put $1,000, could I put in $15,000 in 2024? Comment from : Buddy46

Hello Just something that I am considering Would like thoughts and opinions A possible retirement income portfolio in my TFSA account 153000 shares of FIE, 8000 shares of CSAV and 6000 shares of ZWC Just a foundation to start Live off 50 of the income and reinvest the other 50 to add/expand the portfolio monthly Comment from : Goober

Hello, as a Canadian I love your videos and I got a lot of knowledge from them I would like to ask: When I open a new TFSA account with a new brokerage firm and I want to transfer money to that account from another TFSA account, would that money transfer will reduce my available TFSA contribution limit? Thank you Comment from : Milen Todorov

Can both of the parents open a RESP and maximize the government contribution for the same child? Comment from : A Google User

Great video Do you have any videos or are planning any regarding using low-interst loans to fund an RRSP? For example, using a 7 or 11 line of credit to fund a 6 limited-time available RRSP financial product, but that you could pay back the credit in maybe half a year Are there implications, is it worth it or not? Thanks Comment from : Fred Sandoval

Gradually plowing through your videos, thank you so much for all the info! Still learning You mention RRSP a lot, obviously I have an RSP mutual-fund acct with TD Does everything you say about RRSP also go the same for RSP accounts? Comment from : Miku Jules Boris Smeets

So many useful information that is just crucial for every Canadian to know I hope all the best for you and your channel! Comment from : Minh Hoang

Is the FHSA still the way to go if you’re unsure about ever buying property and have a DB pension plan? Thanks! Comment from : Burt Bakerack

Hi can a student (Student VISA )open FHSA account ?brwhere all can a student invest (doing part time job right now)? could you let me know brThanks in advance Comment from : Enesh vashisht

Can I transfer money from RRSP to TFSA Comment from : Anonymous

Thanks man! Comment from : K13RGHOST

Awesome info here man! Comment from : Canadian Dividend Investing

Love that the solution to the title was in the first minute no long intro just straight to the point Comment from : Roos Hooijenga

Lake St Martin First Nation Manitoba Canada 🇨🇦 Comment from : TRC 23 Manitoba Winnipeg

Great Scott! Fantastic video, thanks Adrian! Comment from : Jason Stupak

RRSP ARE RIP OFF Comment from : ediddysmith2500

Thank you was about to open a RRSP and u changed my mind I got TFSA’s no way close to its limit This was really well done Fast and simple Comment from : Stacy-Ann Morgan

That's a great comparison video We will appreciate if you make one video every 6 months, if there is any updates in rules since your previous videos I,e: before on RRSP, we were able to withdraw up to 40k to buy a home, but now because we have FHSA, we can not do same thing with RRSO anymore I am following you for majority of my investment research, and also watching your 2 or 3 years old videos So if there is quick update/changed rules video there, it will be helpful for all followers Comment from : rxCL

Your videos are pure GOLD thank you for everything I couldn't make it to MTL to meet you with the rest of the Blossom team I hope you will come back soon Comment from : Yac Z

Payoff your mortgage with 6 plus interest mortgage! Do this before hoping your TFSA will grow faster than that! Paying off is guaranteed savings! Comment from : WhistleMaster

Great videobrbrCan you please make a video on RPP - rules and tricks brThanks Comment from : Mustafa Hussain

Very helpful vid amazing work! Comment from : aligatorum

What about rdsp Comment from : Mike Young

i am saving for a house so i don't want to lock up too much money in my RRSP that i can't get back out Comment from : The Spaces Between Studio

I would love the insight of your community, I'm hesitating between three optionsbr1) Investing in my future child RESP (no grant part of 14,000$) I will contribute of course already top the 2,500$ amount elligible for grantbr2) Putting the 14,000$ down on my mortgage renewal in 2024 (interest rate would probably be between 6-7)br3) Giving this money to my parents They could invest it in their TFSA and let it grow to cover future medical expenses I would probably need to cover theses expenses in the future anyway, so why not let it grow tax free Comment from : Sébastien Gilbert

Hi im 20 and I want to invest for the Long-termbrbrTrying to decide on which ETF to go heavy on: XEQT vs VFVbrbrI didn't open an RRSP since im still a student so im using a TFSA Otherwise VOO in RRSPbrbrI heard "XEQT is investing in the whole world, VFV is only investing in 1 country" so isnt it safer for me to do that? Comment from : Barath V

Wow thanks so much for the Canadian-specific educational content! I immigrated here 5 years ago and behind on my retirement plan, so this is super helpful Comment from : Khevin997

Wealth Simple Trade offers managed RESPs Comment from : The LetterX

Awesome video, Adrian! After seeing you at the Montreal event, it's clear that your enthusiasm for investment remains consistent whether in your YT videos or in person, showcasing your genuine passion One question for you: I had previously maxed out my tax-sheltered account and started a margin account two years ago With the introduction of the new FHSA room, do you think it's wise to transfer stocks from my margin account to FHSA, or should I just deposit cash into the FHSA? Comment from : Sara Hamidizadeh

After every video it comes out naturallybr“Aye Aye Sir 🫡” Comment from : Abhishek Jawahirani

Excellent video Comment from : Andy Azerg

Another question As I am retired and am not eligible to open RRSP (no earned income), should I buy US dividend paying stocks in my margin account as I believe (correct me if I am wrong, please) the withholding tax can be refunded by CRA due to double taxation? Comment from : Rest At Me

Hi Adrian,brbrI have followed your channel for some time now I find it clear, constructive and up to the point with no un-needed fillers brbrThank you for covering RESP We have got our PR cards and will be moving to Canada in a few months My daughter is now 13 and per your suggestion that we should only put 2,500 into the RESP annually to get the $500 from the government Does this still apply to my daughter or should I just put in 12,500 annually for 4 years and get the $500 per year as the time is limited and I would like the portfolio to grow faster brbrRegarding TFSA, once the stock pays a dividend, am I allowed to purchase any stocks with it (I am not a big fan of DRIP)? brbrLastly, I would love for you to do a video on BPA as I cannot find any Canadian YouTuber discussing about BPA It’s somewhat confusing specially for us new immigrants brbrThank you for doing an amazing job of explaining about taxes better than any other channel God bless! Comment from : Rest At Me

Hi Adrien, What are your thoughts on GICs? Comment from : Indika Wijesooriya

Adrian, thank you for your great videos, as always! I just wanted to let you know as well that when I signed up with Questrade I didn’t receive the referral bonus and they told me to let you know that apparently it’s not applicable anymore When I called they said a similar situation was happening with another client who tried to use the referral link 🤷‍♀️ brMaybe something worth looking into… Comment from : anna hanstein

When is RRSP part 3 coming? Comment from : Shehryar Khan

Hello Are you able to give more details about the RDSP? tks Comment from : Sorayda Mendoza

Uno dei motivi della crescente popolarità di , e delle persone Il crescente interesse per çryTø çùrrēnçy promette maggiori finanziamenti Hai molti soldi in cerca di una casa e questa questa è una di quelle aree del mercato in cui si sta verificando la speculazione e si sta verificando un apprezzamento significativo e in un breve periodo di tempo Sono nel mondo çrYptô ormai da poco più di un anno e sono riuscito a guadagnare $ 360000, tutto grazie alle prolifiche strategie di Mr Dave, un guru che gestisce un programma per aiutare gli investitori/neofiti a recuperare le perdite dovute al crollo e a guadagnare da marketing digitale che resiste al grafico dei prezzi Comment from : Saylor Alexandra

🎉 As always, you have the best content regarding investing for Canadians!!!! brQuestion: (thank you in advance)brSince you get more room in RRSP and TFSA annually, in an effort to “course correct” past investments, can we simply transfer some of our investments in our marginal account (like US Dividend ETFs) into RRSP/TFSA when more room opens up? Are there any concerns or tax implications/reporting? We have to pay for any gains in the marginal account, but since we didn’t technically “withdraw” this money , is it accurate to say no taxes to pay in this transfer, even if this investment grew(while inside marginal account)? Does this need to be reported separately for tax filing? brAnd also, the contribution limit of the registered account would be reduced by this transfer amount and if transferred to RRSP, the transferred dollars would be tax deductible? Comment from : Melangex

Thanks Adrian for this videobrI was planning to open an RESP for my kid (she is only 2 yo) but a financial advisor complicated things for me saying that he found my daughter a life insurance policy that will be better that RESP and will be better than the Gov Grants - It looks too good to be true LOLbrIs it a good idea to buy VOO in a TFSA? Comment from : mohammedosman88

If you are in a high tax bracket I would say RRSP>TFSA because setting aside money in RRSP gives you a bigger tax return which you can put in TFSA Comment from : Zaffbrach

How do you get to the point that you can have a 3 month buffer without investing? That’s at least $15000 sitting liquid in an account How do you save when you can’t get through a month without going into overdraft? Comment from : 31 acres of sustainability

Love your videos!brQuestion: My employer doesnt match any of my RRSP contributions, I have a DC Pension Plan that they match and also an ESP that they match at 50 What would you recommend in this scenario? Thank you! Comment from : Dylan Young

Hey Adrian! Awesome video as always! Question on the RESP What's your opinion on contributing a large sum (example $15,000) in the RESP in the first year I'm thinking that the benefit of front-loading is at least you're letting a large amount of money grow for 14 years True, you would only get $500 from the govt that first year, but letting $15K invest for 14 years would be hugely beneficial Can't beat the benefit of time in the market Comment from : Radu Costiuc

Permabull ☝️ Comment from : pwee507

Great video as always Thanks for making these 😀brbrRegarding FHSA, would it be possible to open one by someone who has purchased a first home which is currently on mortgage and use the returns of the fhsa to pay down the already existing mortgage? Comment from : Yogesh Puneeth Vemula

Great video, just one clarification WealthSimple do offer RESP The reason why opened one with WealthSimple and not Questrade was because when I was opening the account BC Grant didn't support Questrade(not sure about now) Cheers! Comment from : Travis & Preston

I absoluttley love this Thank you for making these things so easy to understand and the best steps to take advantage of each account! Comment from : Dale Martirez

For your childs sake its best to front load the $15,000 as early as you can so it has time to compound Comment from : freakerss

Love your content! May I ask if I can open either TFSA or RRSP on my own or I will need a bank to open them for me? Thanks Comment from : Hiep Tran

Can you please explain the Withdrawl and direct - Indirect transfer / deposit forms for FHSA ? Comment from : Jaski

Again, great advice for the long-term investments Are you planning advice for short-term for individuals who started out further on years ie 8 to 12 years before retirement Comment from : Paul Lacroix

Awesome video as always! Thank you!!brDo you know if we can contribute to FHSA this year (2023 for example) and claim the tax refund in the next year (for example 2024)? Comment from : Niloofar Zarif

can you make a video about the best HYSA Available in Canada? Comment from : Kaiser de Emperana Beelzebub IV

I'm impressed by the depth and thoughtfulness in this video Powerful stuff! Comment from : BUY YOUTUBE VIEWS | Link in Bio

POV: QuestradebrQuestion:brCan I buy stocks/mutual funds in TFSA all year and by the end of the year I could decide how much/many investments i want to transfer to FHSA straight from TFSA? Comment from : youtube premium

First, it was nice to see you and talk with you in person during social event in Montreal! My employer matches 45 of my RRSP contributions until I meet my CRA given RRsP contribution limit Is it more beneficial to prioritize my RRsp contributions until it's maxed out? Comment from : Vince Woo

Thank you 😊 so helpful Comment from : Steph Lynn

Can you make a video of what to invest in the FHSA account? Comment from : MzN

I would like to request a bit more technical video where you explain how to analize and understand a long earnings report For instance from TD Bank last quarter (came out on August 23rd 2023) It would be nice to know what to focus on as well as understanding the more relevant terms Thank you for your great videos Comment from : Victor Manuel Mendez Fonseca

Could you please make a video on the best investment strategies for TFSA to maximize its benefits, as I dont really know what to buy there Like grow/divident stocks, ETFs or gics brIn one of your previous videos you said that it makes sense to put most of the divident stocks on TFSA Is it so?brWhat will you suggest in such case? Im new to Canada and dont really understand the market yet Comment from : Vlad Razym

Where would you place rdsps on your list? Comment from : Ryan Iggs

Love your content So much information that can be learned here It's unfortunate that such knowledge is not taugh in schools Keep these vids coming Comment from : Ryan Iggs

What is for you a low income and a high income for salary Comment from : Alevenne 08

Thank you for the video, really helpful ✨ Comment from : Cecilia Torres

You missed the RDSP Comment from : Webster Webb

Thanks for refreshing However, people are having difficulty in getting the job and in running normal life These multiple lucrative accounts are fine and good for high paying jobs and for industrialized nation Comment from : SK Wish

NICE Comment from : Stephen Lucki

It’s not 5 matching for many companies Deloitte is only 2 Comment from : Nagsification

Can i open an TFSA AND an RRSP at the same time? And an FHSA on top of that? Is that possible? Comment from : Sahar Varona

Hey, Adrian Thank you so much for the video It helps a lot to understand banking system in Canada for newcommers Great Job!brI have a quick question though, for international students who want to save some money for the future, what type of saving acount is suitable? Comment from : Amirhossein Azimi

Absolutely great video on the many investment accounts / options! Your simple lay-person's explanation makes it very easy to understand and apply! I say "great video" about most of your videos, but this surely is one of your best on investing accounts! brThanks for your continuing commitment to making Canadians financially literate!! Comment from : Kimmy Kero

fHSA first!! Comment from : Vic Gill

im thinking of balancing my investments into both FHSA & TFSA my FT doesnt do matching whats ur take on splitting up the money invested between the 2 accounts? i want to save up for my first home but also wanna be invested in some stocks/ETFs in my TFSA great video as usual Comment from : VaughanTrapper

Love your channel! From one Canadian in a t-shirt to another Comment from : C Burgz

What a great video to start the weekend! I was actually debating over which tax sheltered account to use up first So thank you for making this video! ❤ brbrNow that we are in a recession, it would be very helpful to know which ETFs and Reits are worth buying So it would be great if you can make a video addressing this topic As always, thank you for enlightening us with such great content! 😊 Comment from : Noor-E Zannat

What about GCI? A know RBC offers it 2-5 return Comment from : Nikolay Nikitushkin

Looking forward to the RRSP vs TFSA debate video My buddies and I are always fighting over this topic Your videos are some of the most that I share with friends and family Thanks man Comment from : Chris Parsons

So we can transfer the money from FHSA to RRSP in case we dont buy a home When can we do that? Once we reach the max ie 40k? And lets say if we have any capital gains on that, do we have to pay taxes while transferring to RRSP? Comment from : Motivation Shorts Adda

Nice video Please guys get find time to spend and enjoy your money as well It’s not all about savings 😊 Comment from : ADE P

Can you make a video just for the RDSP - registered disability savings plan ? Comment from : Michael

This video answered so many questions I’ve seen especially from young people Wish this info was on CRA website for all to follow Clear explanation, thanks for this video Comment from : Enid Vadeanu

I came to Canada late last year and I only have contribution limit of around 2000 $ as per NOAbrMy organization offers DPSP Is this the same program which you are referring to which company provides their contribution?brI am new to all of these and not sure how to get started Can I deposit around 200$ monthly for next 5 months where my organization will also match this amount and stop the contribution there so that I do not exceed the limit Comment from : SARTHAK BAJAJ

I love that you covered the RESP, too many forget about it :-) Comment from : Mountain Finance

Great video! I haven't been able to contribute to my investments as much as I had during the lock-downs Now with my higher expenses but also higher tax bracket, I tend to only focus on my RRSP But I really should contribute, even if just a little, to my other investing accounts RRSP seems to be one of the last things on your list, unfortunately my job doesn't offer RRSP matching haha Comment from : StormTroop4

I work in film so this couldn’t have come at a better time 😊 Comment from : donna dixon

Almost first Comment from : AL BUNDY (Dak is trash)

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