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RRSP MISTAKES in Canada to AVOID! // Tax Free Investing u0026 Retirement Strategy // Canadian Tax Guide

Frames RRSP MISTAKES in Canada to AVOID! // Tax Free Investing u0026 Retirement Strategy // Canadian Tax Guide

Description RRSP MISTAKES in Canada to AVOID! // Tax Free Investing u0026 Retirement Strategy // Canadian Tax Guide

Comments RRSP MISTAKES in Canada to AVOID! // Tax Free Investing u0026 Retirement Strategy // Canadian Tax Guide

My husband been working in a company for over 16 years and he had rrsp account in that company But suddenly out of blue that company shut down, now we have no idea wether we should withdraw the money or continue keeping the rrsp He wants to withdraw the money and put it house mortgage Can you please share your thoughts on my husband situation Comment from : Tenzin Choekyi

You keep saying it is tax shelter growth but this is not true Actually it's even better to have growth in a non-registered accounts because only 50 of the capital gains are added to your net income on the year you withdraw it Meanwhile, for RRSP, your growth is 100 added to your net income on the year that you withdraw it which makes it worse Comment from : Kenny Newton

Thanks for the wonderful video One question about RRSP contribution room… Will it change if I sell and buy different stocks within RRSP account? eg- sell 5k worth of shareA and buy 5k shareB?? Is this same as withdrawing and re-contributing? Comment from : Arnab Mallik

Hi I have an rrsp mutual fund in the bank, can I still change that to a Self investing RSsp without changing any of the contribution rooms? Thank you Comment from : Terrance Feng

I watched this video a year ago and thought “wow T1213 that’s cool but who’s going to do that” little did I know that today I’d be sending it in to the CRA because I don’t like taxes Comment from : Evan ChisamoreJohnston

Excellent content!! Comment from : Karmen Trades

Thank you!! Comment from : StoneChild9

Brilliant content Love it <3 Comment from : Muhammad Taha Manzoor

If you have a high rrsp limit because you've never contributed before, are you limited to just the max per year? Comment from : Koya

Is there a video about rrifs? I am looking for the part 3 of your RRSP video where you spoke about withholding tax Comment from : Fabiola Torres

Hey Bro, I have some questions?brbrI have RPP (matching) and Group RRSP (not matching low management fee) at Canada Life, u think it is a good idea to contribute both retirement fundsbrbrI just need your opinionbrbrThank u! Comment from : rakista_trucker

I am a newcomer and I accidently contributed to RRSP I later heard that I am not eligible for RRSP the year you arrive What will I do? Should I withdraw the amount? WIll I have to pay 1 interest if not withdrawed?brThanks Comment from : Shiyas Fazal

Does anyone know if the total contribution room on the cra site account for pension plan from employer? Comment from : Rienkedalle

Amazing series Adrian! You are doing an amazing job at explaining and breaking down all the concepts! THANK YOU!!! Um sharing these with all my friends! Comment from : Rienkedalle

I'm so glad you mentioned the pension adjustment since a lot of people don't know that I'm one of those people I have been contributing to my RRSP for almost 30 years and just found out a few weeks ago that the 18 of gross income is adjusted for pension contributions Unfortunately, I did not bother to take a look at my RRSP contribution rooms for 2021 and 2022, since I thought I never contributed anywhere near 18 and thought I was ok, I didn't know that my pension contributions count towards RRSP contributions I just found out that I have been overpaying for almost 2 years!!!! Ouch!!! I now have to file an over-contribution with CRA and pay that penalty Thank you for wise advice Comment from : Marjorie Cenatus

Very helpful Video Adrian, thank you!! I do have a question about the contribution in first 60 days of the year I think even if it cross beyond previous year room, it can still be counted towards current year estimated contribution room and not considered over contribution as long as I have enough room for current year based on estimation Could you clarify? Comment from : Bijo Mathew

Hi Adrian Your contents are very helpful Can you please do a video on spousal RRSP I have a personal RRSP but my husband doesn't have an RRSP yet Can I convert my personal RRSP to a spousal RRSP and contribute to his RRSP but keeping within my contribution limit? Comment from : atree Sarkar

I have a question about what I call A dead RRSP account i have with 30k in it I recently started a new job that offers a group rrsp that matches contribution So all my extra cash has been going into that account But now I have this stagnant one thats been sitting there with no contribution What should I do with it? Thanks! Should jote that the employer will not allow it to be transferred I thought about maybe slowly withdrawing it and ttansferring it to my TFSA? Comment from : Pat L

What happens if I move overseas and become a non-resident of Canada I know I can no longer contribute, and I can keep holding my RRSP account But what withdrawal tax rate would it be if I decided to withdraw later on? Comment from : Why You Trippin

Hi Adrian, Thanks for your work👍 Arrived in Canada in July 2022 In this video, I learned that you can open an RRSP account only after you file your first tax return But my employer offered me additional RRSP deductions so I opened an RRSP account and the employer deducted the RRSP the first year I arrived in Canada Since I was not working in Canada in 2021, will these deductions be considered a cap violation, and will I be penalized? Comment from : Serhii Tenkov

I love your videos Adrian! One question, is the RSP account through Questrade the same thing as a RRSP? I just want to make sure I'm depositing to the right account and will be able to get the tax deductions Comment from : Blair Breaks

Where's Part 3 that refers to the First Time Homebuyer's Plan?🤔 Comment from : Pavel T

Thank you sir! I'm new at financial advising and I learn a ton thanks to you! Comment from : Jérôme Lefebvre

I wouldn't put money in an RRSP if I was young or in a low tax bracket, unless I already maxed out my TFSA Having money grow in the TFSA means that those gains will never be taxed Gains in your RRSP will be taxed when you withdraw it And it may happen that when you retire your marginal tax rate could be higher than when you put the money in in the first place Comment from : My3dviews

I wasn't aware of the T1213 form!! I also wasn't aware that I could contribute to an RRSP but claim the deductions later when I am in a higher tax bracket Thanks for sharing that piece of info Comment from : Anas Farah

The government duped Canadians with naming the RRSP and TFSAbrCanada has I think an F grading for hidden fees tied with Mexico's rating , apparently brIf your RRSPs is in a Canadian or US MF or index fund brcan they be transferred in kind to wealth simple or questradethank you Comment from : Deb Spring

Great video, thank you! I am sure you know, just to add this here: there is one way you can withdraw and not loose your RRSP contributions through HBP Home Buyers Plan Cheers! Comment from : Louise Landry

I thought I knew RRSP until I watched your video Thank you for the Value! Liked, subscribed Comment from : Ragu Rajaguru

Would it be more beneficial in the long-term to invest in an RRSP account with a bank like TD through a mutual fund, or utilize an online brokerage like Wealthsimple and purchase stocketc? Comment from : calvinnwoo

EQ is paying 3 now Comment from : Ruan Carlos

Just discovered you I have watched 2 videos so, and I can honestly say I have learned a few things I am subbed and will watch more thx :) Comment from : Terry Cybulskie

Great information, but you have to stop waving your arms on your videoes, it’s very distracting Comment from : Colin Gee

Thank you Comment from : M L

Great video Very informative as a refresher for myself brCould you do a video on RDSP- Registered Disability Savings Plan? Comment from : Spliffy_kohlab

EQ bank has raised the interest every 4-6 months now it's 25 for a normal savings account! Comment from : Esoteria Healing

i have 18k room in myb RRSP, however i am a homwmaker and don't bring in an income if I max this out, can my husband claim my contrabutions at tax time? Comment from : Carla Brodhagen

Fantastic Very comprehensive One question, 30 years ago I would use every penny of contribution room the government allowed less the pension adjustment Even used a good portion of the overcontribution room of $2000 Since my job and pay were quite steady from year to year, come January 2nd I would contribute close to the amount allowed the year before for the new current year I did not wait until March My thought being, I would get 2 more months of tax deferred growth every year I was never penalized for overcontributing Has the rule changed in the last 10 - 15 years Comment from : David Drouillard

Great job in explaining RRSP strategies! Comment from : sean mccann

Regarding the idea of delaying your tax refund to years when you'll be in a higher tax bracket, I'd just also keep in mind that today's refund can start growing today, not two years from nowbrbrFor example, let's say you choose to defer the refund for two years in order to get 10 more due to being in a higher tax bracket If you'd claimed it two years earlier and earned 7 annual interest on it over those two years, you'd have made 45 more money by claiming it earlier, even if t he refund amount itself was lowerbrbrSo, I think it's a difficult piece of advise to give, not only betting on your possible future earnings (which may or may not be realized), but because it shortens the amount of time that compound interest can go to work on your savings I'd only suggest doing that if you had really solid reasons to believe your prospective future earnings, and if the math had it significantly outweigh what you can earn in average index funds for the amount of time you're planning to delay Comment from : Russell DeLong

Love the content!brI got a question, the 18 of income for the RRSP this year, is summed with the 18 of next year to a total amount of $27,230 or each year I get this "new" maximum amount? Like, I got $15,000 in 2021 and $20,000 in 2022, in 2023 will I have a limit of $35,000 or $27,230?brThanks a lot for the content Comment from : Hanna Cecilia

Clearly explained Comment from : charles Chan

Hey, I have a hard time understanding why it's better to invest in US divend stocks & ETF in a rrsp account Do you have a video suggesting certain stocks or etf to buy? Thank you in advance Comment from : Karel Audit

Hello Adrian, thanks for your A+ content Have you made the video on filling out the T1213 form? Didn't find one on your channel so just double checking :) Comment from : Femi Elusogbon

is that pokemon silver and red in the background Comment from : andrew tong

Can you keep your hand movements to a minimum pls Comment from : D P

Great video! Do you recommend wealthsimple or questrade for a robo advisor? I know that questrade has lower fees Comment from : Chris Lang

Hello adrian , questions , when i trasfer positios from rrsp to my tfsa count as draft from rrsp? Comment from : Giovanni Romero

Where can I find the form to get tax not deducted and what was the forms name Comment from : Adriel OMalley

Very informative video Adrian I have a question about the waive of -15 US Withholding Tax on US Dividends for US stocks being held within an RRSP Does this apply to both US stocks purchased directly from US Exchanges with US Currency and the purchase of Canadian ETFs that hold some or all US stocks? One Canadian influencer on YouTube buys only US ETFs for US Exchanges brbrHowever, the BMO Tax FAQs states that BMO ETFs hold US securities directly and by investing in Canadian listed ETFs, investors can mitigate the amount of foreign taxes paid brBMO ETFs avoid this unrecoverable tax by holding their underlying securities directly, allowing for foreign taxes to be claimed brbrSo can holding US stocks in both of those methods allow an investor to waive the -15 US Dividends for Canadian RRSP investors? Thanks Comment from : BYODevices

You are awesome! You know more than the Government 😄 Comment from : Mohammad Aarif Khan

I understand it is better to have my US holding in an RRSP vs a TFSA But is the same true for an etf that holds American companiesXDUTO for example I don't own this per se but was curious if this would be taxed bu the US due to the holdings within if it were in a TFSA Thanks Comment from : Todd Rayne

Thanks for video So where should I buy the US single stock? Thanks Comment from : Bellaloune

I want to transfer stock from margin to RRSP- what is the implication when we do this and next year we have to file tax I was told to check before transferring, I couldn’t get a clarity Can you please help explain Comment from : Wackygal

Thanks, your vidoes are amazing Comment from : darryl collins

I cannot believe that you are not far more popular, I tell all my friends about your channel This is invaluable, incalculable information for FREE One complaint, outro music is so much louder than the rest of the video Soooo much bass Comment from : Butler General

Hi Andrian, thanks for the videos on TFSA RRSP RESP I would like to ask one question you missed in your videos I use TFSA RRSP trading stock options for day trading If profit made in the option trading, how is tax is calculated? If you take out 500 or 2000 dollars out each month do you have to report while you file tax? Do you have to explain your trading? Comment from : NUGT L

Hey Adrian, ur videos are great so helpful meanwhile how to join your channel, so that i can see the TFSA investing portfolio videos, i did subscribe already but there is no option for joiningbrPlease let me know, thanks Comment from : Carolina Davis

Adrian, You were more frequent on posting YT vid, now seems to be very busy When can we expect your next video? Comment from : Aasmin Kainth

you are a lifesavor Comment from : Katherine Langford

i have a question that if we are buying us stocks in questrade what about the exchange rate which will kick in when we will withdraw we will lose money in questrade on future exchange rate what do u think about this plz share ur views Comment from : balpreet Kaur

Hello Adrian, primarily tq for information, I have a small question, I accidentally deposited extra 7000$ in RRSP on march 1 2022, thinking that it will count towards to 2022 limit, so till what time will I be paying the penalty for this mistake, can you please help me with this! TIA Comment from : darshak chowdary

i didnt contribute to a rsp this year i thought the taxes were deferred until you retired but its until next year and because i owe 1k more than last year Comment from : Liv Poxleitner

Your frantic arm and crazy pointing when you talk is really distracting Comment from : fartster1

Do you have any videos explaining spousal contributions to RRSPs, how to do it, and the benefits/downfalls of it? Comment from : R McWilliams

hi Canadian in T shirt , im looking for a hight credit limit ( 20k+) card for everyday usage and Travel ( domestic and overseas), do you have some recommendations? Thank you Comment from : zer yung

Hi Adrian Love your content! If I opened an RRSP account with a bank, let's say Scotiabank, I understand that they have their own program for investing those funds Let's say I want to start investing the way you suggest, can I move that money out of the bank's hands to invest it on my own on REITs and ETFs via Questrade without being penalized since I'm not taking that money back to my pocket but investing it within the RRSP? Comment from : Angel Montero

what are your thoughts on xus vs vfv xus is alot cheaper to buy vs vfv does that really matter? Comment from : Patrick Fitzgerald

Hey Adrian Awesome video BTW, are you from University of Waterloo? Comment from : Dave Zhao

How does one carry forward a tax deduction? Comment from : heybriaan

Thank you so much for mentioning the T1213 form!!❤❤ with the crazy inflation right now, definitely don't want to wait till next year to get money back! Comment from : Nicole Lam

The quality of your content is seriously next level You are my go-to-guy for anything related to finances You rock man! Comment from : Cody Siegmann

This might not be your area of expertise (and this is pretty vague) but curious if you have any thoughts on the real estate market and home buying with a mortgage (and rising interest rates) vs continuing to rent and keeping money in your investments Comment from : Hollis Carlton

Thanks! That’s very helpful Comment from : Fernando Lenzi Mari

Adrian you're the best Thank you for this valuable knowledge Comment from : Tom Riddle

Great advice as always, financial education leads to financial independence Comment from : PeeGee Thirteen

I just started trading and I keep getting calls about my tradings account and that I have to pay $300 to get it activated, is this legit? Comment from : asher

You should never contribute to an RRSP and defer the tax return, because you're giving the government an interest free loan Not only that, you've cut your after-tax principal available to grow the moment you decide to contribute to an RRSP and not collect the refundbrbrYou're better off growing your money in a non-registered account after maxing out everything (TFSA/RRSP), even though everything is fully taxed, simply because you have the entire after-tax principal to grow Comment from : Inexpense

Just wondering if there is a cap on how many years you can refer the contribution to your RRSP? Love your videos, thank you! Comment from : FINANCIAL AUTHORITY

Thank you my friend! Comment from : Juan Morales

Thank you for the sound advice, as usual! Comment from : Tarapeutic

( at 12:40 ) what if I contributed 10k this year and have 10k outstanding deduction of prior year, will I be eligible for 20k deduction from my 60k salary? Comment from : Kakarot

Im actively investing to my rrsp with a low to medium risk from my bank all i really plan on doing with it is just to keep putting money on it for the next 10 years and see how much it grow (or lost) and use the money as a down payment for a house Comment from : Dyrol

Thank you flr the great video Adrian Very insightful Solved all my doubts :) Comment from : pushkar pethe

Thank you so much for your time and your knowledge Really appreciate it! Comment from : Remi Alary

Great video and on time Thanks! Comment from : Al Gheriani

Nice video again! If you make the Home Buyer's Plan video, please consider addressing this question I have: if you have more than one RRSP account, can you withdraw from each broker for one HBP? Thanks! Comment from : David Rankin

Hi Adrian, great video Thanks to Google I stumbled upon your videos and they are so informative Btw, I became tax resident of Canada just last year and wasn't aware that my contribution room doesn't start the same year I started employers rrsp and in total I contributed less than 2k for 2021 Would I be ok or would I have to pay the penalty? Comment from : Samarth Jain

How do I turn off the 125x speed Comment from : TheBrawlmastah

What if you move to a different country like the US Do you recommend to withdraw from your rrsp? Comment from : Being Neiicey

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