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RRSP Explained Part 2 | Withdrawals u0026 Withholding Taxes | Canadian Tax Guide Chapter 4

Frames RRSP Explained Part 2 | Withdrawals u0026 Withholding Taxes | Canadian Tax Guide Chapter 4

Description RRSP Explained Part 2 | Withdrawals u0026 Withholding Taxes | Canadian Tax Guide Chapter 4

Comments RRSP Explained Part 2 | Withdrawals u0026 Withholding Taxes | Canadian Tax Guide Chapter 4

Make sure you watch Part 1 First! 👇brRRSP Explained Part 1 - Tax Deductions & Contributions:br youtube/bKMNgnMBSdE Comment from : Canadian in a T-Shirt

Thanks man 5⭐️ Comment from : Ashirmyrat SAPAROV

Is there a withholding tax for RRSP? If I take out money from my RRSP when I am 50, do I have to pay 10 tax on 5000, 20 on 5000-15000, and 30 on 15000-over? From the video it seemed like there was no penalty and just wanted to understand? Thanks! Comment from : Bryan Trainor

Is the $0 - $15,000 income @ 0 federal tax rate factored into the calculations in this video? Comment from : Giselle

Hi AidrianbrI just found your video and I can't tell you how great it was to have you explain it all in simple language and made it very easy to understandbrThank you Comment from : Rebecca Mcconnachie

did part 3 ever come out ,i don't see it on the playlist? Comment from : Khevin997

Am I missing something or we just don't have part 3 after this? This content is so good Comment from : I C

I’m a little confused I’m 18 years old and have a RRSP already, should I buy something like VFV and let that compound over the years??? Or should I put that in a TFSA… Comment from : ARKXR1

My RRSP says withdraw, I never withdraw anything, it means someone is taking money from my RRSP? Comment from : Marcia Costa

Thank you Comment from : M L

your video just saved me 700 dollars right now in this very moment thank you Comment from : J Smith

Brilliant! Comment from : Michael

I moved to Canada several years ago from a country that has different tax system You are the first person that explained everything in such a simple and easy to understand way brCheers 🍻 Comment from : Darijan Kablar

Thank you!! :) Comment from : StoneChild9

Is Part 3 still coming? Comment from : Kara Tharp

Hi Adrian, I hope you are doing wellbrbrThank you for sharing a ton on information on YouTube I have been following you for a long time I am going to start investing in RRSP from this year I have been following your RRSP videos on YouTube I have gone through part 1 and part 2 but I am not able to find part 3 It would be very helpful to know when you will be releasing part 3 Awaiting for your response Once again thank you a lot for sharing the knowledge Comment from : Kavan Patel

Great part 2 thanks for this Comment from : Jordan Poirier

I really appreciate your videos! If I could make a suggestion, I would want to learn more on CPP through your videos especially for self-employed people Thank you! Comment from : Anna Kiseleva

I hope you don’t talk so fast since you’re explaining Not all people are fast at math Comment from : Daisy Luna

It's helpful, thanks Comment from : Jin Pang

Buying a boat is not stupid! 🤣🤣 Comment from : Toan Truong

Thank you so much!!! Comment from : Jen Ma

Amazing explanationbrFor me, who is complete newbie in Canada taxes, your explanation works perfectly Appreciate it Comment from : UcepName

Thanks for the video, Adrian! Quick question: when you withdraw from TFSA, do you pay the upfront withholding tax? Or does it apply to RRSP withdrawals only? Cheers! Comment from : Art Trofimov

I was just wondering why people would choose to place their RRSP/TFSA into multiple accounts? It seems like there would be no real benefit and would just make it complicated what do you see are the benefits of using multiple banks/accounts for your RRSP? What circumstances would you do that? What are the potential draw backs? brbrAlso thanks so much! I always found taxes and banking to be super confusing, but this is an easy way to learn a lot about banking Comment from : Laura Korthuis

its been over a year, is Part 3 out yet? Waiting for PART 3, love your content Comment from : Poor gypsy travels

Where is Part 3? Can't find it :( Comment from : Michael

Hi We are eagerly waiting for the RRSP Part 3 video since I really wish to understand the conditions and benefits of withdrawing from RRSP for First Time home buyer plan !!I have already posted a quastion for you in another video of yours I Am reposting it here and would wait for your guidance brbrbrbrbrHey Adrian First of all you are doing an amazing job here The content is great and very easy to understandI have a specific qustion but I would try and explain my situation br brI just moved to Canada 2 years back and since I had to settle my family so I was not able to contribute to RRSP or TFSA Now, I have some some decent savings in my bank account and I am planning to buy the first home within next 3-4 months br brNow I am in high tax paying job ( My annual salary is between 100-130 k) and want to understand if I should contribute to RRSP and TFSA , but most likely I would need this money for home down payment br brSo My dillema is br1 Should I keep this money in saving or HISA or I should invest in TFSA / RRSP to save the high taxes Ill be paying for 22 income br2 If I invest in TFS/RRSP and I need to withraw this money wihtin 3-4 months , would I be able to do that and weather there would be any tax implications br brPlease do guide me here br brRegards Comment from : aman singh

Awesome thanks ✌️✌️✌️ Comment from : sachin

Brilliant explanation! 🫡 Comment from : Alex Peretokin

Great video, if The RRSP is paid back in the same tax year would you essentially get the withholding tax back? Comment from : Greg King

Thanks Adrian Would you recommend to hold US tech stocks like Amazon or Google on RRSP together with dividend stocks or there are nuances? Comment from : ilya d

Gobment should not be taxing you after you retire! Comment from : Bob Omar

Really Helpful :) Comment from : The Mind Sculptor

Hi Adrian, I’ve seen a few ETF’s that track an Index in USA, with big tech stocks But it’s listed on TSX, thus my confusion Is this when I should be converting to US funds, and putting it my RRSP or can I just go ahead & buy it in either TFSA or RRSP in Canadian funds? Comment from : Missy Gilly

Haaa "part 3 lost in space"brAdrian is simply amazing,a little bit fast talking but we are lucky 10 sec back option is available 😂brgood job,just keep going man,all the best 👍 Comment from : almaja100

Great info, looking forward to part 3 Comment from : Deb Spring

So would you say the point of having an RRSP is to have it converted into a RRIF? Comment from : Andre Jones

Hi Adrian, so I have quick question - suppose I invest 15k in RRSP and did not withdraw for next 3 years, so I can use same 15k as tax deduction every year(until I withdraw from RRSP)? Comment from : kshitij totare

What happened to part 3? Comment from : Brandon Bailey

Very informative videobrDoes the same withdrawal rules apply for Locked in RRSP's? Can we withdraw from Locked in RRSP's? Comment from : Nikhil Kamat

HibrI think your videos are very interesting In your one example the person is making $100,000 a year and when they are retired they are only make $20,000 , that’s a huge drop off unless I’m missing something that person should not be retired They couldn’t live on that They would have to cash in the rrsp brSorry if I missed something in the video Comment from : David W

Excellent video again! Is there part 3 for RRSP? Many thanks Comment from : Enid Vadeanu

Hello! When can you launch the RRSP Part 3? :) Comment from : Princess Carreon

So if I understand under age RRSP correct, I can open a RRSP for my grandbabies, but cannot contribute to it until they start earning and filing taxes???? Correct?? Comment from : albertabigbuckhunter

Please give some insight into what happens to your RRSP when you die and how to handle that Thanks Comment from : Bernie G

Thank you for the whole series Is there a video in regards of RIFF? Comment from : Vince Woo

Hi Adrian Do you have the part 3? Comment from : mounamozhi

@canadianinatshirt where is part 3??? Comment from : Jo-Ann Guthur

Release part 3 please Comment from : Jo-Ann Guthur

is part 3 out? Comment from : Karel Audit

Can you make a video on what happens to RRSP, TFSA and RESP if you become a non-resident in the future?? Comment from : rajiskrish1

Hey where's part 3? Comment from : JohnathonWick

Hey Adrian if you don't have a lot money invested in US stocks, would you still recommend buying US stocks in a RRSP than in a TFSA account ? Comment from : Neville James

Thank you Adrian Great video Comment from : Neville James

Thank you Comment from : Paul Pereira

This is absolutely amazing! I have been watching your taxation series to help a friend out who is moving to Canada soon! Your videos are so concise and incredibly well explained! Keep going mate - look forward to more videos in the future after I complete this series! :D Comment from : Aadi Fernandes

I cant find part 3 for RRSP investing, can you please provide me the link Thanks! Comment from : Gagandeep Singh

You explain these concepts so well Thank God I found your channel!!!! Thank you a million times! Comment from : Natalie Blagrove

Is there another tax bracket that's around $13 000 a year Comment from : Vic Fontaine

Thanks for your videos, what about part 3? Comment from : Slim Ben Slimane

Great content! Comment from : Matias Iozzia

Hey Adrian very nice and informative video Is there an specific age for you to start withdrawing money from RRSP what if you decide to retire early? Comment from : erwin branzuela

I’m new to your channel and have always been terrible with taxes You’ve inspired me to get a better grip on my personal finance Thanks for the great content and way to go on your channel! Comment from : Dylan Mallett

Adrian, thank you for making Canadian taxes so simple for newcomers I'm a big fan who referred your videos to other immigrants in a similar situationbrCan't wait for part 3!! Comment from : tarikaiesec

Best RRSP explanation on YouTube so far You just won a new sub👏🏻👏🏻👏🏻👏🏻 Comment from : Mercy Meemee

Waiting for Part 3! Comment from : Khantil Patel

Hey Adrian can you include first time home buyers plan in part 3, Will you be forced to sell your stocks if you apply for it? I use Questrade I also have rrsp with bank Comment from : Shalom

Hi Adrian,brYou have a great bunch of very informative videos I do have a question that follows a clarification on one of your comments You said that US stocks and ETFs holding US stocks in $US in an RRSP are not subject to US withholding taxes but from my understanding is that the ETFs must be US ETFs from a US stock exchange to qualify from the witholding tax exemption So my question is, what are the rules for mutual funds holding US stocks I think, but not sure, that mutual funds holding US dividend stocks also don't qualify for the withholding tax exemption in the RRSPbrAlso, it would be good if you can make a video explaining the best time to withdraw from your RRSP There is a common misconception that it is best to wait till your 71 to withdraw because the RRSP grows tax free This is definately not good advise First, it does not grow tax free and I also don't like the term tax sheltered The correct term is tax deferred (which you did mention at the beginning of your video - kudos to you for being smarter than bank financial advisors) If you don't have a pension and have a huge RRSP and you retire at 60, it is best to start withdrawing as soon as you retire You can withdraw and still remain in a low tax bracket If you wait till 71, your forced withdrawals in the RIFF could not only put you in the highest tax bracket, but you will also lose your OAS Also, at age 65, you can convert part of you RRSP to a RIFF and the first $2000 is tax deductible (considered as pension)brKeep up the good work and looking forward to your next video Comment from : GJ Bard

After a year, I am still waiting for part 3 I hope it comes soon Comment from : Dhrumit Thakar

Is RRSP part III up there and I miss it? Thanks for all your work! Comment from : Al Gheriani

Thanks! Comment from : Al Gheriani

Awesome Video Adrian! do you have a video that explains Spousal RRSP? Comment from : Femi Elusogbon

Hi, Thanks for sharing this information I have a question for you What if I want to move my money from one RRSP account to another? Let's say I have an RRSP account with my ex-employer and I want to move my money to a RRSP investment account like questrade, Would there be any penalties or any taxes apply? Comment from : Vismay Hingwala

This is the best video I have seen on RRSP Withholding tax THANK YOU!!! Comment from : Taylor Jacobson

Is part 3 available yet? Comment from : Ryan Jones

Looking forward to your RRSP part III video May I ask if I hold VOO/VTI in US dollar in my RRSP, I will earn capital gain and dividend tax free, am I correct? Comment from : Terra

can't wait for part 3 ! Comment from : Kelvin Tang

hi, could you please tell what form should i fill up to withdraw rrsp from my cra account to my bank account? thank you Comment from : Цветик Семицветик

Under RRSP is contribution for the year calculated based on book value or market value? How can one calculate how much have they contributed towards their RRSP? Comment from : Aman Kohli

And how do I get exempt from withold fee if I quit my job for a business start up and need to take money out? Comment from : supras7

Hey Adrian , if I withdraw $5000 from my RRSP for the 10 penalty does that mean the next withdraw years down the road I'll be charged the 20 ? Comment from : supras7

I was so confused about RRSP, You cleared all my doubts, help me to make the decision to do contribution in RRSP I could not able to find part3 Are u still working on it? Wonderful ! Well explained Comment from : Sarbjit Singh

HellobrThank you very much for your valuable information When could you make a video about RIF which you announced here? Comment from : Adam Adam

Thank you for another incredibly informative video! When is the part 3 coming out? Comment from : TalkingSkunk

I barely leave comments on youtube Came across your channel randomly and it has been great so farbrThank you for the detailed explanation! Comment from : Trang Yen

Currently doing a "Canadian in a T-shirt" marathon!! I'm so grateful your channel exists Looking forward to Part 3 And now, enough with the comments, its back to your videos i go byeeeeeeeee Comment from : Cheryll Hart

Part 3 brother Comment from : Akashdeep Singh

I’m trying to learn this I’m really trying to understand Comment from : javier cruz

Thank you so much for the video Adrian I just have a ? regarding investing from investment account For eg if i invest from my investment account and i make 2000 in profit Will that 38 formula will apply to it 2000*38 and government will tax 15 on it Comment from : Monu Bhogal

Hello! Thanks for the video, could you please clarify this following question about how tax would be applied?brbrScenario 2: When you sell stock out of your RRSP before retirement do you pay your marginal tax rate on the nominal value of money being withdrawn from your RRSP? (such as withdrawing 100k from your RRSP before retirement, you pay your marginal tax rate on 100k regardless of the performance of the securities) Comment from : aaronmarsman

I have a question about buying a first home That hopefully In next August I will be able to doi was reading the read line about repay the amount I save and hope I will use,and example 20,000cad I have a frame period of 15years to pay back right?? Is it possible invest in my RRSP example ETF?? Or need to be cash to pay back the RRSP room?? I hope is kind of clear my questions,lol Sorry Comment from : Cesar Colli

Do you pay taxes on withdraws based only on the tax deductions you make whule working or even brOn the investments and growt of tour portfolio? Comment from : Christian Salonia

There's a video uploaded saying you can transfer your rrsp to your TFSA with no penalty by turning it into a rif and getting a specialized mortgage? Comment from : supras7

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