It's RDSP, TFSA, FHSA, RRSP and Taxable, then making sure I earn enough to contribute to CPP as self-employed. I hope to get an employer part-time in the future so I have some of the matching retirement and their portion of my CPP. or I have that part-time employee income be completely invested while I keep my self-employment going. With my disability employers are not eager to employ me.
Great to see Canadian personal finance topics discussed by people NOT wearing suits and ties. One suggestion for future videos: Leave the American content out of it. They have their own gurus, let'em have theirs.
One thing to note about the RRSP tax deduction is that you can choose to not use it in that year and keep it carried forward to a future year you choose to apply it. So in that way it is still better to invest into RRSP first over a taxable account. Thanks for the videos, love watching these, keep up the good work.
One thing y'all should discuss is how all of thes accts behave regarding taxation once you become a non-resident. This is applicable to retirees and globe-trotters.
It's great to see more Canadian financial planning content arriving, great stuff! I would maybe slow down the speed of the deliverable content. Most Canadians struggle to understand the intricacies of our registered vs non registered investment/savings protocols. RRSPs, TFSAs, RESPs, RDSPs, FHSAs are not an ordered ranking, they are designed to be used as one cohesive unit, all dependent on your financial goals and needs. I am not saying that all programs need to be utilized at one time, but before using them and in order to maximize them, it might be important to stress the need of speaking to a financial planner. Proper financial planning involves the client being vulnerable, sharing their goals, displaying their personal income & expenses and ultimately checking off every other question on their mind. I think the use of some icons, tables and explanations related to these programs and the savings obtained by the use of the programs could help people understand more. This is my advise as a financial planner currently managing 70 households. Keep it up!
I used to think that getting rich was some combination of black magic and pure luck but now I know its actually a science that can be learned like physics and chemistry. Great Job on the simple and understandable channel to teach this important skill!
Hello Steph and Den, great content! Keep the good work! I have a question regarding the TFSA: lets say I have 30k of contribution room in the account but the limit per year is only 7k, can I contribute until I max out the 30k or I can only contribute 7k limit for 2024?
In a non registered account do you pay capital gains on an investment that you haven't sold? Ie if a stock gains money throughout the year but you haven't sold it, do youbstill pay tax on the amount it gained by?
You pay taxes when you sell a stock and there was a gain on your initial investment. The sale is what triggers the capital gains tax - so even if you re-invest in another stock it’s doesn’t matter. 😊
You'll need to split into CDN/US videos. You're talking about US taxes and TFSAs when Americans don't have TFSAs. If you're teaching beginners, you cant have crossover mash like this. In CDN video only state TFSA; and US video only state Roth IRA.
We have many Canadian specific videos on our channel 😊 a video like this is generic and applies to both US and Canadian viewers! The examples are what differ.
Love seeing Canadian financial topics. A couple suggestions, it would be great if you left American financial stuff out of this. It’s hard to find good, 100% Canadian financial advice on UA-cam. Another would be use canadian dollars in your videos instead of the American bills! We’re canadian! Let’s use our Monopoly money 💰
Yes Canadian should be Canadian, tired of being brainwashed with American, Americans don't educate Americans on Canadian, they think everything is American.
The nitty gritty on the Canadian taxable accounts would be appreciated. It's a deep rabbit hole and there's lots to think about. I've been able to mostly piece it together from many different sources, but I think it would help a lot of Canadians if you guys can cover it a series of videos. In no particular order: superficial loss rules, carrying forward/backward capital losses, tax loss harvesting, ACB tracking (Return of Capital and Reinvested Capital Gains Distribution adjustments for ETFs), foreign tax credits. 😃
My fiancé and I are considering a prenuptial agreement. We have similar assets. What are you thoughts on prenups when both parties have similar assets but different inheritances? ❤ thanks!!!
Thanks to both of you for those educative videos. Actually I am 42 and my TFSA is maxed out and in the 6 digits now. My RRSP is maxed out as well since the past 2 years. I own a house since 2017 so FHSA is not an option. But I still improved my strategy because of you and I am just a new WealthSimple customer and XEQT investor.
Thank you for taking the time to make such a great video. If you pay corporate tax on your earnings as a professional, and then with these after tax earnings purchase mutual funds in a corporate non registered account which produce a monthly dividend which you later pay taxes on even when you leave them in the non registered account, can you later transfer the amounts of these same dividends out of the corporate non registered account into a personal bank account with no tax implications ? Thank you.
Being self-employed you are contributing to your CPP plus registered investing, and if you rich rich taxable account, it's about 5 accounts you could be managing. If you self-employed with no children who need an RESP 😂 I think that's all of them. I know the RRSP 18% on last year income up to a certain maximum. But the government made harder to remember all the details. I have to keep an updated spreadsheet to track all my accounts and rules.
What investment account(s) do you use? Let us know! 👀
Im on a TFSA and FHSA also an RRSP in Canada! Thank you guys for showing us younger generation how to prepare for our future!
This was so informative, I am new to investing and know it's important!
TFSA, RRSP, taxable, and a DCPP & ESPP from my employer.
It's RDSP, TFSA, FHSA, RRSP and Taxable, then making sure I earn enough to contribute to CPP as self-employed.
I hope to get an employer part-time in the future so I have some of the matching retirement and their portion of my CPP.
or I have that part-time employee income be completely invested while I keep my self-employment going.
With my disability employers are not eager to employ me.
Great to see Canadian personal finance topics discussed by people NOT wearing suits and ties. One suggestion for future videos: Leave the American content out of it. They have their own gurus, let'em have theirs.
100% agree
Thanks so much 😊
One thing to note about the RRSP tax deduction is that you can choose to not use it in that year and keep it carried forward to a future year you choose to apply it. So in that way it is still better to invest into RRSP first over a taxable account. Thanks for the videos, love watching these, keep up the good work.
One thing y'all should discuss is how all of thes accts behave regarding taxation once you become a non-resident. This is applicable to retirees and globe-trotters.
It's great to see more Canadian financial planning content arriving, great stuff! I would maybe slow down the speed of the deliverable content. Most Canadians struggle to understand the intricacies of our registered vs non registered investment/savings protocols. RRSPs, TFSAs, RESPs, RDSPs, FHSAs are not an ordered ranking, they are designed to be used as one cohesive unit, all dependent on your financial goals and needs. I am not saying that all programs need to be utilized at one time, but before using them and in order to maximize them, it might be important to stress the need of speaking to a financial planner. Proper financial planning involves the client being vulnerable, sharing their goals, displaying their personal income & expenses and ultimately checking off every other question on their mind. I think the use of some icons, tables and explanations related to these programs and the savings obtained by the use of the programs could help people understand more. This is my advise as a financial planner currently managing 70 households. Keep it up!
Thank you for watching + commenting 😊
I used to think that getting rich was some combination of black magic and pure luck but now I know its actually a science that can be learned like physics and chemistry. Great Job on the simple and understandable channel to teach this important skill!
Thank you so much 😊
Hello Steph and Den, great content! Keep the good work!
I have a question regarding the TFSA: lets say I have 30k of contribution room in the account but the limit per year is only 7k, can I contribute until I max out the 30k or I can only contribute 7k limit for 2024?
In a non registered account do you pay capital gains on an investment that you haven't sold? Ie if a stock gains money throughout the year but you haven't sold it, do youbstill pay tax on the amount it gained by?
I guess If I don't see myself living in Canada in the next 3-5 years make sense after maxing out TFSA go direct to unregistered acc...
Do you pay taxes when you sell a stock or when you pull money out of the account? What if you sell and reinvest in another stock?
You pay taxes when you sell a stock and there was a gain on your initial investment. The sale is what triggers the capital gains tax - so even if you re-invest in another stock it’s doesn’t matter. 😊
Would it make sense to put money into your partners Registered Accounts if you have already maxed all of yours up vs opening a taxable account?
Only you know that
You'll need to split into CDN/US videos.
You're talking about US taxes and TFSAs when Americans don't have TFSAs. If you're teaching beginners, you cant have crossover mash like this. In CDN video only state TFSA; and US video only state Roth IRA.
We have many Canadian specific videos on our channel 😊 a video like this is generic and applies to both US and Canadian viewers! The examples are what differ.
so not a taxable account first because then one would be loosssiinngg monneeyy? ithink im getting that right?
Love seeing Canadian financial topics. A couple suggestions, it would be great if you left American financial stuff out of this. It’s hard to find good, 100% Canadian financial advice on UA-cam. Another would be use canadian dollars in your videos instead of the American bills! We’re canadian! Let’s use our Monopoly money 💰
Thank you for watching + your comment! 😊
@@stephandden anytime! Love your channel 🇨🇦
Yes Canadian should be Canadian, tired of being brainwashed with American, Americans don't educate Americans on Canadian, they think everything is American.
The nitty gritty on the Canadian taxable accounts would be appreciated. It's a deep rabbit hole and there's lots to think about. I've been able to mostly piece it together from many different sources, but I think it would help a lot of Canadians if you guys can cover it a series of videos. In no particular order: superficial loss rules, carrying forward/backward capital losses, tax loss harvesting, ACB tracking (Return of Capital and Reinvested Capital Gains Distribution adjustments for ETFs), foreign tax credits. 😃
Many of those are covered by Canadian in a T-shirt. His tax vids are epic.
Thank you for the video suggestions! 😊
My fiancé and I are considering a prenuptial agreement. We have similar assets. What are you thoughts on prenups when both parties have similar assets but different inheritances? ❤ thanks!!!
What are the tax implications for a beneficiary (child) at death of the account holder?
Thanks to both of you for those educative videos.
Actually I am 42 and my TFSA is maxed out and in the 6 digits now. My RRSP is maxed out as well since the past 2 years. I own a house since 2017 so FHSA is not an option. But I still improved my strategy because of you and I am just a new WealthSimple customer and XEQT investor.
I'm about to invest in taxable accounts but Im considering saving that money to pay more of my mortgage's principle instead
Thank you for taking the time to make such a great video. If you pay corporate tax on your earnings as a professional, and then with these after tax earnings purchase mutual funds in a corporate non registered account which produce a monthly dividend which you later pay taxes on even when you leave them in the non registered account, can you later transfer the amounts of these same dividends out of the corporate non registered account into a personal bank account with no tax implications ? Thank you.
Thanks for your sharing. However, 18% of $50,000 wouldn't that be $9,000? thx
Using those programs are essential
Agreed! 👏🏿🙌🏻
Right now at the moment I use a non taxable account TSFA but possibly in the future would use a taxable account great vid guys 🔥
Thank you! 🙏🏿🙌🏻
Canadian RRSP has the lifelong learning plan. 🎓
👏🏿👏🏻
Being self-employed you are contributing to your CPP plus registered investing, and if you rich rich taxable account, it's about 5 accounts you could be managing. If you self-employed with no children who need an RESP 😂 I think that's all of them. I know the RRSP 18% on last year income up to a certain maximum.
But the government made harder to remember all the details. I have to keep an updated spreadsheet to track all my accounts and rules.
That’s a great idea! Love that you include the rules in your spreadsheet, too 😊