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

Hey @CanadianTShirt - My employer has a DC account program that provides contribution matching (50% first 2 years then 100%). Is it same and falls under RRSP?

This is what I am looking for

I wonder why he prioritized RESP over retirement plans, even if you have kids. I understand the grant money but why max it out and forego your own retirement accounts for kids college fund? On an airplane you put your own mask on first then you put your kids mask on.

Adrian's knowledge is not just impressive; it's delivered in a way that's relatable and easy to understand. Plus, the guy does it all in a T-shirt, which adds a touch of authenticity that I really appreciate. As a relatively new comer to Canada, these videos have been really helpful, making my transition to Canada smoother. So, huge thanks!

Subject: Query Regarding Group Retirement Savings Plan (RSP) Contribution

Hi

I hope this message finds you well. I have a question regarding my RRSP contribution and the company's group retirement savings plan (RSP).

Given that my taxable income for 2022 was zero, my RRSP room for 2023 is also zero. However, my office offers a *% matching policy for the group RSP, which I understand can be used as an RRSP contribution.

I'm contemplating starting to invest in this fund from December 2023. Would there be any issues with this approach? Alternatively, can I report this investment in my 2024 return if there are any complications in including it in my 2023 return?

Your guidance on this matter would be greatly appreciated.

Thank you,

Thanks Adrian! This is the best video I watched on the YouTub regarding tax free investing account. Besides those tax free accounts, would you be so kind to share you view whether it’s better to invest in participate life insurance (tax free) or to invest in high dividend stock/ETFs in own non registered accounts?

FHSA is hilarious. Max $8k per year is a joke. These days, the average detached home costs $1M. You need $200k min down payment to afford that home. Capping the FHSA at $40k is laughable.

The more I look into things the less I like an RRSP and idk why it's pushed so hard to new investors/savers. MAYBE if you are very well off and you know 100% you will always have an abundance of money, go for it, use it as another account you can max out to invest with. But for the average person and someone who is just starting to save/invest for the future it seems like a HUGE risk and liability. That money is dead and locked until you are at least 65, and if you take it out early you are paying a disgusting 30% withholding tax (on 15k and up which isn't much) AND no matter when you take it out you claim it as income come tax time. Unless things go perfectly for you until you are 65 you lose half of your money no questions. 65 isn't guaranteed to anyone as morbid as that sounds, and being financially comfortable until you are 65 is even less likely. Again, if you are well off and know 100% you will never ever need to touch that money, fine, but for anyone else idk why it's pushed so hard. Even if you use it as a first home down payment, you are basically only taking a loan against your own money that you have to pay back within 15 years. That monthly bill could be a good chunk. Chances are if you aren't that extremely well off person, you will have an abundance of room in your TFSA to contribute, and as a first time home buyer between a TFSA and FHSA you will be hard pressed to max out the contributions on both of those. RRSP is for the rich and that's all.

Thanks!

FHSA is such a smart choice for anyone looking to build wealth through real estate. I've been fortunate to leverage these accounts to grow my savings and invest in my dream home. It's all about strategic financial planning and taking advantage of the right opportunities.I wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made. Great video! Thanks for sharing!

It’s disingenuous to say Wealthsimple Trade doesn’t offer RESPs. Because Wealthsimple Invest does.

👍

Fantastic information. You earned a subscriber in me.

Hey, if i didnt use my FHSA for my first house, sicne i didnt have one - can i use it for my 2nd house?

If you are in the lower tax bracket and your TFSA is maxed out, is it better investing in a non registered account over the RRSP since the RRSP has no benefit towards lower tax bracket income earners as you say?

This is simply great....

Great content as usual 👏👌👍
As you mentioned in another video we can invest n buy stocks with the money we put in TFSAcan we do the same with RRSP every year we get some through TFSA so when we reach 65 then we withdraw RRSP without paying tax ?

Awesome content. Thanks for the guidance, Adrian!

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 :)

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!

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?

RESP - Wouldn't front loading RESP 10,000$ be best and then contribuite 2500$ per year be better in growth rather then 2500 / year .... That's slow and would take much longer then 10,000 or so upfront and use the COMPOUNDING INTEREST...

Keep up the VIDEOS!!!!

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?

Questions: does a car loan (7.99% I think) fall under high interest? I want to say yes but not getting taxed on other things might be more worth it…

Second 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?

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.

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

Can both of the parents open a RESP and maximize the government contribution for the same child?

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

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?

So many useful information that is just crucial for every Canadian to know. I hope all the best for you and your channel!

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

Hi can a student (Student VISA )open FHSA account ?
where all can a student invest (doing part time job right now)? could you let me know .
Thanks in advance

All I know is this: I have my RRSP and TFSA with Questrade in SRI ETFs. I started to figure out that SRI was a scam when I started to check where my money was being invested and I saw Nike and Adidas LOL (maybe they made a shoe with recycled plastic once???). Then, I was under the impression that Questrade oversaw my investments, but both accounts were handed over to BlackRock! I want nothing to do with them. I know banks are never going to be 100% above board or follow my values 100%, but BlackRock and greenwashed SRIs are crossing a line. Tangerine has a 6% sale coming up so will open a new TFSA with them and will see if Questrade has good GIC rates where I can transfer my existing accounts while I figure out if I want to learn how to buy individual stocks or figure something else out. Any suggestions???

Can I transfer money from RRSP to TFSA

Thanks man!

Awesome info here man!

Love that the solution to the title was in the first minute no long intro just straight to the point

Lake St. Martin First Nation Manitoba Canada 🇨🇦

Great Scott! Fantastic video, thanks Adrian!

RRSP ARE RIP OFF

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.

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.

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

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

Great video.

Can you please make a video on RPP - rules and tricks.
Thanks.

Very helpful vid. amazing work!

What about rdsp

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.