What is the RRSP? How do RRSP Withdrawals Work? Can I Withdraw from my RRSP Before Retirement? What are RRSP Withholding Taxes?

This is Part 2 of my RRSP Explained series where I break down all of the basics of the Registered Retirement Savings Plan for beginners and Canadian investors. In this video, I go over all of the rules for Withdrawing from your RRSP, how it affects your contribution room, how your withdrawals are taxed before and during retirement and how Withholding Taxes work. I also touch on how to invest in your RRSP to maximize your long term taxsheltered growth.

Make sure you check out my previous videos in the CANADIAN TAX GUIDE:

HOW TAXES WORK IN CANADA:
   • HOW TAXES WORK IN CANADA | REDUCE YOU...  

TFSA EXPLAINED INVESTING TAX FREE:
   • TFSA Explained | Investing Tax Free |...  

RRSP EXPLAINED PART 1 Tax Deductions & Contributions:
   • RRSP Explained Part 1 | Tax Deduction...  

QUESTRADE REFERRAL
If you’d like to sign up for Questrade: my favourite online broker, use my referral link to get $50 of COMMISSIONFREE Trade Rebates for the first 30 days!
That’s 10 free trades without any commission, $50 in savings!
https://questrade.sjv.io/CANADIANTSHIRT

TURBOTAX REFERRAL:
Use my referral link to Get 15% OFF ANY TurboTax Product!
https://www.anrdoezrs.net/click91919...
Remember the Tax Filing Deadline is April 30!

BLOSSOM SOCIAL
Follow me on Blossom to see my Portfolio & Trades for FREE
https://blossomsocialapp.page.link/ca...

Watch my BLOSSOM ANNOUNCEMENT video for details
   • MAJOR ANNOUNCEMENT!! // Blossom Socia...  

LOYALTY MEMBERSHIP ✨
Click the JOIN button or the link below to gain access to my exclusive content!
   / canadianinatshirt  
Thank you guys for supporting my channel, you’re the best!

WEALTHSIMPLE TRADE REFERRAL
If you'd like to sign up for WealthSimple Trade, use my referral link below to get a $50 signup bonus in cash when you open an account and trade at least $150
https://wealthsimple.sjv.io/canadiant...

SKIP AHEAD: ⏩
Intro: 0:00
What is the RRSP? 0:56
Withdrawing from RRSP: 2:16
Withdrawal Tax Example: 3:12
Taxes During Retirement versus Early Withdrawal: 5:58
Early Withdrawal Contribution Room: 7:14
Withholding Taxes: 8:17
RRIF Basics: 10:56
Investments to Hold inside RRSP: 12:15
Questrade RRSP / RSP: 13:03

WATCH NEXT: ▶
RRSP Explained Part 1    • RRSP Explained Part 1 | Tax Deduction...  
How to Buy US Stocks on Questrade    • How to  Buy US Stocks in Canada | QUE...  
Best Canadian Stocks During Crash    • Video  
How Taxes Work in Canada    • HOW TAXES WORK IN CANADA | REDUCE YOU...  
What is a DRIP? Compounding Dividends    • What is a DRIP? Investing with Compou...  
Top 3 Dividend Stocks in Canada    • TOP 3 BEST DIVIDEND STOCKS IN CANADA ...  
Best Canadian Dividend ETFs    • BEST CANADIAN ETFs FOR DIVIDENDS | TF...  
How to Buy Stocks on Questrade    • How to Buy Stocks? QUESTRADE Tutorial...  
TFSA Explained Investing Tax Free    • TFSA Explained | Investing Tax Free |...  
4 Steps to Become Wealthy    • 4 Steps to Become Wealthy | Long Term...  

Be sure to subscribe to my channel for more videos on investing, Canadian taxes, personal finance and money saving strategies. I’ll be posting a video every week =)

FOLLOW ME HERE:
FACEBOOK:   / canadiantshirt  
INSTAGRAM:   / canadiantshirt  
TWITTER:   / canadianshirt  

FINANCIAL EDUCATION BOOKS:
Wealthy Barber Returns https://amzn.to/2MJ9cIe
How to Adult Money Canada Version https://amzn.to/2F717ZT
Beat the Bank: Canadian Guide https://amzn.to/37uqe54
Investing in Dividends https://amzn.to/37mUnn3
101 Tax Secrets for Canadians https://amzn.to/2RrIuGS
Millionaire Next Door https://amzn.to/35ap253
Intelligent Investor https://amzn.to/3qoI5nV

CAMERA GEAR
4K Camera https://amzn.to/3aSHWEg
HD Camera https://amzn.to/3puBZkT
Tripod https://amzn.to/2Qf2Lid
LED Ring Light https://amzn.to/2MKLDyC
Microphone https://amzn.to/3aRdXMN

DISCLAIMER: I am NOT your financial advisor! My videos and the topics discussed are my opinions and are presented for entertainment purposes only. This information should not be construed as legal or financial advice. It is always up to YOU to do your own due diligence. It’s YOUR money so make YOUR own decisions!
I will NEVER ask you to send me money nor will I ever provide my phone number or personal email address. If you see this, that is a fake account and please report any suspicious activity or scam accounts claiming to be me.

DISCLAIMER: Links included in this description may contain affiliate links.
I will only ever suggest services or products that I use myself and I personally believe in.
If you sign up using my affiliate link, I will receive a small referral bonus at no extra cost to you!
Thank you for supporting The Canadian in a TShirt! =)

#CanadianTaxes #RRSP #TaxFreeInvesting #CanadianTaxGuide #CRA #CanadianFinance #CanadianInvesting #TaxFreeCanada