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Video Summary:

This video explains what RRSP is for beginners. It talks about what RRSP is all about and the video explains the benefits in great detail. The video also provides examples to make the topic easier to understand. The person in the video also gave tips and tricks on investing in RRSP.

Why we chose this video:

We chose this video because it will be very useful for people researching what RRSP is and people planning to invest. I like how the person in the video is very easy to understand and uses great examples to simplify the explanation. The video is very informative on basics that beginner people need to understand before they invest and the video is also very short so people do not lose interest while watching the video for a long period of time.

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RRSP Explained for BEGINNERS (EVERYTHING YOU NEED TO KNOW)

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Video Summary:

The video provides valuable insight into what a mortgage is intended for as well as outlines some of the challenges of saving a large sum of money and why a mortgage is needed even if you have a huge savings account. Furthermore, the video provides information about various types of mortgages that can be obtained, and also which kind of mortgage would suit the needs of the viewer.

Why we chose this video:

The reason this video was chosen is that it provides a brief, detailed explanation of what a mortgage is, why someone might require one, and how it will help the viewer. We thought that the video was beneficial to the viewpoint since it gives beginners a basic concept of mortgages.

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What are Mortgages? | by Wall Street Survivor

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Our Wall

Hello everyone, The topic of our wall is investing in RRSPs vs. mortgages. On this wall, you will find specific videos, websites, and images to let you guys know what RRSP and mortgage are. There will also be resources that will explain which one is better to invest in. You will also find our reflective answer on the very right corner of this wall. On the reflective questions, you will find our insights and what we learned during our research.

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Video Summary:

This video discusses the topic of whether it is better to pay off your mortgage or invest in RRSP (Registered Retirement Savings Plan). It provides insights and information to help you make an informed decision. She covers multiple areas in regard to the topic. Her video was very detailed but did not overload her video about RRSP. She also provided a link for people to use to calculate their RRSP. Her video is very informative, helpful, and very easy to follow. we would definitely subscribe to her channel, so I could learn more about RRSP. I'd give her video, a 9/10 for being very helpful for anyone who is trying to understand how RRSPs and Mortgages work.

Why we chose this video:

The reason we picked this video is because of how informative and how it delivers the message. They were detailed, and on point, AND did not have sponsors such as raid Shadow Legends to waste the viewer's time.

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Jessica Moorhouse - Canadian Personal Finance

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Pay Off Mortgage or Invest in RRSP? Which Is Better?

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Video #4: RRSP vs Mortgage (Website Video)

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Video #4: RRSP vs Mortgage (Website Video)

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Video Summary:

In this video, they talk about RRSP vs. Mortgage calculator. They basically talk about comparing which one is better. In all honesty, this video has a lot of very good points about how paying off your mortgage is good, but at the same time, it helps your RRSP. we liked how they provided both sides with good points.

Why we picked this video:

The reason we have picked this video is because of how they provide good points to both sides of the topic. At the same time, they also help guide new people who aren't aware of how to calculate their mortgage or RRSP income.

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Let's look at an example of how this calculator works by helping a client with the decision on whether to invest $20,000 into their RRSP or pay down their mortgage. The details needed to perform this analysis are the following:

Based on this information, the RRSP vs. Mortgage calculator determines that the $20,000 RRSP contribution is equivalent to a $12,800 lump sum mortgage payment. This lump sum payment results in $24,620 of mortgage savings and reduces the amortization by 1.02 years. If the client decides to pay down the mortgage and then invest the mortgage payments into an RRSP they will accumulate $62,325 in the RRSP by the planned retirement age.

In comparison if the $20,000 is invested directly into the RRSP first and then when the mortgage is paid off the $2,000 monthly payments are added to the RRSP the client will accumulate $85,837. By depositing the $20,000 into the RRSP first, this client's RRSP at retirement is $23,513 higher compared to depositing the after-tax equivalent to the mortgage first.

Advisors should use this calculator when they want to determine the best course of action for their clients who are considering if they should pay down their mortgage or make a deposit to their RRSP.

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RazorPlan's RRSP vs. Mortgage calculator lets advisors compare investing a lump-sum in an RRSP today versus paying down a mortgage and investing future mortgage savings into an RRSP.

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Website #1: Should you focus on Mortgage or RRSP?

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Website #1: Should you focus on Mortgage or RRSP?

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Summary:

On this website, it talks about whether you should pay down your mortgage or contribute to the RRSP instead. The website has a list of considerations to help you determine which one of the two you will choose.

Why we chose this website:

The reason we chose this website is because we think that it is very useful for people who are contemplating which one they should invest in. The website goes into detail on each consideration you would take and why you should consider it. Another good thing about this website is that they have a way to contact a financial advisor at the very end of the website, so you can ask the advisor for advice on what is best for you.

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Mortgage or RRSP: What should you focus on?

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We can help you determine what will work best for you.

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Summary:

The website offers information about mortgages, covering what they are, why someone might need them, and how they can be utilized to purchase a property.

Why we chose this:

We selected to use this website because it is offered by RBC (Royal Bank of Canada), a reputable mortgage lender. In addition, the website offers information for new users. Those who are interested in learning more about mortgagees can obtain comprehensive answers to any questions or concerns they may have. For this reason, we believe the website we offered is helpful and offers insightful information on a mortgage.

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As a first-time home buyer, you'll want to learn as much as you can about mortgages-what they are, how they work and how they can benefit you. While you may be consulting a mortgage specialist during the home-buying process, the more knowledgeable you can become about mortgages, the more likely you'll be able to articulate what you need-and want-in a mortgage.

Here's a short primer on mortgages and key mortgage terms to help get you started.

What is a mortgage?

A mortgage is a loan given by a bank or mortgage lender to help you buy a home. It can allow you to get into a home sooner than if you had to save up for the whole purchase price. The house acts as collateral for the money you are borrowing.

How a mortgage works when buying a home

The buyer uses funds from a mortgage to pay the seller for the property and the buyer repays any money borrowed, plus interest and fees, over a set period of time (e.g., 5, 10, 15, 20 or 25 years).

The buyer pays the lender generally every month. A portion of the payment, the principal, is used to pay down the amount borrowed and a portion of the payment is applied to interest.

The mortgage is registered on the property with the applicable provincial or territorial land registry office.

In many cases, the buyer can move into the new home as soon as the closing is complete (contract terms can sometimes specify a later move-in date).

Choosing the right mortgage

Choosing a mortgage is one of the biggest decisions you'll make. Consult a mortgage specialist for overall guidance and support.

Some things you'll want to consider:

Type of mortgage: Fixed-rate or variable-rate, open or closed.

Mortgage term: The length of time a mortgage rate, lender and conditions set out by the lender are in effect. Typically terms range from six months to up to 10 years.

Amortization period: The total length of time it will take you to pay off your mortgage, typically people choose 25 or 30 years amortization periods.

A longer amortization period usually means lower monthly mortgage payments. It can also mean you'll pay more interest overall because you're taking longer to pay back the mortgage principal to the lender. Note that if you choose an amortization over 25 years, you must have a down payment of at least 20% of the purchase price.

If you are considering an RBC Royal Bank mortgage, read a brief overview of three RBC mortgage solutions.

Home ownership and building equity in your first home

Building equity is an important part of owning a home and having a mortgage. Equity is the difference between your property's value and the amount you owe on your mortgage. There are extra things you can do to build equity:

Make extra payments whenever possible to help reduce your mortgage principal (but be aware of prepayment penalties or fees).

Make home/property improvements to increase the value.

Frequency of mortgage payments

You will also have the flexibility to choose the frequency of your mortgage payments. While monthly payments remain the default choice of many home buyers, there are a number of other options available, including: semi-monthly, bi-weekly, accelerated bi-weekly, weekly and accelerated weekly. Keep in mind that the more often you make payments the more you will save on interest over the life of the mortgage.

When you select an accelerated weekly or bi-weekly payment option, you are essentially making the equivalent of one additional monthly payment each year which will help pay down your mortgage faster.

A great tip to make paying your mortgage a bit easier: Schedule your payments to coincide with when you get paid.

Speak with a mortgage specialist to discuss all the mortgage options available to you.

This article offers general information and should not be regarded as a complete analysis of the subject matter discussed. It is not intended as legal, financial or other professional advice. Consult a professional advisor regarding your specific situation.

Personal lending products and residential mortgages are offered by Royal Bank of Canada and are subject to its standard lending criteria. Some conditions apply.

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Get a basic understanding of what a mortgage is before you start shopping for one. Learn how a mortgage works, how to build equity, payment frequencies and more at RBC Royal Bank.

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Website Summary:

The RRSP vs. Mortgage calculator on Razor Plan helps advisors compare investing a lump sum in an RRSP today versus paying down a mortgage and investing future mortgage savings in your RRSP. The calculator determines the equivalence of an RRSP contribution to a lump sum payment towards a mortgage. Razor Plan's RRSP vs. Mortgage calculator allows advisors to compare investing a lump sum in an RRSP today versus paying down a mortgage and investing future mortgage savings in your RRSP. In all honesty, I really like this website, very easy to navigate, easy to understand, AND very, very helpful.

Why we picked this website:

The reason we picked this website is because of how informative and helpful it is. provides good points, even has a video explaining how to use a mortgage calculator.

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Let's look at an example of how this calculator works by helping a client with the decision on whether to invest $20,000 into their RRSP or pay down their mortgage. The details needed to perform this analysis are the following:

Based on this information, the RRSP vs. Mortgage calculator determines that the $20,000 RRSP contribution is equivalent to a $12,800 lump sum mortgage payment. This lump sum payment results in $24,620 of mortgage savings and reduces the amortization by 1.02 years. If the client decides to pay down the mortgage and then invest the mortgage payments into an RRSP they will accumulate $62,325 in the RRSP by the planned retirement age.

In comparison if the $20,000 is invested directly into the RRSP first and then when the mortgage is paid off the $2,000 monthly payments are added to the RRSP the client will accumulate $85,837. By depositing the $20,000 into the RRSP first, this client's RRSP at retirement is $23,513 higher compared to depositing the after-tax equivalent to the mortgage first.

Advisors should use this calculator when they want to determine the best course of action for their clients who are considering if they should pay down their mortgage or make a deposit to their RRSP.

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RazorPlan's RRSP vs. Mortgage calculator lets advisors compare investing a lump-sum in an RRSP today versus paying down a mortgage and investing future mortgage savings into an RRSP.

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Summary:

This website provides a very detailed analysis of the two topics with calculations. It also talks about doing both at the same time if you are not sure.

Why we chose this website:

The reason we chose this website is because it encourages you to do both instead of just one, so you can get both of the benefits. This website also has a built-in calculator to help you calculate your finances and provide a better solution for you, which is great for unsure individuals such as us.

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Should You Get an RRSP or Pay Down Your Mortgage?

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It's that old February dilemma again; RRSP contribution versus mortgage payment? Which is best? Read more to gain some insights.

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Summary:

The picture shows whether money is better off going toward a mortgage versus an RRSP. The image shows whether it makes sense to invest in an RRSP or a mortgage towards a home, as well as which would be the most crucial.

Why we chose this photo:

We had chosen this image because when we had asked ourselves this question we did not have an answer right away and we believe the image shows that choosing between an RRSP and a mortgage can be difficult and with much information they are both good ways to use your money.

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Summary:

The image provides a quote on what a Mortage is what you can use a mortgage for and what you can obtain from using a mortgage.

Why we chose this:

We had chosen this image because it shows what a mortgage is used for in the image and why a mortgage would be beneficial and used in this image it describes it as a loan to secure a home, land, or other property, and as a group, we feel that the picture has a lot of meaning behind then.

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Question #1 What did you learn about your topic that surprised you the most?

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Question #1 What did you learn about your topic that surprised you the most?

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What I learned about this topic and what surprised me the most is the fact that money has a deeper meaning than what I thought it had back when I was still a kid. I really thought that money doesn't have knots and ties, but when I checked out what RRSP is and mortgage is, I was just so surprised because I was like, “I need to learn this, or it will bite me back in the future."

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Question #2: Provide a real-life example of how this topic is relevant or interesting for you.

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Question #2: Provide a real-life example of how this topic is relevant or interesting for you.

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This topic is relevant to us because we all have been to situation where we have to choose a side. A real life example of this is choosing which college to go to. Durham College or Seneca College. Both are good, however, there are a few difference between both. Seneca college is close to our houses, however, Durham College provide more opportunities. In cases like this we would choose the one that provides the most opportunities than the one that is more comfortable.

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Question #3: If you could pass on your knowledge to a family member or friend. what do you think is the most important thing to pass on?

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Question #3: If you could pass on your knowledge to a family member or friend. what do you think is the most important thing to pass on?

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I feel like the most important information to pass down to my friends or family is that you can make your money work for you instead of you working for money. There are multiple ways to make this happen, but you have to be careful or else you will regret it.