https://padlet.com/Julia_Scott2/7q7qijpm81zc By Julia Scott en-us 2019-11-09 01:21:46 UTC 2026-01-30 15:39:13 UTC hello@padlet.com Julia_Scott2 https://padlet.com/Julia_Scott2/7q7qijpm81zc/wish/408936199 Here you will learn about what goes into investing in RRSPs and mortgages, and the differences and similarities between the two.

You can look into when to avoid an RRSP, and how to use an RRSP to pay off a mortgage as well.]]> 2019-11-09 01:29:44 UTC https://padlet.com/Julia_Scott2/7q7qijpm81zc/wish/408936199 Julia_Scott2 https://padlet.com/Julia_Scott2/7q7qijpm81zc/wish/408936310 Going into this topic I already knew next to nothing about RRSPs, so it was really interesting to me to learn that there is a maximum amount you can invest into it per year. 

]]> 2019-11-09 01:30:48 UTC https://padlet.com/Julia_Scott2/7q7qijpm81zc/wish/408936310 Julia_Scott2 https://padlet.com/Julia_Scott2/7q7qijpm81zc/wish/408936355 Coming into my early 20's it wont be long until I am searching for a house myself. It is also around the time I need to start paying into insurances and RRSPs, so learning about this topic has been a great help in getting the right information and sources.
As of right now I have begun to look into both life insurance and RRSPs, this felt like a good first step in getting the right financial institution and plan.]]> 2019-11-09 01:31:11 UTC https://padlet.com/Julia_Scott2/7q7qijpm81zc/wish/408936355 Julia_Scott2 https://padlet.com/Julia_Scott2/7q7qijpm81zc/wish/408936384 The most important thing I would pass on is to start young. Start investing in your late teens and get a solid foundation under yourself. The earlier you invest the more that builds in an RRSP.]]> 2019-11-09 01:31:27 UTC https://padlet.com/Julia_Scott2/7q7qijpm81zc/wish/408936384 Julia_Scott2 https://padlet.com/Julia_Scott2/7q7qijpm81zc/wish/409087031 An RRSP is a Registered Retirement Savings Plan. This video explains that an RRSP essentially allows you to put in cash, mutual funds, and stocks and they are able to grow tax-free until you are ready to retire and withdraw them. 
The video goes on to emphasize the importance of getting an RRSP, first due to the lower taxable income and it provides lower tax on withdrawals later on.
The video also explains that in order to open an RRSP you must be under 71 years old and file income tax as a Canadian resident, and can be done at almost any credit union.

I chose to include this video because it lays down the basics on what an RRSP actually is and the benefits of having one.]]> 2019-11-10 01:31:15 UTC https://padlet.com/Julia_Scott2/7q7qijpm81zc/wish/409087031 Julia_Scott2 https://padlet.com/Julia_Scott2/7q7qijpm81zc/wish/409087163 A mortgage is a loan from a bank/financial institution that, with putting in a down payment, allows someone to purchase a house. With a mortgage comes interest rates and breaks down the house expense into affordable monthly payments.
This video goes on to explain the difference between a fixed rate mortgage and a variable rate mortgage. 
A fixed rate mortgage gives a fixed monthly payment, while a variable rate mortgage means your payments will fluctuate each year as the prime rate fluctuates.

I chose this video because I found it is an excellent introduction for mortgages and how to apply for them. It also uses simple visuals and key words that emphasize important topics such as how to apply, what a term is, and what both mortgage types are.]]> 2019-11-10 01:32:31 UTC https://padlet.com/Julia_Scott2/7q7qijpm81zc/wish/409087163 Julia_Scott2 https://padlet.com/Julia_Scott2/7q7qijpm81zc/wish/409087444 This video builds on what video 1 already taught us about RRSP, stating it is a giant tax deferral tool. The speaker then goes into detail to explain when an RRSP is attractive and when it should be avoided using three scenarios.
Scenario one states that the tax rate is the same now to when you retire, and you withdrawal a couple hundred dollars more than what you first invested.
Scenario two states that the tax rate is higher now and lower when you retire, and you withdrawal a higher amount than even scenario one.
Scenario three states that you are a very low income Canadian now and when you retire. This low income makes you qualified for the Guaranteed Income Supplement (GIS). If you have this, the speaker recommends not investing in an RRSP because you are left with a fraction of what you initially invested.

I wanted to include this video because the speaker addresses three very real scenarios and gives a better understanding of how an RRSP can change depending on your situation both in present and future life. ]]> 2019-11-10 01:35:59 UTC https://padlet.com/Julia_Scott2/7q7qijpm81zc/wish/409087444 Julia_Scott2 https://padlet.com/Julia_Scott2/7q7qijpm81zc/wish/409087540 During this video, Lauren Haw explains what the RRSP Home Buyers's Plan is and how it can effect you and how you purchase your first home.
This plan, if you are eligible, can allow you to withdrawal up to $25,000 from your RRSP fund to put towards a down payment for a mortgage.
You must meet a few requirements; you can't have owned a home in the past 4 years, you must sign an agreement to buy the home and move in within a year, no outstanding balance if you've used the Home Buyer's Plan before, money must be in the RRSP for a minimum of 90 days previously and you must make the withdrawal within 30 days of owning the home.
Lauren Haw goes into using math scenario's to then explain how the RRSP payment plan works within a 15 year payment plan.

I wanted to include this video because I wanted to show that an RRSP and a mortgage can be used together to purchase a home. An RRSP can be used to put a down payment towards a home, but then needs to be paid off separately from the mortgage.]]> 2019-11-10 01:37:35 UTC https://padlet.com/Julia_Scott2/7q7qijpm81zc/wish/409087540 Julia_Scott2 https://padlet.com/Julia_Scott2/7q7qijpm81zc/wish/409092183 This website explains what an RRSP is and how it works in terms of investing, earning, and withdrawing.
It explains that you can invest up to 18% of your previous years earned income or the maximum contribution for the current year which is $26.500. 
Multiple investments can be put into an RRSP including; gold. cash. savings bonds, mutual funds, GICs, etc.
RRSPs must be closed in the year of your 71st birthday, and can be withdrawn in cash, covered to a RRIS or bought into an annuity.

I chose to include this website because it goes more into detail of what you can actually invest into an RRSp and what medium it can be in.]]> 2019-11-10 02:24:53 UTC https://padlet.com/Julia_Scott2/7q7qijpm81zc/wish/409092183 Julia_Scott2 https://padlet.com/Julia_Scott2/7q7qijpm81zc/wish/409092485 This website compares whether it is more important to pay off your mortgage or contributing to your RRSP.
The main point is to balance between paying the morgage and putting money into your RRSP. because your RRSP produces compound interest and can be used as an emergency fund.
It then lays out tips on paying your mortgage more quickly, listing to make payments weekly instead of monthly, select a shorter payment term, and using your RRSP contribution to pay your mortgage.

I chose to include this website because while there is a large debate on whether to go for an RRSP or a mortgage, it is possible to have both at once. As stated in video 4 as well, you can also use one to pay the other off.]]> 2019-11-10 02:28:02 UTC https://padlet.com/Julia_Scott2/7q7qijpm81zc/wish/409092485 Julia_Scott2 https://padlet.com/Julia_Scott2/7q7qijpm81zc/wish/411567475 This website helps you find better products and rates for your specialized needs. 
It has a search engine that allows you to see competitive mortgage rates and even has an option for renewing or refinancing your mortgage.

I chose to include this website because if anyone is beginning to look into purchasing their own home, this would be a really good tool for finding the best mortgage rate that works for you.]]> 2019-11-15 00:30:21 UTC https://padlet.com/Julia_Scott2/7q7qijpm81zc/wish/411567475 Julia_Scott2 https://padlet.com/Julia_Scott2/7q7qijpm81zc/wish/411567509 This website is from the Bank of Montreal and outlines what an RRSP is from their financial institution. 
The web-page outlines the three main benefits of an RRSP; seeing returns faster, mixing things up, and saving on taxes. It also shows the main numbers included from website 1; the age of closing, maximum contribution limit and the percentage amount that can bee invested each year.

I included this website because the first step to learning about RRSPs is calling around and finding which financial institution works best for you. ]]> 2019-11-15 00:30:28 UTC https://padlet.com/Julia_Scott2/7q7qijpm81zc/wish/411567509 Julia_Scott2 https://padlet.com/Julia_Scott2/7q7qijpm81zc/wish/411567529 The below image shows real estate costs across Canada from Jan 2017 to Sep 2019. I found it quite shocking that the price of homes is so high in Vancouver and Toronto compared to the rest of Canada. There is a very large $400,000 gap between the cities. ]]> 2019-11-15 00:30:33 UTC https://padlet.com/Julia_Scott2/7q7qijpm81zc/wish/411567529 Julia_Scott2 https://padlet.com/Julia_Scott2/7q7qijpm81zc/wish/411567541 I included the picture below because when you think about an RRSP, the earlier you begin to invest in them the better. It only takes a small amount of funds over the decades of investing to create a large sum of money to retire with.]]> 2019-11-15 00:30:36 UTC https://padlet.com/Julia_Scott2/7q7qijpm81zc/wish/411567541