What’s the Best RRSP HACK You Probably Don’t Know About? How Can I Get my Tax Refund SOONER? How Can this RRSP Trick Save Me Money? What is Form T1213? How Can I Boost My Paycheque and Reduce My Tax Bill?
I’ll be breaking down one of my favourite RRSP Tricks that most Canadians have never heard of! It’s called Form T1213 which allows you to reduce your income taxes deducted from each paycheque giving you more money in YOUR pocket right away! Instead of waiting a whole year to receive your RRSP Tax Refund, you can get your money sooner with this Tax Hack! It’s very simple to do and I’ve been doing it for years so I’ll break down exactly how you can do it too! 🇨🇦
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SKIP AHEAD ⏩
-Intro: 0:00
-RRSP Benefits: 0:56
-RRSP Example: 1:40
-T1213 Form: 3:00
-Fill in Form: 4:38
-Approval Letter: 7:03
-My Pay Stubs: 7:38
WATCH NEXT ▶️
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-How Taxes Work in Canada –
-TFSA Mistakes –
-Year-End Tax Saving Tips –
-How to File Taxes in Canada –
-RRSP Explained Part 1 –
-How to Build Wealth –
-RRSP Mistakes –
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Watch my RRSP EXPLAINED videos to understand exactly how the RRSP works to reduce your tax bill and invest for your retirement! 🇨🇦
https://www.youtube.com/playlist?list=PLj8bU3AuW2qHOikk4VRpSDXCZTuH7eUhz
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Hello my friend Adrian, 😊thanks for another great and helpful video, helps a lot, can you explain more about the employer contribution. I do have group rrsp , employer contribute, and i do contribute as well, it’s deducted every time from my paycheck. Can you explain this more? Thanks man! ❤
Just curious why there’s no provincial tax on you pay stubs? Is there way to prevent that deduction until filing taxes?
Can you use it if you are self employed? Sole proprietor?
If you have a coorp, can you still contribute and use T1213?
If I fill out a T1213 form now and "pledge" to contribute $4000 for 2023 to my rrsp, can I use my 2022 tax refund as part of this pledge if it goes straight into my rrsp account??
Good work bro
very helpful! Thanks Adrian
Great content as usual , all your videos were useful for me. Hopefully you will produce some videos about real estate !
Thank you , What is your opinion on DPSP? is it the same like RRSP? my employer switched to it, is it good move for me? Thank you so much.
Very helpful and well explained, as always. I have learned so much by watching your videos, thanks a million! Sad I didn't know about it at the end of the year, so I could do it in advance. But I suppose I can still do it now, right?
If we were to fill it out now is it still applicable for tax year 2023 for example if I submitted it tomorrow and the CRA responded in 6 weeks I could still get a higher take-home pay to invest in my RRSP
I was a bit confused by the employer contributions part – did you mean we can't claim the employer contribution? Or can't claim either mine or the employers contribution that's already deducted from my pay?
Another great video
Thanks for that information. You would think an accountant would fill you in on this kinda stuff EH!
I have another idea for you…
If you are contributing $7k into your RRSP. Why not contribute $4,000 of your own money then use your line of credit just before the deadline and write a cheque for an additional $3,000 into your RRSP. Your total contribution would be $7,000, then after you calculate and file your taxes you would receive $3,000ish dollars in a tax return (43%). Take your return and pay that back to your line of credit. total cost to you would be approx $300…Thoughts?
Hey Adrian! What is your opinion on VEQT/XEQT? vs. buying individual stocks?
great video as always Adrian, i got a dumb question will this work for someone who is an hourly paid employee with 2 jobs, whose every pay cheque is different due to Overtime/busy and slow seasons
I feel I rather collect it at end of year and invest. But anyway value video might try to follow it thanks Adrian
Adrian.. many thanks friend!!
Hey Adrian. I was aware of it, but I appreciate your channel as always! Watched and liked, thanks!
Super interesting video. I'm definitely going to try it out. First time seeing you with a 'plain' T-shirt 😂😂.
Great job man. Love your channel!
This is great in theory but the CRA is so very slow. I submitted a T1213 in October of 2022 and I have still not received a response.
Does this form need to be filled out annually?
Hey man just a precision to add; in Québec you can also do TP-1016 which is the provincial equivalent of T1213. For us Québec residents we gotta do both. It boosts our paycheck even more because we pay more taxes, and RRSP gives us better return also because we pay more taxes.
You can also ask for a T1213/TP-1016 if you know you will work only part of the year. Example if you do 60000 yearly but are planning on going on a three month trip somewhere during the year you can ask to be imposed on 45000 instead. Also useful during paid internships for university students!
My personnal trick with T1213/TP-1016 is to early get a GIC with the expected amount of tax saved so you get the same behaviour (also get a fat cheque late match/early april) but it's better than the one the governments would have given you. 😉
Why GIC? Two reasons; these days GIC rates are juicy, and situations can change. Let's say you stop commiting to your RRSP midway during the year for any reason, you would want to capital to be certain compared to stock market because you're going to have to pay part of it to the governement. Fundamentally capital saved from T1213/TP-1016 is bound by time on the first year as short-term (because it's not cleared until tax season is done) and with 2022 leaving a cold on the stock market i wouldn't put it at any risk for 2023, too much uncertainty.
Also i believe mentioning Blossom at the end of your video instead of FB/Insta would be more relevant 😉
Looking forward to the next video my man you have the best financial content on this platform!
Thank you.
Are there any downsides to filling the T1213? For example, will it make filing taxes for next year complicated if our salary increases? I am looking into T1213 because I work remotely for a company located in QC and have to pay QC tax rates which are higher than the province I live in.
Hi Adrian, I been watching your videos on RRSP now. its so helpful but I do have some questions about my personal tax. where can I ask you? please advise.
So helpful! Thank you!