Eugene Levy, Catherine O'Hara on "Schitt's Creek"

Take one rich family and subtract all their money, add a motel and a small town, and you get Eugene Levy and Catherine O'Hara's TV sitcom.

The comedic legends play a once-wealthy married couple with two kids, who go from riches to rags and is forced to move to a town with an interesting name -- "Schitt's Creek" -- which originated from a conversation Levy had with his wife and friends in real life.

"My wife Deb - very funny woman - had written a screenplay about boomers who have to go back in and live with their kids, who lose all their money, and then with friends we kind of joked around maybe this family was up ... without a paddle," Levy explained on "CBS This Morning" Tuesday.

Then when his son, Daniel - who also plays his son in the show - pitched the idea of creating a show about a family losing all their money, "the name of this town from our conversations stuck in our heads and I said that has to be the name," Levy said.

The sitcom is now entering its second season.

"Now these are people that have to live like the rest of us and how much fun is it watching them do that?" Levy said. "But mostly, it's about family learning to be a family in two adjoining rooms in a motel."

Levy stars alongside Catherine O'Hara, who plays his wife. The comedic duo first met in Toronto at the Second City Comedy Troupe in the 1970s and they've since shared the screen in seven movies, including Christopher Guest's mockumentaries, "Waiting for Guffman," "A Mighty Wind," and "For Your Consideration."

O'Hara said she had some initial reservations of doing the series.

"You never know how long it'd go and to lock into one character - that's kind of scary. But I obviously love and respect Eugene and his son is really talented too because his son Daniel is running the show," O'Hara said.

Although both are happily married off-screen, the duo have remained close friends and even admitted to briefly dating in their younger days in Toronto.

"You know we're young, we're making each other laugh. I think there's nothing sexier than laughing together," O'Hara said. "But everyone of every cast in Second City felt that way," O'Hara said.

The duo have also remained "the best of friends" with the rest of the cast, which included Martin Short, Andrea Martin, Dave Thomas, Dan Aykroyd and the late John Candy.

Both originally from Canada, Levy and O'Hara had only good things to say about Prime Minister Justin Trudeau, who was recently profiled on "60 Minutes."

"I think it's a nice change of pace for Canada. He's a great, young guy, handsome, young guy. He's brought little bit of that tradition back to, you know, the face of Canada. ... He's proposing some really great things. Very progressive," Levy said.

"It must be scary, though. I think Justin Trudeau must be getting nervous whether who in god's name is he going to be dealing with here next door?" O'Hara added, alluding to the 2016 presidential elections.

The second season of "Schitt's Creek" premieres on Pop TV Wednesday, March 16th at 8:00 PM ET/PT.