7 Things To Do AFTER MAXING YOUR TFSA - What To Do Next?
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- Опубликовано: 10 июн 2024
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In this video I'll address one of the most common questions I get from Canadian investors: "I maxed out my TFSA, what do I next?" or "what to do after maxing your TFSA - Tax-Free Savings Account".
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SUPER highly requested video today... I hope you find this one valuable! Let me know down in the comment section below what you think of these options and what YOU personally do after maxing your TFSA :)
Been there, done that. Busted my but, saved hard and became mortgage free at the age of 43, then the rest was easy.
Yes! Can you please do a video about non registered accounts. I’ve been considering opening one up for the last year but the fact that it is taxed spooked me. I’d like to know more about the most appropriate types of holdings that would make sense tax-wise. Thank you!
same here
I would say talk to a tax focused accountant who can explain how you can get take advantage of taxes.
I would say also talk to a insurance broker as you can make a tax shelter using Whole life / universal life insurance.
Lastly don't be too afraid of taxes especially when it comes to your own benefit.
Thought about borrowing to invest to offset some tax bout the prime rate for investment loans is now at a whopping 7%.
What an awesome video, this is some quality content! Thanks for sharing as always Brandon!
Straight forward advice and to the point. Thank you.
This is exactly what I’ve been wanting to learn! This video came at just the right time. Thank you so much!
Yoo thats crazy didnt know about the New TFSA account coming out! thanks man
Hey Brandon, awesome video! I love the way that you logically explain everything. :)
In a future video, I would love it if you talked a bit more about the venture capital space/investing in other alternatice asset classes. Before working at banks, I use to work for a PE fund that invested in farmland across Canada, as these funds saw on average of 10% return/annum. Though I know that these types of investments differ from what you typically discuss, I think it would be extremley benficial to post a video surrounding some of these other spaces!
Thank you so much! I didn’t even know about the FHSA. Absolute game changer
thanks for the great info!!! good video. thanks Brandon
I also created non-registered investing accounts, in-trust, for my kids in case they decided to pursue a career in something not covered by RESPs. In the end my first two kids didn’t use them, so they became seed money for their own TFSAs.
These are great suggestions.
I’m turning 42 in March and on track to be mortgage-independent by 45 and retired by 50, thanks to income investments. The spousal TFSA is a huge asset!
YES PLEASE! Strategy for non registered investments ie CAD dividends tax benefits and tax optimization for TFSAs and RRSPs too. Thanks for all the very informative videos!
Thanks for the video Brandon. I for one would love a non-registered video where you focus on the types of investments best held non-registered. Have a good day.
Great video. Based on my personal circumstances, my prioritization list is:
TFSA (maxed)
Non-registered (currently)
FHSA (when available)
RRSP
I will have a defined benefit pension plan, and I have share ownership plan. The employer matching on the share ownership plan (DPSP), and company pension reduces via pension adjustment my rrsp room. I fully expect to be in the same tax bracket when it retire also. The non-registered account is also a dividend portfolio like my other accounts. I like the advantage of passive income. Never having to sell off chucks of the principal to pay cost of living
Great info Brandon. I envy the younger investors out there that can can use the tfsa as they age. I only wish us older guys had this when we were younger. The good news I can convert and reinvest from my non reg. taxable and into my tfsa and my wife’s to reduce my taxable income from dividends.
Excellent video. Very informative. Maybe on the list is a spousal rrsp?
Watched and liked, thanks Brandon! Should have also mentioned rental property as real estate would be be a better choice over primary residence, from an investment perspective.
Great suggestions! I’ve never contributed to RSP but am starting now to create something I can draw from in the future :)
If you buy US listed stocks that pay dividends, make sure you buy them in an RRSP as you aren't subject to pay 15% US withholding tax(assessed by the IRS in the USA) on the US dividends(based on the tax treaty btwn Canada and the United States).
US stocks that pay dividends are subject to a 15% withholding tax if bought in TFSA or non registered accounts for non residents of the United States 🇺🇸
That’s means dividend etf stock -> Rrsp
Other-> Tfsa
?
what if I'm reinvesting the dividends into the same stock do you still pay those dividend fees or is it only when the stocks are sold ?
@tacmaster7887 if you reinvest cash dividends to buy more shares, they call it a DRIP. Dividend reinvestment plan, usually discount brokers don't charge fees to invest dividends.
@tacmaster7887 I think what you mean is the trade commission, not the dividend fee. You pay a commission when place an order to buy or sell a stock/ETF/Mutual Fund.
Looks like a good list to me. I can't overemphasize how good it feels to have the mortgage paid off.
For the taxable account you could look into buying Canadian preferred shares that have a tax credit advantage. Also buy prefs that have a maturity date and don’t reset as you will get your principal back.
This is great Brandon! I'm in this situation. Been in and out of grad school for most of my 20s and finished my PhD this year. I've been able to put half of every scholarship/award I earned away into my TFSA during this time, ultimately maxing it out.
As a single individual with no dependents, looking to buy my first home in mid 2023, I likely won't open a FHSA. But did open an RRSP and started contributing earlier this year (no pension with my current role) and have almost fully established my emergency fund in a high-interest savings account.
Thank you for taking the time to put this together!
If I understand correctly, you should absolutely open a FHSA because the money you put in is tax free (just like an RRSP) and once you take it out, its tax free also (like a TFSA). So bassically if you want to buy a house in 2023, just put 8k in the account an you will have 8k write off of your income. Just keep the money there, you dont even need to invest it. Again I could be wrong but Im pretty sure thats how it will work
@@TheCanucks305 you are correct according to the proposal listed on Government of Canada Finance website --- "In Budget 2022, the government proposed the introduction of the Tax-Free First Home Savings Account (FHSA). This new registered plan would give prospective first-time home buyers the ability to save $40,000 on a tax-free basis. Like a Registered Retirement Savings Plan (RRSP), contributions would be tax-deductible, and withdrawals to purchase a first home-including from investment income-would be non-taxable, like a Tax-Free Savings Account (TFSA)."
@@DoneByD Would I have to re-contribute back whatever I take out from FHSA like I would have to for RRSP?
@@the-night-owl the FHSA is for purchasing a home. When you withdraw FHSA to purchase a home you are no longer eligible for a FHSA so my answer is no 👎🏻. Important to note that the 40K limit is a lifetime limit meaning you don't get contribution room back when you complete qualifying or non-qualifying withdrawals.
From Canada website
"Any savings not used to purchase a qualifying home could be transferred on a tax-free basis into an RRSP or Registered Retirement Income Fund (RRIF) or would otherwise have to be withdrawn on a taxable basis. Individuals that make a qualifying withdrawal could transfer any unwithdrawn savings on a tax-free basis to an RRSP or RRIF until December 31 of the year following the year of their first qualifying withdrawal."
Hi! thank you for this video. It would be great to have a video over best strategies for non registered / margin account. 👍🏼
Awesome content as usual 💪😎
One important item to add: withdrawals from a RRSP account effects your contribution room permanently. Or said another way, if I withdraw $50k from my RRSP, I CANNOT recontribute $50k the next year like my TFSA. This just happened to me recently where I needed funds for a family emergency.
Thanks Mike! - Check you email BTW!
Can you do a video on saving on taxes in non-registered (cash) account.
Brandon, can you please make video about structured notes?
Great suggestions on the "account" side. Suggest also we ensure we're first covered on the more "boring" fundamentals, including: ensure you have a decent safe emergency fund or add to it, investing your time in either writing yourself a proper financial plan that covers everything else like setting some clear short and long term goals, budgeting and spending habits, insurance, tax efficiencies, savings, investing, etc or get a fee-only advice-only planner to do one. A written document is a powerful motivator to not just wing it. Update it from time to time. Review and cut expenses and work harder to live below your means to save more. Invest in yourself via education and experiences, upskill, take some good courses, volunteer, obtain certifications perhaps; this will increase your human capital and increase your ability to increase your income potential, etc. Ensure you have the right min insurances (and no more than is necessary) esp if you have dependants, disability insurance, life insurance for your family's protection, increase your deductibles to lower premiums. Invest in start-ups like you said. Invest in starting your own side hustles or new business on the side. Start a RUclips channel maybe or blog or create a course to sell, active now to create but maybe it becomes passive in the future. Invest in your physical and mental health, better food, gym membership or play a sport, meditate, volunteer, give back. Take a proper break. Travel for a while to faraway places- best growth and mind expanding experience around imo, etc, etc. Overall, don't forget to Invest in yourself first and then in the markets. :)
Definitely would like to see a vid about what stocks to hold in a non registered account
Brandon: A fan of your and your father's content in Victoria. I'd love to see a video specifically on investing for taxable investing accounts. I''m almost at the stage where such an account is my next option, and would like to learn what you think is best. Canadian dividend stocks make sense, given the dividend tax credit in taxable accounts. But that's as far as my knowledge goes. Thanks for all you do.
My understanding is that any taxable income you make in a Non-Registered Account (Capital Gains, Dividend, Interest) can be offset because it increases your RRSP contribution room, so you just have to top up your RRSP? Would love confirmation on this from anyone who's at that stage as well...
Great video, would love to learn about some tax friendly ideas for non registered.
Paid off my mortgage first in 5.5 years...and now building wealth is in "rocket" mode 🚀
RRSP is good when your in a high tax bracket.
I used to be one of those people who thought RRSP is not good, after understanding it fully...im using it and growing my savings now (with TFSA) bu deferring my tax and will withdraw it on retirement when my tax bracket is much much lower.
Hey Brandon can you do an update video on the 5 Canadian banks to start 2023
Somewhat related to #5 in paying down your mortgage... If one has maxed out TFSA and RRSP, moving up the property ladder for one's primary residence should be high on this list. Primary residence is almost like a second TFSA account.
Hi I have a question. Does TFSA contribution limit depends on the year when you became a resident of Canada? Or the whole TFSA limit gets (if ones born before 1991) regardless of the year of residency canada? Please give me the government website link which shows that. Thanks
I’d love some more tips for non-registered account investments!! Thanks
I have a question about the new registered first time home buyer (FTHB). I heard that the current FTHB where u borrow from your RRSP ‘resets’ every 7yrs and allows u to borrow again even if you already have a home? If this is true and it’s been more than 7yrs can u use the new FTHB to save tax free to use when you sell and upgrade your home? You’re gonna make a video bout this new registered account when it’s finalized, correct? So many questions!
So if I have a teachers pension....I shouldnt have an RRSP? I have maxed tfsa? And add to rrsp (a little ) every month
Mine is maxed out. Now, If I want to retire and live off the dividends only, is it better to take the dividends from my RRSP of from an investment account? What is the best place for my dividend stocks?
The first time i heard about rrsp was when i’m still deciding what i wanted to do for my career. When i heard the details, at that time i saw rrsp as an obstacle for my full time studies. I didn’t have the energy to do work and school at the same time. Also, withdrawing the money leading to paying taxes also deter me from opening one
Even now, opening an rrsp makes me uncomfortable. since we wanted to maximize our profits, having an income in a higher tax bracket will start to make sense, and i’m in around 30k-ish. I’m still going to open one since that tax refund will help me a lot to build my retirement
Can I put pre-IPO in TFSA?
Forgot Spousal RRSP, let's put it at 3.5, and next video, let's hear about what investment should go in TFSA, RRSP and Non Reg Account for example US investment in RRSPs, high dividend paying Stocks & ETFs in TFSA, Canadian stocks with low capital gain and average dividends in Non-registered...you get the idea...
I think the only other one could be the RDSP for investors with a disability. This is one not to ignore as the government will match part of your deposits.
Ive watched many of these videos but no one talks about 2 calendar years lets just say i have a maxed out contribution and withdrawn all just for argument sake 200k the next calendar year you can re put the 200k plus the government tfsa increase but what happens if you had med bills or something and cant re put the 200k till the next next year do you lose out of contribution?
Hi Brandon. I'm been watching your video for quite sometimes and I really enjoyed it. I am very much interested in #6 Real Estate investing. If possible to give a tips on how to start.Thanks!
I would very much like to hear more strategies on non registered accounts!
More info / videos on how to navigate a non registered account and even how to claim taxes on gains from stocks and ETFs in that type of account would be interesting 🙏
Can you do a video on Spousal RRSP's?
Hopefully a constructive comment : I think the lighting is too dark. Pretty sure you can make it a bit more enjoyable to watch. Just my 2 cents.
Great content as always, continue your great work! 👍
I just moved to Canada this year and I'm STOKED about the FHSA. Truly a gamechanger to newcomers like me who need to be given that fighting chance.
Hey man, I love seeing new businesses being opened by immigrants, it brings culture and variety. BUT, I am not so happy about comments like yours saying you need a hand up. Canadians need a hand up, so many people born here are struggling. Immigrants already get tax breaks, business startup help and a Canadian passport when they are permanent residents. AND there are a lot of regulated day to day documents translated into several languages, you can vote in 12 languages or something. Be great full.
@@tyrellgriffithsyou sound like MAGA. 🤡
Brandon, If you have your TFSA within XX institution and you decide to sell one asset (Stock, ETF, etc) and buy a different one, while NEVER retiring that money from your account within institution XX, is that considered a "Withdrawal"????
Please make more videos on non-registered taxable accounts
I would say an Emergency Fund should be on the list, because it prevents people from going into debt and paying interest. Or maybe that is the "high interest savings account" at #6.
That would be the high interest savings account. For me, that's high on my priority list.
Are FHSA accounts available with Questrade or Wealthsimple?
Can you explain de brookfield split???
Object......0 RRSP at 65.......max TSFA......also rental income acumulate into family trust and at retirement age paid by dividend.....
Non register account do you pay capital gains or income tax?
Great time to invest in the stock market as well if you have a fixed rate mortgage.
Everyone with a variable rate might pause investing as there payments have chewed up any disposable “investment” income.
TFSAs maxed, working for a pension. Does it make sense to invest in RSP?
Question : hi Brandon, regarding RRsf, I already have the pension plan from my company which both of us together contributed 13.5%, so I still have room for RRsf, however recently I learned that once I take the money from RRsf when I retire, it is considered income, however comparing if I use the non registered account for investment, i only pay capital gain and divdend, which the tax rate is lower than income from RRsf, if I plan to withdraw when I am retired which is lower income tax bracket, can you please reconfirm if I am correct?
One of the big things to factor in today about RRSPs is to consider the tax dollars you save today and ongoing. If you’ll be in an average combined rate of a 20% at retirement then only 20% of your funds that you pull out of the RRIF would be taxed (it’s also something that can be pension split with a spouse to potentially save more). To add to that if you’re in a 40% tax bracket now then for every $1,000 you put in today that’s another $400 you get to keep instead of the government. You can invest those extra dollars in your TFSA, RRSP or a non-reg account that could again benefit you with compounding over a long period of time.
Non Registered accounts your growth is only taxes at 50 %, is that correct?
I wonder what will happen if you contribute to the new FHSA and decide to expatriate and not buy a home, will they let you keep it as is and transfer it into RRSP after 15 years like the residents ?
A few points to consider…TFSA should be viewed as an investment account, sticking 5 or 6% GICs won’t grow your account very quickly…check out the Rule of 72. Also while the TFSA is “not taxable”, the IRS doesn’t recognize it as such, so all US dividends are subject to 15% withholding tax. You need to find dividend paying stocks not domiciled in the US to avoid this. Capital gains are the other way to avoid US withholding tax.
Is it better to max out RRSP first over your TSFA....at our age (mid 40’s, my husband and 1) have ample room in both. Just wondering what would be best first....we do get the tax break from the RRSP...should we contribute to both each month? We currently contribute monthly to our RRSP and typically once a year to my TSFA.
Thanks in advance.
Carla
The general rule is to always max out your TFSA first and was the purpose of this video. The only reason to ever focus on your RRSP over the TFSA is if you both are in a high tax bracket.
Being a first time home buyer I would rather put my money in new upcoming program than other types (if I have sufficient emergency fund available with me). Even before maxing out my TFSA. My overall list of investing money would be
1. Home buyer account
2. TFSA
3. RRSP
4. Spousal TFSA
5. Spousal RRSP
6. RESP
7. Mortgage (only if interest rate is more than 5%)
8. Buying other assets
Unfortunately I am not going to max out any of my account in near future and after this new program I don’t think I can max out my TFSA and RRSP even after 10-15 years.
In fact, if you’re making more money now that you think you’ll make in retirement RRSP is by far the best vehicle after FHSA. TFSA is distant third, mathematically
Great Video! We maxed out everything with my wife and we both pay 39% income tax (Oh Canada) so we are only left with Option 7 but after paying 39% of taxes and then pay more for the excess savings is criminal!… Imagine paying almost $200K a year in taxes and then pay more taxes for saving a living a frugal life (saving for retirement and 3 kids) specially we are relatively new to canada (7 years living here) and immigrated at 40YO… not fun, but a first world problem I know… I guess we will turn the excess into a new Motorcycle, Cars and finish paying the mortgage… but I’ll prefer to invest it in Canada than burning it into assets.
Hi there! Something I'm not too sure of that I'm hoping you can address in a future video -- if you've maxed out or nearly maxed out and reached your lifetime contribution limit for TFSA, can you in any way 'take advantage' of unused contribution room you may have accrued over the years? And does your interest you've gained from TFSAs and TFSA GICs still count towards your TFSA's lifetime contribution limit? Thanks for your time.
Your first question is confusing. If you've maxed out your TFSA, then you don't have any unused contribution room left. Your second question's answer is no. Any gains in your TFSA do not count against your contribution room.
@@gurdiprooprai6453 thanks for answering; I've figured things out since then, and realize I was pretty confused, lol.
You're saying #7 Non-reg, people will think it's not good because you pay taxes.... but if you do #5, real-estate, aren't you paying taxes too?
Paying down the Mortgage ... if you purchase as a couple..if there is a Split...you both can walk away with a better credit score and money to move on with ...
Buy discounted mortgages. Example:- You buy or pay $18,000.00 for a $20,000.00 registered mortgage. What do you think?
How do you buy US stocks in TFSA and avoiding currency exchange fee?
It's literally impossible. The key is to use a brokerage that allows you to hold US funds after doing the exchange. Unless of course you're of a very select few that has a job in Canada that pays you in US dollars. Even then, you would still need a brokerage that allows you to hold US funds. IE - Bank, Questrade
Magic question no one had an answer to; if you don’t have an SIN does your TFSA room count? For example will you get the room for the year you turn 18 if you don’t have a sin.
RRSP scare me a little but with good planning I think it's doable to simply withdraw it during the first few years of retirement without ANY other income source (postponing retirement benefit from governement or company). And in the RRSP you can invest in US company dividend won't be taxed AT ALL.
So for me, RRSP = US company, TFSA = Canadian company, simple!
And hopefully in a few years I'll have to invest in non-registered account aha
My strategy is this one, hopefully it'll be helpfull or intelligent for some of you :
Priority 1 : RESP - 2.5k per children to get all governement (fed+QC) benefit.
Priority 2 : TFSA + Spouse TFSA : 75% of saving
Priority 3 : RRSP : 25% of saving.
I am 22. I maxed out my TFSA. I prefer to invest in a non-registered account before investing in my RRSP because I want to keep my RRSP room to when I make more money and my marginal tax rate is higher. Is this sensible?
That’s awesome that you’ve maxed out your TFSA, great first step. There’s no reason to wait to invest in an RRSP though if you have the funds available. You don’t need to use the deductions immediately if you don’t want to. You can wait to apply them when you are making more money, but in the mean time having your investments grow in a tax sheltered account (RRSP).
@@LadyLuck-iv2zd hey! Thanks for your reply :) I find that very interesting. I do not understand the advantage of having my money in an RRSP if I’m not taking the deduction. How does it differ from say investing in an unregistered account then transferring the money to a RRSP when I take the deduction? Thanks 😊
@@JadSabbagh That's a fair question. You could certainly do that too, but let me give you an example. Let's say you invest $1000 in a non-registered account, and the value of your investment increases to $1500 by the time you are ready to sell it, or transfer it to your RRSP. When you sell it or transfer it, you will be taxed on the $500 gain. Whereas if you put the $1000 into your RRSP and it grows to $1500, there will be no tax consequence until the point you are withdrawing that money (presumably in retirement). Now the caveat here is, if you think for whatever reason you may need that $1000 before retirement, then don't put it in an RRSP as you don't want to have to withdraw money from your RRSP as you will lose that contribution room forever. Hope that makes sense! Best of luck with your investments. :)
@@LadyLuck-iv2zd Love you comments. If I'm not mistaken, you can take a one time withdrawal from your RRSP to buy a home, but you have to pay it back within five years.
Problem in Canada is that Canadian government for any benefits you apply will consider savings or any money in bank account as your income it is reason when you apply for any benefit they will ask you for bank statement they are not satisfied with your tax statement (real income ). For purpose of fill tax savings is not income only interest but for anything else (government benefits )savings money are income. So having savings could block you from getting some other benefit as GIC , SAFER ,RENT BENEFITS Co- Op etc. Since savings will gone in a few years(trying to fill gaps of living expenses as rent ,food etc.) and after it happened you will be on street as senior waiting for government to help you to survive if they are willing to do that.
?
Nice!You forgot one thing;Simply wait for 1 January of next year and you have more room!
What id you invest in TFSA $50.000 and get to 1M. Can you take that money without any taxation ? THX
Yes you can. No tax whatsoever.
Hey Brandon I'd love your input on putting money into a non-registered account to sell options in before maxing out a tfsa.
I currently sell covered calls in my TFSA and I'm making about as much in monthly premiums as I contribute from my job. It's working well for me but I'm very tempted to open a cash or margin account so I can sell puts as well. I've been getting good results in a practice account but I'm not sure if it would be worth giving up the tax advantage.
I cash my RRSP since 2013......to max my TSFA.......take GIC at LauretianBank at 5,4% a nice $4572 tax free....similar to my wife...
At 55.....all rental property's we owne are paid...Canada and US.....
Aslo we pay no income taxes since 2013....only corporate......
@brandonbeavisinvesting Can i still invest in TFSA if i'm a canadian citizen but i live abroad?
If you submit an annual income statement to the CRA, then you can invest in a TFSA as a Canadian living abroad. I would definitely talk to an accountant or phone the CRA to confirm this.
The two requirements to open a TFSA are: 1) You're over 18, 2) You have a SIN (Social Insurance Number). Location is irrelevant. If you own US equities in your TFSA, you'll be charged withholding tax as a canadian resident
The best tax free investment is a whole life insurance. it also protects your family from probate in the event of something bad happens. That is why the rich do this before their investment in RRSP, TFSA, RESP, IA
I have seen a couple of your videos and cant find anything on your qualifications or CV. Could you just touch on your background and experience as an industry professional? Such as experience working in the industry etc. As you're running an "academy" I assume you are well educated post secondary with a lot of industry experience.
Hi Blair. I'll reply on behalf of the channel. Brandon obtained his securities license when he was 20, and completed the requisite training to obtain his license. He then worked alongside me in our family firm for around 4 years, managing portfolios. After that, he began working fulltime on this RUclips channel. Me, I was an Investment Advisor and Portfolio Manager for 25+ years, until I retired from the profession in February 2021. I was also a CFP on the financial planning side. After my retirement, I also became a contributor to this channel, and work directly with students in our Academy. That's a brief overview, but hope it answers your question. Thanks. - Marc
@@beaviswealth yep thats good thanks
You made a mistake here. RRSP when the money grows you have to pay not just capital gains but you have to pay the income tax on it. Which means for every dollar You earn. You need to pay exactly that much in your bracket while capital gains is only half so you might have been better off in non-registered account because non-registered account you only get taxed at half your tax bracket
I’m surprised that TFSA is first on the list.. since it well understood that RRSP is by far better for anyone who’s now paid much better than hIs pension will be. Lots of immigrants come to a well paid jobs in late 20s and will never earn full pension and their CPP/ OAS will be way lower than their current engineering pay.. thus saving them 2 or 3 tax brackets differential when withdrawing RRSP, making it beat any TFSA or other type of account. Basically anyone currently making over 45k will dramatically save on taxes later.
People that say RRSP is not a good thing to contribute to don't know much.
It really just depends on your personal financial situation. If you need a tax shelter for longterm investments, you can use it as a tax shelter. It isnt a perfect fit for every investor though.
I wouldn’t say that Bruce. The RRSP locks your funds in the account so if you want to make big purchases in other assets you can’t use ANY of your RRSP funds. I mean you can but you’re gonna pay a fat penalty and tax.
But personally I will contribute to my RRSP.
@@Wavyyyaf There is absolutely no lock in of any kind on RRSP’s. Your money is never locked. At any moment you can liquidate the entire amount of you wanted to.
What you say about taxation upon withdrawal is correct but you do also get a tax break upfront when you contribute. You can invest the tax you save to completely nullify any loss you would see from the withdrawal tax.
As for what you said about the penalty, there is no penalty as there is no lock on it.
The RRSP is definitely a great account for the vast majority of people and should be utilized at some point in your life. Maybe not currently, but there’s definitely utility for it as you traverse the stages of your life and as your investment outlook changes.
It's awful because I have to pay income tax instead of capital gains when I sell stocks in my RRSP and withdraw the money. I'll l be making a hundreds of thousands in retirement so it isn't a good choice for me.
just bought first home after they announce FHSA, what bad timing this is :(
8.Whole life insurance. 9. Emergency fund.
9 explained?.under the mattress
Less than 5% of the population maxes out tfsa... Join us in the pursuit!
I am conflicted. With what going on with the world today. Part of me says stocks are cheap right now, but my tinfoil hat side says to invest in the prepper side of myself. I'm trying to balance it out.
Investing is always a risk. There is just no other way to put it but the goal is to invest in quality companies and let it sit for years. Decades. There is no denying that right now stocks are indeed cheaper. S&P is down 20 percent alone.
You can also max out your wife’s RRSP
If you lose track of how much you put into your TFSA, how do you find out?
through your CRA account
Non registered investments, you are taxed on money you've made. I
Paying you mortgage down faster doesn't really help you long term. Better to have a safety net because if you keep paying extra and then your life changes the and can't make some payments in the future the bank doesn't care that you paid extra.
not true, paying down mortgage mean you have extra cash. Ex As I owned a big house, I rent out 3 rooms and get $3000 passive income each month because I pay off all my mortgage this year. I use all of this passive income and re-invest back to Stock each month. Assuming the stock did great, I will be far ahead lots people who still has no passive income. if the market is bad which it will sometime in future, I still has my passive income. now I have lots of options to choose from, I can quit my job and do the thing I like, or keep my job and if I like it further re-invest in the future. Now that is the power of paying off your mortgage and passive income. I am at my age of 30.
Paying down a mortgage is the interest rate gained (after tax!!). If you have a product that gives you available credit that grows as debt is paid down then that can be your safety net.
If you want to invest reborrow and now that interest is tax deductible!
Brandon you sound a little under the weather.
I filmed the video at like 6am on basically 4 hours of sleep… I was very sleepy and cranky in this one 😅
@@beaviswealth You did well, how much $ did you invest in Blossom?
This 10% TFSA from IRS is coming next year do you know about it?? I got this from wealthsimple today " Heads up: As of January 1, 2023, when Canadian residents sell certain types of securities (Publicly Traded Partnerships), the Internal Revenue Service (IRS) requires a 10% withholding tax to be applied.You’re getting this email because you own shares of Brookfield Infrastructure Partners L.P in your Wealthsimple Trade TFSA Account that might be subject to this new 10% U.S. withholding tax. "
SPOUSE TFSA I just found out few weeks ago will do that , what is someone who has a kid=18yr old can they give them money also like SPOUSAL TFSA topup.