Hi Kevin! Congrats on the milestones - I recently hit 100K and am celebrating 🎉 In your RRSP, do you buy VOO and SCHD with USD? Or with your CAD (and WS automatically does the conversion)?
Firstly, congratulations on reaching $100k!! An incredible feat. Since I’m holding VOO & SCHD longterm, I am buying with CAD and letting WS do the conversion. My reasoning for this is because I’m not frequently trading USD stocks and getting hit with the fee when I buy, sell, buy, sell, etc. In a USD account you’d only pay the fee to convert to USD and when you go back to CAD, no matter how many trades in between!
@@FinTrackFreedom Thank you!! 😁 and gotcha, so you’d pay the conversion fee each time with your weekly buys of VOO and SCHD right? And you aren’t selling them anytime soon. Are there commission fees for USD trades, or just the conversion? With WS Premium, you should have free USD accounts right? I keep 70K with WS so not there yet but I remember reading this.
Yes so there is no difference in fees if I buy for example $100 weekly for 10 weeks like I do now vs converting $1000 up front to a USD account! The USD accounts save you a ton of money on fees when you're selling a USD stock and buying another USD stock, because you wont have to convert the currency back and forth. I do have free USD accounts because I'm over $100k deposits, if I were to ever shuffle around a bunch of USD stocks to other USD stocks in the future, I would surely enable the USD accounts to avoid fees on every trade! @@emilyatparis
I dont understand why you would hold bitcoin in a non registered crypto account when you surely have TFSA room to hold an ETF that tracks bitcoin, and it could grow tax free. You would get more net profit, and you could grow your TFSA limit at the same time if you plan to withdraw ever. might as well use TFSA room while you have it. even if you dont use it for crypto, the regular non registered account makes no sense if you have TFSA room. you are paying extra tax AND losing out of future TFSA room if you ever withdraw, by not using a tfsa
Yeah I was confused about that too. He has a non-registered account AND a non-registered Crypto account with still a ton of TFSA contribution room available. Losing growth and gains to taxes
My TFSA is maxed at the time of contributing to the crypto and non-registered account, everyone assumes I don’t utilize my TFSA room but trust me, I max my TFSA before anything else
@@FinTrackFreedom how is that possible? if you are 26 now, you are born in 97 or 98. which means you should have 54,000-64,000$ contribution room. So at 43,000$ either you are down massively all time (which you dont show, and imply your account is up all time), you havent maxed it out, or you are new to canada.
My contribution room is $54,000 and currently its sitting at $48,000 in deposits, I space out the contributions evenly throughout the year so by end of 2024 this will be maxed at $54,000. I have talked about this in previous videos but I made some really bad trades years ago when I knew nothing and the TFSA is down $5k all time, my TFSA returns are no secret which you can see at 5:36 on the bottom left corner. A lot of the times I bought Bitcoin in mass (Late 2022) I never had enough room in my TFSA, hopefully this helps clarify@@kugel7719
I'd like to mention my Weekly returns on each account appear to be glitched! They were all up between 2-4%! :) Enjoy the video!
any new updates on the investments?
Another great video, glad to see your making profits.
Thank you very much! Best of luck to yourself!
What do you do for a living?
Wow
Hi Kevin! Congrats on the milestones - I recently hit 100K and am celebrating 🎉
In your RRSP, do you buy VOO and SCHD with USD? Or with your CAD (and WS automatically does the conversion)?
Firstly, congratulations on reaching $100k!! An incredible feat. Since I’m holding VOO & SCHD longterm, I am buying with CAD and letting WS do the conversion. My reasoning for this is because I’m not frequently trading USD stocks and getting hit with the fee when I buy, sell, buy, sell, etc. In a USD account you’d only pay the fee to convert to USD and when you go back to CAD, no matter how many trades in between!
@@FinTrackFreedom Thank you!! 😁 and gotcha, so you’d pay the conversion fee each time with your weekly buys of VOO and SCHD right? And you aren’t selling them anytime soon. Are there commission fees for USD trades, or just the conversion?
With WS Premium, you should have free USD accounts right? I keep 70K with WS so not there yet but I remember reading this.
Yes so there is no difference in fees if I buy for example $100 weekly for 10 weeks like I do now vs converting $1000 up front to a USD account! The USD accounts save you a ton of money on fees when you're selling a USD stock and buying another USD stock, because you wont have to convert the currency back and forth.
I do have free USD accounts because I'm over $100k deposits, if I were to ever shuffle around a bunch of USD stocks to other USD stocks in the future, I would surely enable the USD accounts to avoid fees on every trade! @@emilyatparis
@@FinTrackFreedom Thank you!! Super helpful 🚀
I dont understand why you would hold bitcoin in a non registered crypto account when you surely have TFSA room to hold an ETF that tracks bitcoin, and it could grow tax free. You would get more net profit, and you could grow your TFSA limit at the same time if you plan to withdraw ever. might as well use TFSA room while you have it. even if you dont use it for crypto, the regular non registered account makes no sense if you have TFSA room. you are paying extra tax AND losing out of future TFSA room if you ever withdraw, by not using a tfsa
Yeah I was confused about that too. He has a non-registered account AND a non-registered Crypto account with still a ton of TFSA contribution room available. Losing growth and gains to taxes
My TFSA is maxed at the time of contributing to the crypto and non-registered account, everyone assumes I don’t utilize my TFSA room but trust me, I max my TFSA before anything else
@@FinTrackFreedom how is that possible? if you are 26 now, you are born in 97 or 98. which means you should have 54,000-64,000$ contribution room. So at 43,000$ either you are down massively all time (which you dont show, and imply your account is up all time), you havent maxed it out, or you are new to canada.
My contribution room is $54,000 and currently its sitting at $48,000 in deposits, I space out the contributions evenly throughout the year so by end of 2024 this will be maxed at $54,000. I have talked about this in previous videos but I made some really bad trades years ago when I knew nothing and the TFSA is down $5k all time, my TFSA returns are no secret which you can see at 5:36 on the bottom left corner. A lot of the times I bought Bitcoin in mass (Late 2022) I never had enough room in my TFSA, hopefully this helps clarify@@kugel7719
How do you get 5% interest in cash account, I only get 4%. Can someone help me with this ?
When you reach $100k in deposits it gets bumped up to 4.5% and if you add direct deposit you can bump it up another 0.5%!
Can you please tell me how much tax you had pay on this? I am very very curious??
Do you get taxed on the cash account?
How are investing 1.5k - 2k a month? lol 😳