@stephandden using quastrade, majorly TFSA and buy almost same shares on my quastrade account, with little I have I can see, power of compounding After I max out TfSA, I will continue to contribute on my FHSA.
I can't express how timely all your videos are!! I am in such a similar spot as both you and Steph in your financial journey and it's wild how each of your videos answer my endless reddit searches. Thank you thank you thank you!!
Excellent work on paying off your student debts. You're an inspiration to many young Canadians! I love your storyline from the beginning of the channel to now. Toronto has always been an expensive city to live in & I understand the struggles as I currently live in the GTA with an expensive mortgage at 29. I'm amazed and happy you have achieved financial success! Keep up the good work, you've earned my respect and my subscription! #TeamSteph&Den
Liked your video, Den! especially the way you compare benefits of contributing to your TFSA first as opposed to RRSP, which makes a lot of sense considering your goal, time horizon, and income tax bracket.
Saw you and steph walking around queens & Spadina couple weeks ago ! Btw can you do a video on your thoughts on whether to invest into real estate or the market (your own future plans)
Omg thank you! I went back to school for a postgraduate certificate and got some loans but then not finding any full time and my existing loan have led me to $40 k in debt and I’m so sad 😢 I feel like I can never pay it off … I live in downtown Toronto and that’s not helping either… 😢
cant get my 22 year old to understand invest early for compound interest. instead of paying me $300 a month rent, he moved out to pay $550, half of $1100 with roommate. now his car is down, oh well.
I move canada 2022, my contribution limit is 19500 accordingto my age. Thanks stephdan for map of where to start, almost maxing out, following steps closely .
dividends generated inside a TFSA stay inside your tfsa. So you can reinvest them and they don't affect your contribution room unless you withdraw them from your tfsa first and then re-add them
For video. The roth ira doesn't have that aspect of if you don't invest in your roth then you keep the capacity that you didn't use. Right now the limit is $6000 for the year. If you only invest $3000 then the $3000 you didn't invest doesn't carry over. That's a great feature you have in Canada. Wish we had it here but my government lives to tax us Americans.
Very helpful!!! I started investing when I watched one of your videos. I have a question, if I became a tax resident of Canada by 2019 and haven’t contributed to TFSA yet, will my contrib start in 2019? I checked my CRA and it says 77,000 but I watched a video and saw they are using this tfsa contrib calculator. It says that my contribution is just around 30k.
Good question! Your contribution room starts building the year that you become a resident of Canada - so, if you became a resident in 2019, your contribution room would start building then. Here are the yearly limits from 2019 onwards - 2019 - $6,000 2020 - $6,000 2021 - $6,000 2022 - $6,000 2023 - $6,500 2024 - $7,000 That means your total contribution room would be $37,500 (assuming you've never used your TFSA yet, and have all of that room available). You should check your CRA MyAccount to see what it says, too. Is that where you saw the $77,000 amount? You can contact them to see why there's a discrepancy.
Ratehub has a good calculator! If you were born in 1994 you should have 80k of tfsa contribution room as of 2024 (assuming you’ve been a resident of Canada all your adult life)
As a few people have mentioned, you can look up 1) how much room you should have based on your age (here’s one resource - www.theglobeandmail.com/investing/personal-finance/tools/tfsa-limit/), and 2) how much room you personally have left by checking your CRA MyAccount 😊
