Toronto Escorts

TFSA Balance

big dogie

Active member
Jun 15, 2003
1,227
0
36
in a van down by the river
Well it's been a year for the TFSA so how did you do? Investing very conservatively mine is at $8900. I'm sure some of you have done very well so who's is bigger?

bd
 

blackrock13

Banned
Jun 6, 2009
40,087
0
0
Well it's been a year for the TFSA so how did you do? Investing very conservatively mine is at $8900. I'm sure some of you have done very well so who's is bigger?

bd
Not interested one bit in the TSFA. Too small, too slow and too conservative, especially with my profile.
 

stang

Banned
Oct 24, 2002
4,947
0
0
S ontario
I did open and max mine out a year ago.
But then I withdrew it and invested in the market.
At least I can now deposit 10000 this year if I choose.
 

danmand

Well-known member
Nov 28, 2003
46,353
4,776
113
Well it's been a year for the TFSA so how did you do? Investing very conservatively mine is at $8900. I'm sure some of you have done very well so who's is bigger?

bd
Well done, mine is only $7,500
 

1andun

Banned
Feb 27, 2009
215
0
0
I did open and max mine out a year ago.
But then I withdrew it and invested in the market.
At least I can now deposit 10000 this year if I choose.
Dont quite understand your rationale . The whole purpose of a TFSA is you can invest in anything and the capital gains are tax free.If you withdrew the money and invested it into the maket then any capital gains are taxable.
 

hinz

New member
Nov 27, 2006
5,672
1
0
Dont quite understand your rationale . The whole purpose of a TFSA is you can invest in anything and the capital gains are tax free.If you withdrew the money and invested it into the maket then any capital gains are taxable.
Maybe the TFSA is a "high-interest" savings account, not TFSA at self-directed discount brokerage :rolleyes:
 

hinz

New member
Nov 27, 2006
5,672
1
0
Maxed out all my TFSA and invested in Teck Resources.....:rolleyes:

Too bad I was chicken since you could not claim capital loss in TFSA if I fu*ked up. Still, invested everything conservatively back in early Mar, 09, I manage to double, including the dividends received.

The opportunity cost is you get hooked on maxing out TFSA & RRSP, instead of hobbying more often to your favourite ladies.
 

studebone

Le French stud
Feb 21, 2009
438
56
28
I opened one last year and it got me $8500 tax free! Looking back, I just have been a lot less conservative.
The contribution id small (5000 each year), but it give you a good opportunity to invest in riskier assets without paying a lot of capital gains taxes.
It's definitely worth a try.
If you do your tax planning right, you can just use your tax refund to contribute to your TFSA
 

studebone

Le French stud
Feb 21, 2009
438
56
28
May 22, 2008
694
2
18
i maxed out my TFSA already. and i was looking to trade. but i was actually planning on trading in the US stock market then i found out that ...like ur RRSP, it can only have Canadian holdings...can anyone confirm?
 

21pro

Crotch Sniffer
Oct 22, 2003
7,830
1
0
Caledon East
i wonder how many have used the tfsa to move money out of Turks & Caicos? that's what it works best for...
 
May 22, 2008
694
2
18
i appreciate ur research. my original plan was if u had read my other treads was to transfer my maxed TFSA to Questrade and invest in the US Markets. I was actually speaking with my aunt...which i should have probably still done more research which i am, said that it wasnt possible. I guess she was wrong. thx wet_suit_one for ur help :)
 

danmand

Well-known member
Nov 28, 2003
46,353
4,776
113
Not interested one bit in the TSFA. Too small, too slow and too conservative, especially with my profile.
It is not the TFSA that is too small, it is you that is too big.
 

hinz

New member
Nov 27, 2006
5,672
1
0
i appreciate ur research. my original plan was if u had read my other treads was to transfer my maxed TFSA to Questrade and invest in the US Markets.
Keep in mind though like RRSP, you cannot claim capital loss in both TFSA and RRSP when you screw up your stock pick. You could claim captial loss in non-registered account when your bet doesn't work out.

In other words, treat both as your pension plan or at least for RRSP since it's punitive to withdraw funds prematurely.

Not sure whether Questrade has the option of USD denominated RRSP and TFSA but the ACB/book value indicated on your US stock holding will be in CAD and that means you take additional risk in Forex. Simply put, you may have capital gain in USD terms but you could lose in CAD equivalent when the Loonie is strong.

Moreover in TFSA you cannot claim foreign tax credit for US dividend paying stocks. Unlike Roth IRA, the Americans do not consider TFSA as "true" tax-sheltered account since you could withdraw funds from the account and contribute that amount next year without inpunity. Simply put, the 10% to 15% witholding tax on dividends/distributions received still apply but you cannot claim the credit when filing tax return.

BTW, I would strongly advise to buy Gordon Pape the Ultimate TFSA guide to get yourself informed before making any financial decision.
 

hinz

New member
Nov 27, 2006
5,672
1
0
Put all investments generating a capital gain in the TFSA.
Keep your GICs and fixed income in the RSP.
Couldn't say it better myself but you do need cash to make it happen and after paying down your debt. Otherwise it's all academic.
 

studebone

Le French stud
Feb 21, 2009
438
56
28
A small but very relevant detail about the TFSA:
All withdrawals are tax free. This is very usefull when you think about redeeming your investments while in retirement.
You will not be paying any taxes on these withdrawals. On the other hand, you'll convert your RRSp into a RIF by age 71 and then any withdrawal about the minimum yearly payment is subject to witholding taxes ranging from 10 to 30% depending on the amount and if you are in Quebec or not. This is definately less than the income tax you are paying now, but much larger than the 0% tax on TFSA withdrawals.

Say your are 30, and you max out your TFSA for the next 41 years. That is 205, 000 that you will have access to TAX FREE! Factor in an annual growth of 8% and this will give you 1,212,000 TAX FREE after 41 years!
So think about it the TFSA does not give you an imediate tax break but it does in retirement. I think this is important for investors who plan to spend quite alot of money during retirement.
blackrock13 is this still too small for you?

I would not rule out any plan, but a combination of both that takes into account your current (Home Buyers plan, Life Long Learning Plan, income tax cut) and furture needs (other income in retirement, length of retirement) is ideal.
Invest away terbites!
 
B

burt-oh-my!

I like TFSAs a lot. I have done fabulously with mine because I went for the riskiest investments I could find in it.

Also, I like their guaranteed non-taxable status. Who knows what tax rates we'll have in 25 years? It is quite possible that you put funds in an RRSP and get a deduction at 40%, then pay 50% on withdrawal.

Rever forget that the government OWNS your tax rate otimes your RRSP. If you have a million bucks in an RRSP and you are a top tax payer, your RRSP i sonly worth $550k to you.
 

hinz

New member
Nov 27, 2006
5,672
1
0
Rever forget that the government OWNS your tax rate otimes your RRSP. If you have a million bucks in an RRSP and you are a top tax payer, your RRSP i sonly worth $550k to you.
So true but it's uncommon since on average the RRSP balance in Canada for baby boomer is shockingly less than $100K.

The governments will "punish" you for doing the right thing by going overboard (maxed out the contribution) and getting lucky in generating net worth more than $500K in RRSP....once you are 71 and forced to convert to RRIF and take the money out going forward.

BTW, you should question any financial adviser why he or she keeps on demanding you to make contributions to mutual funds in RRSP when the balance is ballooning to the point that freeze on contribution makes more sense taxation wise.

Let's hope your adviser is not counting on a million bucks in an RRSP and sell you annuity before converting to RRIF.
 
Ashley Madison
Toronto Escorts