What if I can’t afford to max out my RRSP contribution? That’s okay. You don’t have to contribute up to the limit every year, and you don’t lose your contribution room if you can’t use it in any given year. That amount will be carried forward to the next year. For example...
With $90k of income, you will max out the amount you can contribute to TFSAs (the current annual contribution limit for 2023 is $6500). Therefore, for this comparison, we will be considering a 100% RRSP vs a TFSA/RRSP hybrid, where you max out TFSA first then contribute to RRSP. Als...
With $90k of income, you will max out the amount you can contribute to TFSAs (the current annual contribution limit for 2023 is $6500). Therefore, for this comparison, we will be considering a 100% RRSP vs a TFSA/RRSP hybrid, where you max out TFSA first then contribute to RRSP. Als...
I get to that number by looking at recent CRA data that shows 8.9% of all TFSA holders max out their contribution room. Since only abouthalfof all eligible Canadians have any TFSA at all, that means somewhere between 4% and 5% of all eligible Canadians have maxed out TFSAs. When we lo...
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Completing My Personal Million Dollar JourneyandFinancial Freedom Update November 2023. First great job! Let’s assume you have reached your goal and quit your job, living on your dividend streams only. How would you approach this? Would you just harvest the dividend from all the accounts? Or...
4) If you make more than 120k or so, then the RRSP probably makes more sense before the TFSA – BUT at that income level, I’d challenge you to try to max out your RRSP and TFSA. 5) For the 40l-120k group (which the vast majority of us fall into) it has become very fashion...
When updating this article for 2023 I decided to interview Frugal Trader (FT) on how he manages this tax efficient withdrawal strategy in early retirement. Here’s what he had to say: So just a quick update FT, what accounts do you and your wife have open currently. ...