I don’t quite have a million in my Tfsa,but I have invested every year in growth index funds inside my Tfsa and since the account was introduced,I’m well over 300k. And I know of people who have much larger TFSA accounts. I have no problem believing that a TFSA can grow to a million dollars. The TFSA is the single most powerful savings vehicle available to Canadians.
I just switched up my Roth IRA to 50% SCHD, 25% SCHX, 25% SCHG, and my Roth 401k is 70% vanguard S&P 500 index, 20% vanguard growth index, and 10% vanguard international index. Seeking best possible ways to grow $350k into $1m+ before retirement
Those sound like great picks! consider financial advisory so you don’t keep switching it up, top 3 payers for the month were $OHI, $KMI, and $EDP, not bad for 350k
Sure and the Credits goes to Gabriel Alberto William one of the finest portfolio managers in the field. He's widely recognized; you should take a look at his work by researching his name
Thanks for sharing, curiously inputted his full name on the web, spotted his consulting page, ranked top and i will sent him an email shortly. I've seen commentaries about advisors but no one looks this phenomenal
I am 49 years old and my self-managed TFSA is worth over $180 k as of today. I have maxed out my 102K in contributions to date but only started to contribute to TFSA in 2015 (so nothing grew for me between 2009-2014 because I wasn't educated enough). In my perfect world, my TFSA is working for me as a tax-free income vehicle withing the next 5 years. I think it is doable to have 1 million working for me in my TFSA
Great Vido/uptodae: question on CPP2, I wil be retiring at the end of 2029 I will be paying max amount toward the enhance CPP or CPP2, how much extra I will be getting in rteturn when I retire. Current CPP statement showing $1300/month
Gave you like. Consider a scenario where you have a short life expectancy, young children, and looking to buy a home. You might be deciding whether to pass the house to your children, even though someone else has custody of them, or if it would be more advantageous to leave them cash or stock investments instead to minimize tax liabilities?
Can you please give some clarity over medical expense that is 3% of the income. Let’s say if I have $500 of medical expense last year for $50,000 annual income. How much I am saving?
Checkout this post. It has an example of the calculations: www.taxtips.ca/filing/medical-expense-tax-credit.htm#:~:text=Medical%20Expense%20Tax%20Credit%20Amount%20%2F%20Calculation,-Medical%20expenses%20for&text=Only%20expenses%20in%20excess%20of,amount%20of%20the%20tax%20credit.
Annual income: $50,000 Multiply that by .03 and you will get the dollar amount you can claim. 50000 x .03 = 1,500. .03 is the decimal way of writing 3%.
On your Income Tax Notice of Assessment it will always show your maximum allowable RRSP contribution. I have yet to have enough leftover cash to max it out. 😢
I don’t quite have a million in my Tfsa,but I have invested every year in growth index funds inside my Tfsa and since the account was introduced,I’m well over 300k. And I know of people who have much larger TFSA accounts. I have no problem believing that a TFSA can grow to a million dollars. The TFSA is the single most powerful savings vehicle available to Canadians.
I just switched up my Roth IRA to 50% SCHD, 25% SCHX, 25% SCHG, and my Roth 401k is 70% vanguard S&P 500 index, 20% vanguard growth index, and 10% vanguard international index. Seeking best possible ways to grow $350k into $1m+ before retirement
Those sound like great picks! consider financial advisory so you don’t keep switching it up, top 3 payers for the month were $OHI, $KMI, and $EDP, not bad for 350k
This is quite encouraging for newbies like myself, i'm in dire need of portfolio management, think your advisor can help?
Sure and the Credits goes to Gabriel Alberto William one of the finest portfolio managers in the field. He's widely recognized; you should take a look at his work by researching his name
Thanks for sharing, curiously inputted his full name on the web, spotted his consulting page, ranked top and i will sent him an email shortly. I've seen commentaries about advisors but no one looks this phenomenal
You're probably in the wrong place to ask. These videos are for Canadian taxpayers and Canada does not have ROTH IRA's.
Thanks for your advice.
Great thanks
Correction is needed. The RRSP deadline is March 3, 2025.
Your correct
I am 49 years old and my self-managed TFSA is worth over $180 k as of today. I have maxed out my 102K in contributions to date but only started to contribute to TFSA in 2015 (so nothing grew for me between 2009-2014 because I wasn't educated enough). In my perfect world, my TFSA is working for me as a tax-free income vehicle withing the next 5 years. I think it is doable to have 1 million working for me in my TFSA
Can you do a vid on when you convert RRSP to a RRIF + the $2000 tax credit when
@4:31 Isn't Pension Adjustment for a defined Contribution pension rather than a defined Benefit pension?
Amounts contributed by your employer to your pension represents your Pension Adjustment
I am on a high income and my wife is on a low income so who should claim the medical? Thank you for answering. expenses? Thank you
Great Vido/uptodae: question on CPP2, I wil be retiring at the end of 2029 I will be paying max amount toward the enhance CPP or CPP2, how much extra I will be getting in rteturn when I retire. Current CPP statement showing $1300/month
Iam on a disability pension would it be better for me if I was divorced or being a single person
Gave you like. Consider a scenario where you have a short life expectancy, young children, and looking to buy a home. You might be deciding whether to pass the house to your children, even though someone else has custody of them, or if it would be more advantageous to leave them cash or stock investments instead to minimize tax liabilities?
Can you please give some clarity over medical expense that is 3% of the income. Let’s say if I have $500 of medical expense last year for $50,000 annual income. How much I am saving?
Checkout this post. It has an example of the calculations: www.taxtips.ca/filing/medical-expense-tax-credit.htm#:~:text=Medical%20Expense%20Tax%20Credit%20Amount%20%2F%20Calculation,-Medical%20expenses%20for&text=Only%20expenses%20in%20excess%20of,amount%20of%20the%20tax%20credit.
Annual income: $50,000 Multiply that by .03 and you will get the dollar amount you can claim. 50000 x .03 = 1,500. .03 is the decimal way of writing 3%.
Great video. Im confused though, if i have $50k room in my rrsp, can contribute $50k to my rrsp? Or can i only contribute 18% of my income?
18% refers to your annual limit based on the previous years income. Your contribution limit is your annual limit + your unused room such as your $50K
@AaronWealthManagement ohhh. Ok thank you!
On your Income Tax Notice of Assessment it will always show your maximum allowable RRSP contribution. I have yet to have enough leftover cash to max it out. 😢
@@wrongwayconway 🙂
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