Canada BS Thread

I also remortgage my houses as often as I can to 80% with the interest rate so low. Fuck the banks

 

RRSP allows you to lower your taxable income at the rate you would pay today at generally a higher tax bracket versus the time you take the money out

TFSA is a good tool too but no offset for your taxable income

By delaying putting the money into your RRSP , you lower your investing horizon and compounding gains

 

A page back, which I didn't notice douchebag.

 

Then there's always those companies that are willing to match retirement contributions with more company money. Then it's hard to justify not contributing to RRSP's.

 

2 posts above yours

 

Ya but you gain tax free money so in later years when you pull it out its free. Both are good but I think tfsa is just easy to use day to day. But IMO anyone not maxing an rrsp anyways is missing the boat. Both should be used by everyone and often are not. (I hate the "I can't afford it" BS to cause most of those same people shove their face with smokes and booze. No excuse)

 

100%. I have that no myself. But I still think anyone not using the tfsa is insane. No excuse to make tax free money with a bit of researching.

 

but that doesn't jive

You could only contribute $5500 to a TFSA before today but you can contribute like $25K to an RRSP

 

Who though? It's only 18% of income and most people don't make a ton lol. I know I got back and use my previous non used room but I'm running out and soon won't be able to put more it.
The tfsa you can gain you own room. I use mine and my girlfriends and I have hers up WAY more then the limit when I recalculate at the end of the year with withdraws (my gains). I paid off my 11k atv the other week with just gains and that's room I can use next year.

 

I'm not going to argue the benifits of a tfsa, I think most people agree they are good.

The point is that the majority of Canadians can't afford to max out the tfsa now, so how does upping the max contribution amount help? I have x to invest, raising how much I am allowed put into a tsfa doesn't change x.

By making a higher contribution maximum the only people really benifiting are Canadians with a high income who don't need the extra tax break. The middle class that can't afford to max out a tfsa get nothing extra.

 

I paid off my mortgage and contribute to my RRSP instead . Next year I'm going to split between RRSP and TFSA

 

Agreed, not to mention that if you're going to figure out any true savings you have to figure out the interest on your tax reduction. That's relevant too.

Sorry OZ, I did not see article before posting so I had no idea if it was relevant or not. I was simply following the conversation on here. If I had of seen the post was related to what I was going to comment on. I would of read it before posting. Let's move on, the conversation is funner than the bitching either way.

 

What do you define middle class as? Any middle class people I know can afford to invest 5k a year or so. Maybe I'm wrong, what's the actual definition of middle class earnings? I think that's where I'm getting confused here reading

 

The feds say people making up to $125K are middle class

 

Don't apologize to him, hes a canucks fan

 

Like combined? That's still high really high for most. Must be a way to make them more money

 

Not looking good right now

 

I invest a little less than 5 K a year and I'd consider myself middle class. Then again I'm young and have a mortgage and other expenses I wont have in 15 years from now like some of you guys.

The middle class is becoming pretty foggy. If you make less than 50K a year you never seem to get anywhere unless you live like a hermit but if you hit 80K you have enough money to make more money yourself through investments and such.

 

I'm interested to how the flames bounce back next year. I'm not a numbers guy ever, but their possession numbers are too bad to ignore. I have the stupid canucks in my bracket so they better figure their shit out

 

Lol I'm not old, I'm 28. But ya i know what you mean. I just don't ever give a shit about my mortgage right now. I will someday but even if rates go up, the two properties I rent will just be in higher demand and I'll just up the rent like a slum lord lol