Re: Investing/saving
Originally Posted by
Feenom
Looked it up:
The annual TFSA dollar limit for the years 2009 to 2012 was $5,000.
The annual TFSA dollar limit for the years 2013 and 2014 was $5,500.
The annual TFSA dollar limit for the year 2015 was $10,000.
The annual TFSA dollar limit for the years 2016 to 2018 was $5,500.
The annual TFSA dollar limit for the year 2019 and 2020 is $6,000.
If my math is correct it's $64K and this year could be another $6K so $70K. Now returns on that depends on what you do. GIC gives you nothing so depending on your risk ratio with mutual funds it could be 4-10%. Market is getting better so talk to a financial advisor or your bank to get biggest bang for your buck.
Just as a FYI, back when my sons were born we put $10K(2002) into an RESP. In 2019 cashed it out and was worth $25K. I think I put another $6K in the account over the years (really slacked off, if I put more Gov't would have given more grants). So 16K investment yielded a $25K total. Not bad I guess, could of had more but was paying myself first to pay them.
OH and congrats on the job Clutch.
It depends on what year you turned 18. The max for Canadians to be able to contribute (assuming they were 18 for the maximum number of years that a Canadian citizen could contribute to a TFSA) is currently 75.5k.
For example, if you turned 18 in time for the 2018 contribution deadline, you'd be able to contribute $19 500 total to your TFSA. Returns depend on what you're invested in, and only securities eligible under the CRA guidelines are allowed to be purchased within it (essentially US and Canadian listed stocks). There are a bunch of other more detailed rules, but that is the gist most people need to know.
14T BiWeekly H2H. 4 C/RW/LW, 6 D, 2 G
Cats:G(3), A(1.5), PIM(0.2), PPP(1), SOG(0.2), GWG(1), SHP(2), Hits(0.3), BkS(0.4). W(2), SO(2), OTL(0.5), SV(0.2), GA(-1), L(-1). 9 Keepers in Bold. 12 player Farm team (skaters under 110, goalies under 80 gp) in italics
LW - Gaudreau, Forsberg, Parise, Hyman (C)
C - Backstrom, Getzlaf, N Foligno (LW/RW), Kotkaniemi, Carter (LW/RW)
RW - Tarasenko, Rantanen, Arvidsson, Atkinson, Gourde (C/LW), Mikheyev (RW)
D - Dahlin, Theodore, Ellis, Klingberg, Fox, Andersson
G - Murray, Grubauer
Prospects -Rossi, Turcotte, Kravstov, Tippett, Bouchard, Lehtonen, K Miller, Addison, DeSmith, Kahkonen, Ingram, Gustavsson