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TFSA

Terra Income Fund 6 Inc - 7% NT REDEEM 31/03/2026 USD 25

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About Terra Income Fund 6 Inc - 7% NT REDEEM 31/03/2026 USD 25

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This is a FHSA, not TFSA. First Home Savings Account. Both contributions and gains are tax free, but you can only use the funds for a down payment on your first home.
Canada introduced this TFSA after the financial crisis 2008-2009 to encourage Canadian residents to save half a year to a full year of salary for the hard days. Technically starting at your majority the counter start accumulating every year to the TFSA ceiling wether you contribute or not. You should check your ‘myaccount’ on the CRA website to be sure of your RRSP and TFSA ceilings. You may have a good surprise !!
tfsa contributions are not tax exempt or tax deductable/Only the gains are tax exempted. RRSP is income deductible pre tax, but total amount taxable at the time of using the cash?
Started in 2008 +$6000 a year, and earned some room on the way. And right above $100k. Checked on the CRA site so I’m fine. And the ceiling grows with your gains over time. The limit is just on pure input not gains. I heard the urban legend of some folks having a $200k TFSA ceiling. But I guess that with things like nvidia it’s possible.
TFSA is not bad either. If one knows how to use it. Heard of gentleman having shopify stock in TFSA. He bought shopify at $6/ stock . Now he has about 900k in TFSA. It pays him 11k dividend tax free.
It depends. If you made a singular yolo that did that, then no. You would need to purchase a down payment with the earnings, but you don't have to spend all of it. But it has to go towards a down payment before anything else. Also if you get caught excessive trading (more then 5 trades a month) the government will seize all money in your FHSA, TFSA, and RRSP. So yeah, there's also a chance you lose ALL your savings to the government.
Max was like $112k. Not far from it. But the rest is left on my work sunlife pension. I think it’s more prudent. I thought converting the RRSP to nvidia too. Nahhhh it’s typical 2045 blackrock. All in only to near TFSA ceiling and that’s it for me. Pension must stay sunlife. Still $100k could be life changing with the direction nvidia is taking imo!!
I have CAN $122k on a TFSA. All NVIDIA. !! My wife doubted me 2 months ago when I placed $97k. Now she doesn’t anymore. We hold and we dream of a house in east canada…. Let’s give it 5 or 10 years and maybe both house+ early retirement maybe. It’s more probable than the lottery anyway!! And not borrowed money this is really mine!
This is an FHSA - first time home buyers savings account. All of your earnings are tax free and all your contributions can be written off. Basically it's the best of both worlds between a TFSA and an RRSP. The only caveats are that you can only contribute $8,000 a year over 5 years and you HAVE to spend all your earnings on a down payment for a house.
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