Comments on: TFSA – No Need To Rush http://adawnjournal.com/2008/12/10/tfsa-no-need-to-rush/ A blog on Personal Finance, Investing, Entrepreneurship, and More Thu, 19 Apr 2012 18:04:48 +0000 hourly 1 http://wordpress.org/?v=3.1 By: A.D. http://adawnjournal.com/2008/12/10/tfsa-no-need-to-rush/comment-page-1/#comment-1433 A.D. Wed, 02 Sep 2009 00:45:12 +0000 http://adawnjournal.com/2008/12/10/tfsa-no-need-to-rush/#comment-1433 1st Answer: Yes. 2nd Answer: If you are putting in your $5000 for that year even for a day, you will be done with your contribution room for that year. 1st Answer: Yes.
2nd Answer: If you are putting in your $5000 for that year even for a day, you will be done with your contribution room for that year.

]]> By: mike http://adawnjournal.com/2008/12/10/tfsa-no-need-to-rush/comment-page-1/#comment-1432 mike Tue, 01 Sep 2009 21:45:29 +0000 http://adawnjournal.com/2008/12/10/tfsa-no-need-to-rush/#comment-1432 I need clarification: "Unused room can be carried forward indefinitely." I opened a TFSA and I put $25 in it. Yes, i am a student so I don't have much to use. Next year, can I contribue $9975 ? since i have unsed of $4975 from this year. Say I put all my tuition money in the TFSA for a week, and use up the $5000 limit for this year, does that give me 80+ years to put that 5K back in later? My main goal, is to make sure in 10 years when I have $50,000 in extra cash, I can put it all away tax free then. is that even how it works? [I know my income will be much higher in the future]. I need clarification:

“Unused room can be carried forward indefinitely.”

I opened a TFSA and I put $25 in it. Yes, i am a student so I don’t have much to use.

Next year, can I contribue $9975 ? since i have unsed of $4975 from this year.

Say I put all my tuition money in the TFSA for a week, and use up the $5000 limit for this year, does that give me 80+ years to put that 5K back in later?

My main goal, is to make sure in 10 years when I have $50,000 in extra cash, I can put it all away tax free then. is that even how it works? [I know my income will be much higher in the future].

]]> By: Bienvenido Isla http://adawnjournal.com/2008/12/10/tfsa-no-need-to-rush/comment-page-1/#comment-1049 Bienvenido Isla Fri, 01 May 2009 15:40:36 +0000 http://adawnjournal.com/2008/12/10/tfsa-no-need-to-rush/#comment-1049 Please crystallize the penalty imposition to a TFSA issuer that pays higher interest (premium rate)than market to TFSA depositors. thnak you. Please crystallize the penalty imposition to a TFSA issuer that pays higher interest (premium rate)than market to TFSA depositors.

thnak you.

]]> By: A.D. http://adawnjournal.com/2008/12/10/tfsa-no-need-to-rush/comment-page-1/#comment-827 A.D. Tue, 30 Dec 2008 03:47:14 +0000 http://adawnjournal.com/2008/12/10/tfsa-no-need-to-rush/#comment-827 Most probably you heard of holding a mortgage inside an RRSP. This will only work if your RRSP has enough cash (or equities) to hold your mortgage. Let's look at a simple example: If you have a $200,000 mortgage, and your RRSP value is $200,000 or more, you will be able to use this money to pay off your mortgage and start making payments to your RRSP (rather than your bank) Or - If your home is paid off, you can borrow $200,000 against your home, and invest this money in a non-registered income generating portfolio, and take out same amount from your RRSP to pay off the borrowed money. Theoretically ... this should make you money in the long run. This is a very complex issue and I will not go into details. I will suggest you to seek legal and accounting advice of qualified professionals before making any decisions. Cheers. Most probably you heard of holding a mortgage inside an RRSP. This will only work if your RRSP has enough cash (or equities) to hold your mortgage.
Let’s look at a simple example: If you have a $200,000 mortgage, and your RRSP value is $200,000 or more, you will be able to use this money to pay off your mortgage and start making payments to your RRSP (rather than your bank)
Or –
If your home is paid off, you can borrow $200,000 against your home, and invest this money in a non-registered income generating
portfolio, and take out same amount from your RRSP to pay off the borrowed money. Theoretically … this should make you money in the long run. This is a very complex issue and I will not go into details.
I will suggest you to seek legal and accounting advice of qualified professionals before making any decisions. Cheers.

]]> By: Joe Wood http://adawnjournal.com/2008/12/10/tfsa-no-need-to-rush/comment-page-1/#comment-826 Joe Wood Tue, 30 Dec 2008 02:35:03 +0000 http://adawnjournal.com/2008/12/10/tfsa-no-need-to-rush/#comment-826 I heard once that RRSPs can be used for real estate investing. Is that true? I'm 21 so I haven't looked into this yet (I know, I should start, the earlier the better, etc). Joe Wood http://www.thecrustylandlord.com I heard once that RRSPs can be used for real estate investing. Is that true? I’m 21 so I haven’t looked into this yet (I know, I should start, the earlier the better, etc).

Joe Wood
http://www.thecrustylandlord.com

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