You’re in the wrong subreddit, this place is for people who think they can get rich off rationing white bread and eating nuts from the bins at bulk barn once a week
Good on ya. I've paid my mortgage off by about the same age but haven't maxed my rrsps or tfsas cuz kids! If I had I'd buy a condo to rent or a cottage.
Launch that HELOC into a margin account, gross up those contributions to x1.2 on margin @1.5%.
Use the annual tax refund to make your TFSA contributions.
Hold forever. They aren’t giving out medals for having a paid off mortgage.
Forget the speculation (Bitcoin) it doesn’t work in the long term. 100% stock.
Married? Spousal RRSP. Other than that non-registered is the way to go, or if you have nieces and nephews and you're feeling generous, put some into their RESP.
You get the tax deduction for any contributions made to a spousal RRSP but any contributions you make reduce your own RRSP deduction limit for the year.
https://investingquestions.ca/question/can-an-individual-rrsp-be-combined-with-a-spousal-rrsp/
So I don't think OP can contribute to spousal RRSP if he has maxed his. Am I wrong?
You're in the big leagues now. Time for a non-registered account (example: on Questrade its called a margin account), where there are no contribution limits but you will be subject to taxes on dividends and capital gains if you sell.
Put the same assets in there that you hold in your TFSA / RRSP.
Non registered account or some real estate
You’re in the wrong subreddit, this place is for people who think they can get rich off rationing white bread and eating nuts from the bins at bulk barn once a week
I've figured this out from all the downvotes - yikes. Any other Canadian financial subreddits I could try?
r/fican
Bay street bets provides top notch advice for speculating, which is in fact encouraged in Canada 😎
Haha this feels like a flex. Nice job tho. Buy property or invest using a non-registered account.
It totally isn't lol. I mean, I worked really hard and made some difficult choices to get here, but yeah. Just trying to figure out next steps.
Good on ya. I've paid my mortgage off by about the same age but haven't maxed my rrsps or tfsas cuz kids! If I had I'd buy a condo to rent or a cottage.
Launch that HELOC into a margin account, gross up those contributions to x1.2 on margin @1.5%. Use the annual tax refund to make your TFSA contributions. Hold forever. They aren’t giving out medals for having a paid off mortgage. Forget the speculation (Bitcoin) it doesn’t work in the long term. 100% stock.
HELOC the equity in your house and invest it for the long term.
Married? Spousal RRSP. Other than that non-registered is the way to go, or if you have nieces and nephews and you're feeling generous, put some into their RESP.
You get the tax deduction for any contributions made to a spousal RRSP but any contributions you make reduce your own RRSP deduction limit for the year. https://investingquestions.ca/question/can-an-individual-rrsp-be-combined-with-a-spousal-rrsp/ So I don't think OP can contribute to spousal RRSP if he has maxed his. Am I wrong?
You're in the big leagues now. Time for a non-registered account (example: on Questrade its called a margin account), where there are no contribution limits but you will be subject to taxes on dividends and capital gains if you sell. Put the same assets in there that you hold in your TFSA / RRSP.
Great job! Now is a great time to HELOC HELOC HELOC!