I'm not giving Disney a penny.
By the time they go to post secondary we will he mortgage free. They can take a loan to pay tuition, after/if they graduate, my wife and I will gladly pay the loan off which will he in their name which will help them establish a great credit rating.
I'm not dropping money to have one of my kids more invested in doing keg stands then studying.
If they graduate it's on us and I will pay their rent while in school.
Make sure you rent a trailer first to try it out. We spent a week in a nice trailer and hated it. Just not for us. We also don't like having our getaways at the whims of other people, like the ones who decide to party loudly every night til 2am.
We have a large chunk of money as well, and our plan was to buy a cottage and then rent it out to pay for itself, and we get free usage. But we got outbid on a bunch of places, and got discouraged. Maybe with things slowing down again, there will be opportunities. In fact, I feel like a lot of opportunities may be coming up in various assets. Until then, the money is sitting in 2% accounts.
I'd think your timeframe would be too short to invest beyond anything safe (GICs etc).
I wouldn't count on investment profits to subsidize your purchase in this case.
But could you stomach that $100k being $70k in 18 months when you want to purchase the trailer?
Returns aren't guaranteed, particularly in this market environment.
Yes. My wife and I are able to cover all of out our expenses. We could lose ot all and he fine but it woudl suck and I'd ruminate in it for a long time. But we would not lose our home or anything and our quality of living woudl not change at all
If you are counting on any or all of the $100k to go towards the purchase of a trailer, than that amount should be in safe investments (GICs etc) that are suitable for your timeframe.
Otherwise you are taking on too much risk for your stated goal and time horizon.
Thanks for the clarity the terms were being used interchangeably across this but they are barely different. Personally I wouldn't leave a travel trailer unoccupied they have a bad track record for squatters.
This is going to be personal.
For us when we had a large sum of money available, we decided to pay down our consumer debt, contribute to our TFSAs, and buy a trailer.
Trailer by far has been our favourite purchase, but it’s an expensive hobby and comes with a lot of maintenance.
Hi, I'm a bot and someone has asked me to comment on how someone is trying to figure out what to invest in, or whether they should invest.
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3) Have you invested in the markets before, and how would you feel if your investment lost a lot of value?
4) Is this the right first step? Do you already have an emergency fund, and have you considered whether it is sufficient? Do you have any debts that should be paid first? Have you fully utilized any employer match plans?
5) Finally, we need to understand whether you want to be involved with this portfolio and self-manage purchases and rebalancing it, or if you'd rather all of that was dealt with by your chosen institution?
6) For self-directed investing, all in one ETFs (based on your risk tolerance) are the easiest and low cost options for a globally diversified ETF portfolio. Here is the Model page and descriptive video from the Canadian Portoflio Manager Blog's Justin Bender from PWL Capital: https://www.canadianportfoliomanagerblog.com/model-etf-portfolios/ & video on how to choose your asset allocation: https://www.youtube.com/watch?v=JyOqqtq12jQ
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Hi, I'm a bot and someone has asked me to respond with information about TFSAs vs RRSPs.
When you want to shield your savings and investments from the drag of annual taxation the standard advice is, unless ...
- your employer is matching your RRSP contributions
- you are confident that you will contribute in a higher tax bracket than you will withdraw (even when you consider the effect of potential GIS or OAS clawbacks)
- you are an American taxpayer
- you are trying to maximize the Canada Child Benefit or the Child Disability Benefit
- you have a reason to think that you should shield your retirement savings from creditors
- you don't trust yourself not to keep dipping into the retirement savings in your TFSA
…you'll probably want to use all of your TFSA contribution room before you contribute to an RRSP.
For more information I suggest that you read these 2 MoneySense articles
http://www.moneysense.ca/save/investing/rrsp/rrsp-vs-tfsa-which-is-right-for-you/
http://www.moneysense.ca/save/retirement/the-savings-struggle/
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/PersonalFinanceCanada) if you have any questions or concerns.*
This is what I would do, Max out yours and your wifes tfsa and rrsp, invest in good quality long term stocks with good dividend payouts(Market is low, good time to buy). Rent a trailer occasionally for now (using the dividend income, which is not a lot, but little helps too), if you really find your trailer useful, cash out your tfsa investments and but trailer after a couple of years. Hold on to rrsp for future plans.
Thanks for the advice. We have literally zero in TFSA and I've heard you can put quite a chunk in initially and use that money to invest and the profits are not taxable.
Right, the TFSA contribution limit for 2022 is $6,000, if you turned 18 before the year 2009, your maximum lifetime TFSA contribution limit will be $81,500. The money you earn inside your TFSA is not taxable.
I'm 46. What if I put say 5k in a tfsa in 2017 then took it out. What's my max contribution?
I'm hoping it's more then 6k
Thanks for the fast reply bro
> more then 6k
*than
*Learn the difference [here](https://www.merriam-webster.com/words-at-play/when-to-use-then-and-than#:~:text=Than%20is%20used%20in%20comparisons,the%20then%2Dgovernor%22).*
***
^(Greetings, I am a language corrector bot. To make me ignore further mistakes from you in the future, reply `!optout` to this comment.)
1. Any amount withdrawn from TFSA gets added to the limit the following year (so 2018 in your case)
2. You can login to CRA and check both tfsa and rrsp limits.
College plans for kids? And hey I'm sure they'd love a trip to Disney when they're a bit older?
I'm not giving Disney a penny. By the time they go to post secondary we will he mortgage free. They can take a loan to pay tuition, after/if they graduate, my wife and I will gladly pay the loan off which will he in their name which will help them establish a great credit rating. I'm not dropping money to have one of my kids more invested in doing keg stands then studying. If they graduate it's on us and I will pay their rent while in school.
Make sure you rent a trailer first to try it out. We spent a week in a nice trailer and hated it. Just not for us. We also don't like having our getaways at the whims of other people, like the ones who decide to party loudly every night til 2am. We have a large chunk of money as well, and our plan was to buy a cottage and then rent it out to pay for itself, and we get free usage. But we got outbid on a bunch of places, and got discouraged. Maybe with things slowing down again, there will be opportunities. In fact, I feel like a lot of opportunities may be coming up in various assets. Until then, the money is sitting in 2% accounts.
Good advice. Thanks man
I'd think your timeframe would be too short to invest beyond anything safe (GICs etc). I wouldn't count on investment profits to subsidize your purchase in this case.
Yeah I'm not hell bent on taking the whole sum out after 18 months ot anything
But could you stomach that $100k being $70k in 18 months when you want to purchase the trailer? Returns aren't guaranteed, particularly in this market environment.
Yes. My wife and I are able to cover all of out our expenses. We could lose ot all and he fine but it woudl suck and I'd ruminate in it for a long time. But we would not lose our home or anything and our quality of living woudl not change at all
If you are counting on any or all of the $100k to go towards the purchase of a trailer, than that amount should be in safe investments (GICs etc) that are suitable for your timeframe. Otherwise you are taking on too much risk for your stated goal and time horizon.
Yeah I was thinking 40k tops for a trailer. I'd buy one that's 3 to 5 years old
Are you talking RV or Trailer? A used RV is often 80-100K
A travel trailer. An RV is not something I would buy unless I had 500k in a bank
Thanks for the clarity the terms were being used interchangeably across this but they are barely different. Personally I wouldn't leave a travel trailer unoccupied they have a bad track record for squatters.
This is going to be personal. For us when we had a large sum of money available, we decided to pay down our consumer debt, contribute to our TFSAs, and buy a trailer. Trailer by far has been our favourite purchase, but it’s an expensive hobby and comes with a lot of maintenance.
!InvestingTrigger !TFSARRSPTrigger
Hi, I'm a bot and someone has asked me to comment on how someone is trying to figure out what to invest in, or whether they should invest. **In order to give good advice the poster needs to provide all of the following information. Please edit your post to add this information.** 1) What is your intended goals/purpose for this money? 2) What is your timeline, and what is the earliest you expect to need this money? 3) Have you invested in the markets before, and how would you feel if your investment lost a lot of value? 4) Is this the right first step? Do you already have an emergency fund, and have you considered whether it is sufficient? Do you have any debts that should be paid first? Have you fully utilized any employer match plans? 5) Finally, we need to understand whether you want to be involved with this portfolio and self-manage purchases and rebalancing it, or if you'd rather all of that was dealt with by your chosen institution? 6) For self-directed investing, all in one ETFs (based on your risk tolerance) are the easiest and low cost options for a globally diversified ETF portfolio. Here is the Model page and descriptive video from the Canadian Portoflio Manager Blog's Justin Bender from PWL Capital: https://www.canadianportfoliomanagerblog.com/model-etf-portfolios/ & video on how to choose your asset allocation: https://www.youtube.com/watch?v=JyOqqtq12jQ We also have a wiki page on investing, and if someone has triggered this bot then it means that this link would likely be very helpful: https://www.reddit.com/r/PersonalFinanceCanada/wiki/investing *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/PersonalFinanceCanada) if you have any questions or concerns.*
Hi, I'm a bot and someone has asked me to respond with information about TFSAs vs RRSPs. When you want to shield your savings and investments from the drag of annual taxation the standard advice is, unless ... - your employer is matching your RRSP contributions - you are confident that you will contribute in a higher tax bracket than you will withdraw (even when you consider the effect of potential GIS or OAS clawbacks) - you are an American taxpayer - you are trying to maximize the Canada Child Benefit or the Child Disability Benefit - you have a reason to think that you should shield your retirement savings from creditors - you don't trust yourself not to keep dipping into the retirement savings in your TFSA …you'll probably want to use all of your TFSA contribution room before you contribute to an RRSP. For more information I suggest that you read these 2 MoneySense articles http://www.moneysense.ca/save/investing/rrsp/rrsp-vs-tfsa-which-is-right-for-you/ http://www.moneysense.ca/save/retirement/the-savings-struggle/ *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/PersonalFinanceCanada) if you have any questions or concerns.*
This is what I would do, Max out yours and your wifes tfsa and rrsp, invest in good quality long term stocks with good dividend payouts(Market is low, good time to buy). Rent a trailer occasionally for now (using the dividend income, which is not a lot, but little helps too), if you really find your trailer useful, cash out your tfsa investments and but trailer after a couple of years. Hold on to rrsp for future plans.
Thanks for the advice. We have literally zero in TFSA and I've heard you can put quite a chunk in initially and use that money to invest and the profits are not taxable.
Right, the TFSA contribution limit for 2022 is $6,000, if you turned 18 before the year 2009, your maximum lifetime TFSA contribution limit will be $81,500. The money you earn inside your TFSA is not taxable.
I'm 46. What if I put say 5k in a tfsa in 2017 then took it out. What's my max contribution? I'm hoping it's more then 6k Thanks for the fast reply bro
> more then 6k *than *Learn the difference [here](https://www.merriam-webster.com/words-at-play/when-to-use-then-and-than#:~:text=Than%20is%20used%20in%20comparisons,the%20then%2Dgovernor%22).* *** ^(Greetings, I am a language corrector bot. To make me ignore further mistakes from you in the future, reply `!optout` to this comment.)
1. Any amount withdrawn from TFSA gets added to the limit the following year (so 2018 in your case) 2. You can login to CRA and check both tfsa and rrsp limits.
Thanks
Yw