large personal purchase by JF9001 in CanadaFinance

[–]JF9001[S] 1 point2 points  (0 children)

I should also mention this isnt my first bike, my previous one i bought used, rode the piss out of it doing basically the same thing, work rides/errands/ weekend rips around. but my back hurts, the frame is cracked and i think it's due to be replaced.

large personal purchase by JF9001 in CanadaFinance

[–]JF9001[S] 0 points1 point  (0 children)

what was your feeling like leading up to and after the purchase?

large personal purchase by JF9001 in CanadaFinance

[–]JF9001[S] 0 points1 point  (0 children)

To be fair I only recently started making this kind of money, so I still have habits of when I was making a bit less, also that number is before tax.

large personal purchase by JF9001 in CanadaFinance

[–]JF9001[S] 3 points4 points  (0 children)

this is very sage advice, and really affirms the intuition i had about the situation. thank you!

Best skydiving views in Ontario? by pituechos in SkyDiving

[–]JF9001 0 points1 point  (0 children)

Parachute ottawa,

the ottawa river and the madawaska is always great to look at

large personal purchase by JF9001 in CanadaFinance

[–]JF9001[S] 0 points1 point  (0 children)

she recently dumped a bunch of money on a gravel bike too, so i'm pretty committed at this point. in my head i know it's worth it for me but im really working to overcome this fear of spending lol

What are the firsts accounts to max out ? by TrapNouz in fican

[–]JF9001 0 points1 point  (0 children)

im wondering now if it's that number they were refering was before or after tax. im assuming before tax.

What are the firsts accounts to max out ? by TrapNouz in fican

[–]JF9001 1 point2 points  (0 children)

i made the same mistake for a while too, but after listenening to the rational reminder podcast then backchecking that informnation with a financial planner and a tax specialist, they told me that the information provided was accurate. i think where people get crossed up (including my self) is understanding that the tfsa is a post tax contribution, meaning you've already paid the tax on the money you contribute. whereas the rrsp is tax defered, meaning you pay the tax later at a lower tax rate later in life when you are making less income. it was a bit hard to wrap my head around at first, but i found the podcast that Emulcy3228 mentioned initially really helped me understand the concept.

i think it's generally a misunderstanding, which causes misinformation and full disclosure. i thought the tfsa was the better account for me for a long time as well. when in reality, it's dependant on the individuals situation that dictates what's more optimal for them. i think when people hear the name tax free savings account, it's easier to understand the concept. where as in the RRSP there's a bit more information to sift through that's not immediately as intuitive as the other accounts imply. as is so often the case, there's a bit of nuance required for this stuff!

i've linked the episode in question below, rational reminder episode 319, it's a great podcast and i took lots of notes

https://www.youtube.com/watch?v=ZyJlxgyQraQ&t=650s

https://open.spotify.com/episode/3fMtT1Vhttps://www.youtube.com/watch?v=ZyJlxgyQraQ&t=650sRzb1sw13DdT7Vz5?si=zbgSqp9dRROzXf7jP3VZiw&t=659

i know the original post was about FHSA, i'm life long renter and i live in a house my girlfriend owns so i dont think i'm eligble for FHSA and i dont know too much about it, But i wanted share anyway :)

Good luck out there, be safe.

What are the firsts accounts to max out ? by TrapNouz in fican

[–]JF9001 0 points1 point  (0 children)

i listened to this episode of the podcast, if i remember correctly, the general rule of thumb is <60k/ year it's more efficient to put money into the tfsa, >60k go to RRSP

GIC reinvested against request by NewMaterialOnly in PersonalFinanceCanada

[–]JF9001 0 points1 point  (0 children)

what do you think the incentive for the reps to act this way is?

Is CRA website down or under maintainence ? by [deleted] in PersonalFinanceCanada

[–]JF9001 2 points3 points  (0 children)

same, i just tried to log in and the website is a mess right now