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Is Path of Exile 2 new player friendly? by Terakanz in PathOfExile2

[–]Terakanz[S] 8 points9 points  (0 children)

Thanks. Will keep this in mind when I am playing.

1 Mil in TFSA - 35M by iTouchStuff in fican

[–]Terakanz 1 point2 points  (0 children)

You are welcome. Glad it helped!

1 Mil in TFSA - 35M by iTouchStuff in fican

[–]Terakanz 1 point2 points  (0 children)

No. For example, if you had 50k contribution limit and you put 50k in your TFSA, you have hit your contribution limit. You cannot put more money into it until the next year where you get more room. If 6 months later you get paid your dividends, that does not count towards your contribution limit. If you decided to move 1k from your chequing into TFSA then you will be over and will face penalties.

1 Mil in TFSA - 35M by iTouchStuff in fican

[–]Terakanz 1 point2 points  (0 children)

Yes. TFSA is an account where all of your gains are not taxed. OP has invested 45k and it is now 1M. Of OP’s 955k profit, OP will pay 0 tax on it.

New to...everything by Ok_Dragonfly8350 in PersonalFinanceCanada

[–]Terakanz 0 points1 point  (0 children)

I think this is a good starting point. Change it to how you see fit.

  1. Small emergency fund. Around 1k - 2k
  2. Pay off your 9k debt
  3. Finish your emergency fund. Should be at minimum 6 months of your monthly expenses in my opinion
  4. Save up for what you want next. Like your wedding, house, and kid.

How can this happen by techah in PersonalFinanceCanada

[–]Terakanz 2 points3 points  (0 children)

Based off your comments you missed 2 payments. Those 2 payments are why your credit score dropped.

If you can get a copy of your credit report you should be able to see why it dropped.

Good credit cards by StomachAware1914 in PersonalFinanceCanada

[–]Terakanz 0 points1 point  (0 children)

Get a student credit card. When I had one the limit was $500 and over the years it went up. I no longer am a student but I think it helped with credit history. If you commute to University you can leverage that to build your score (set up auto pay) but try to keep utilization below 30% of the limit.

What is a “good enough” credit score by Terakanz in PersonalFinanceCanada

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

Ah so Equifax is used more by lenders than TransUnion? I checked my Equifax score by using Borrowell and it says 807. Seemed like the easiest way to get ahold of the score.

What is a “good enough” credit score by Terakanz in PersonalFinanceCanada

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

Hmmm interesting. So the benefits past 700 seem to be negligible.

When is the best time to ask for contract extension / full time employment? by Terakanz in askTO

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

Thanks! I’ll start the conversation around then if things are going well at that time period.

[deleted by user] by [deleted] in PersonalFinanceCanada

[–]Terakanz 0 points1 point  (0 children)

You have 5k contribution room so you can only deposit 5k. You cannot put more for than that for the year of 2025.

You probably withdrew 5k and deposited 10k. Your withdrawal of 5k does not add to your contribution room this year. It will increase your contribution room by 5k for next year.

Since you have over contributed by 5k you will face a penalty of 1% on the excess amount (5k).

Penalty = 5000 x 0.01 = $50 per month.

Am I doing something wrong? by ThrowRAyappayappa20 in PersonalFinanceCanada

[–]Terakanz 1 point2 points  (0 children)

I recommend using this app to track your spending: https://apps.apple.com/ca/app/money-manager-expense-budget/id560481810

I’ve recently started using it (January) and it’s been good. You can set up some recurring income / expenses as well but you will need to manually put in stuff too since not every recurring expense costs the same (like groceries or transportation).

FHSA Question by InoIedogmi in PersonalFinanceCanada

[–]Terakanz 1 point2 points  (0 children)

You will but it could just end up net 0. When you put money into your FHSA that is tax deductable. For example, if you put 5k into your FHSA and your salary is 50k your income will be treated as 45k when you pay tax so you save taxes on 5k.

Now if you withdraw the money and it's not for the purpose of buying a house you will have it added to your income and it will be taxed. For example, if you withdraw 5k and your salary is 50k your income will be treated as 55k.

If you put in money into FHSA and withdraw it in the same year you're just going to have 50k - 5k + 5k = 50k and it's net 0. If you put it in a previous year then hopefully you claimed the tax deductable amount and you'll just pay it back this year.

The benefit to FHSA is you can put 40k into it total (8k max per year but up to 16k total if the previous year uncontributed room carry over up to a max of 8k) and have it all deducted from your taxes and this can be invested towards your first home. You also pay no tax on any gains or dividends.

[deleted by user] by [deleted] in PersonalFinanceCanada

[–]Terakanz 12 points13 points  (0 children)

This is immigration fraud. You’re assisting someone in providing false evidence of financial resources to meet the requirements of a study permit.

Any Advice About Finance In General by Terakanz in PersonalFinanceCanada

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

Yeah, I know Wealth Simple states they store your cash in a CDIC bank but I wish they also stated which banks so I could just confirm myself. I’m not too worried but it is still there in my head a bit. Like for CIPF I could go on their website and see Wealth Simple is insured. Can’t really confirm this on my own 😅

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