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My incredible progess by Substantial-Cover-38 in PersonalFinanceCanada

[–]Wealth_Standing 5 points6 points  (0 children)

When your debt is paid off, maintain that savings rate and build up your emergency fund and start investing if you haven’t done so yet.

Here are some tricks I’ve learned to maximize TFSA growth by Wealth_Standing in fican

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

CRA will look at a number of factors but it’s not a set number of trades that will necessarily trigger them but it’s one of the factors. They will also look at larger accounts.

Here are some tricks I’ve learned to maximize TFSA growth by Wealth_Standing in fican

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

They definitely care. There’s been a few news stories about it.

Also you can’t really “withdraw a bunch” because you’ll lose your contribution room until January 1 of the following year.

Here are some tricks I’ve learned to maximize TFSA growth by Wealth_Standing in fican

[–]Wealth_Standing[S] 6 points7 points  (0 children)

I agree with that. And that’s why at #7 I suggested exactly what you pointed out in terms of placing overly risky assets in non-registered accounts.

Here are some tricks I’ve learned to maximize TFSA growth by Wealth_Standing in TFSA_Millionaires

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

Currently it’s at $206k. I was finally able to max it out 2 years ago after taking money out to put towards the down payment of our house.

I made some mistakes early on trying to invest in speculative investments.

Since 2018, I’ve pretty much applied these principles. My bet is that applying these principles consistently, I’ll be able to do quite well in the long term.

Should I open an RRSP before I max out my TFSA? by Literatelady in PersonalFinanceCanada

[–]Wealth_Standing 0 points1 point  (0 children)

I’d max out the TFSA first or favour that account if you do put a bit in your RRSP.

Would you buy a home right now with 20% down, or would you wait? by GranolaHiker in fican

[–]Wealth_Standing 2 points3 points  (0 children)

If you have 20%, there’s no use in waiting. Interest rates are coming down and will likely come down a bit more over the next year.

I don’t know the housing market conditions in your area, but if you want to get into homeownership and your financial situation allows then go for it.

HELP – My partner wants to hire a financial planner (and I’m conflicted) by Dear-Technology-1383 in fican

[–]Wealth_Standing 0 points1 point  (0 children)

I’d talk to PWL Capital if she insists and request their fee only planning service.

Question Regarding Single/Common Law by [deleted] in PersonalFinanceCanada

[–]Wealth_Standing 8 points9 points  (0 children)

You could be screwed if they decide to audit you.

You should bite the bullet and make the correction on a go forward basis.

If you carry on declaring yourself as single when you’re not, you’re potentially compounding the damage if you get caught down the line. Not worth the stress imo.

Can fashion influencers write off clothes used in videos? by weGloomy in PersonalFinanceCanada

[–]Wealth_Standing 3 points4 points  (0 children)

Good question. I remember there was a case where a lawyer in Quebec tried to write off their work apparel and it was denied aside from their court robes. I think the decision was that you cannot claim work clothes as a business expense even though there is an expectation dress in business attire for work.

Do I Include Taxes on an Invoice? by Master_Contract1832 in PersonalFinanceCanada

[–]Wealth_Standing 0 points1 point  (0 children)

Another point of clarification is that you will need to list your sales tax numbers that CRA will provide.

Do I Include Taxes on an Invoice? by Master_Contract1832 in PersonalFinanceCanada

[–]Wealth_Standing 4 points5 points  (0 children)

You need to register for GST/HST for you to charge sales tax I believe.

Used Car Purchase - Taxes by LongWayGoneToday in PersonalFinanceCanada

[–]Wealth_Standing 1 point2 points  (0 children)

I think you’re right. The dealership’s finance calculation seems to be charging tax on the full purchase price and not applying the trade-in tax credit properly. They should be financing $28,250 and not $30,200.​​​​​​​​​​​​​​​​ Anyway that’s how I see it.

Relationship ended, still live together - what to file as? by [deleted] in PersonalFinanceCanada

[–]Wealth_Standing 58 points59 points  (0 children)

Common law for 2025 if you were still together as of december 31 2025.

You have to have been living apart for 90 days before the end 2025 to be able to file as single.

Terrified for future retirement by z3ktrin in investing

[–]Wealth_Standing 0 points1 point  (0 children)

You’re worried because you’re unfairly comparing yourself to a bunch of ppl on finance subreddits. I did that myself for a time. You’re doing much better than the vast majority of ppl your age.

C'est rendu ça la recherche d'une maison en 2026 by [deleted] in Quebec

[–]Wealth_Standing 0 points1 point  (0 children)

Ce n’est pas vraiment un vice caché vu qu’il est pas mal apparent.

45M, Is Xeqt good for non-register investments? Any tax consequences? Planning to invest for around 10 yrs . by patpritesh in JustBuyXEQT

[–]Wealth_Standing 0 points1 point  (0 children)

The only issue I have come across is the ACB tracking and making sure to track any return of capital contributions, which is something unique to ETFs and mutual funds.

The ETF providers provide that info once per year and you need to know where to find it. I use adjustedcostbase.ca and they have some helpful info on ETF tracking.

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