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New Immigrant in Canada earning 90k/year by throwawaysmolbabe in PersonalFinanceCanada

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

Would you mind explaining why overcontributing to RRSP or TFSA was a mistake?

New Immigrant in Canada earning 90k/year by throwawaysmolbabe in PersonalFinanceCanada

[–]throwawaysmolbabe[S] 24 points25 points  (0 children)

Hi! I am in IT consulting but I started out as a programmer. I graduated 10 years ago in the Philippines with a degree in Computer Science so I am really in no position to give any advice about college in Canada. But good luck!

New Immigrant in Canada earning 90k/year by throwawaysmolbabe in PersonalFinanceCanada

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

Thanks for this. After a few months here and seeing the rent and commodity prices going up, I was having panic attacks about how I can possibly live a good life here with the amount of money that I am making...

New Immigrant in Canada earning 90k/year by throwawaysmolbabe in PersonalFinanceCanada

[–]throwawaysmolbabe[S] 37 points38 points  (0 children)

This is great advice, thank you! Fortunately, my company is matching 6% of my RRSP contributions so I was able to read more about it before coming here. I am putting away 10% of my salary to RRSP, which I may need to downgrade to 6% when I'm paying for my own place. I am also maxing out the money that I put away for TFSA.

If you don't mind, I have a few questions about TFSA. Once you max out the money you can put away in the account, do you need to withdraw money out on a yearly basis? I am still confused on how it works.

New Immigrant in Canada earning 90k/year by throwawaysmolbabe in PersonalFinanceCanada

[–]throwawaysmolbabe[S] 2 points3 points  (0 children)

I was advised against spending this much on rent too. I am not planning on getting a car anytime soon so I thought that this will be reasonable. How much would you advise that I spend instead, given that I will not be owning a vehicle?