Stock news for investors: Air Canada profit drops more than 50% in Q2 amid “challenging environment” Aug 1st
Making sense of the markets this week: October 15, 2023 + MORE Oct 19th
Stock news for investors: Goeasy shares plunge nearly 60% after lender suspends dividend + MORE Mar 14th
Stock news for investors: Retail stocks tumble despite strong earnings + MORE Jun 20th
Stock news for investors: Groupe Dynamite and Empire Co. release earnings + MORE Jun 20th
Can you maximize your RRSP and TFSA with an income of $0?
– moneysense.ca
I have $119,000 room allowed in my RRSP and $81,000 room in my TFSA.
I am 47, live in B.C., currently not earning income as a caregiver for a parent. I have a business with a registered GST number to claim income now or in the future. But for my question, let’s assume I will be claiming $0 for the next three years.
I have a sum of $250,000 coming to me as a gift, and I am looking to invest/save it.
I plan to use the portions not contributed into my TFSA and RRSP in investments that will be earning interest as income—likely mortgage investments.
Based on my income projections, what amount makes the most sense to invest into RRSPs at this time?
Should I spread the amount out over a period of time? Same question for TFSA.
—Jennifer
Maxing out registered accounts: TFSAs and RRSPs
Jennifer, you likely want to maximize your tax-free savings account (TFSA), skip the registered retirement savings plan (RRSP) for now, and put the rest of your money into a non-registered account…
