If you talk to @jesswang she will tell you that I have financial thoughts in my head all the time, so after 10yrs of investing in the markets, reading blogs, books, listening to podcasts etc and becoming a millionare at 30yrs old here are some of the finanical knowledge that we've gained to help grow wealth in Canada • TFSA: $7,000 of new room each year. Invest inside it and let your growth + withdrawals stay tax-free. (Wife and I at over 430k in TFSA, invest early!) • FHSA: Up to $40,000 lifetime. Contributions can reduce your taxable income, and qualifying first-home withdrawals are tax-free. (Never used this since we bought in 2021) • RRSP: You can generally contribute up to 18% of your previous year’s earned income, subject to the annual limit. Great tool when you’re in a higher tax bracket. (RRSP is maxed for us each year and we take the tax return and put it towards the following year again) • RESP: The government can add a 20% CESG on the first $2,500 contributed per child each year. That's up to $7,200 in grants per child over time. (My 4yr old has 30k and 2yr old has 11k, take advantage of the government match) • CPP: You don't have to take it at 65. Waiting until 70 increases the monthly payment substantially. (I plan take it at 70) • OAS: Same idea — delaying OAS to 70 can increase the monthly benefit. • Credit cards: Use them for convenience and rewards, not to carry debt. Pay the balance in full every month. (I use credit cards for everything, I have a wealthsimple cc 2% back on everything) • Housing: Don’t just ask, “What will the bank lend me?” Ask, “What payment can I comfortably afford?” (Get a broker, shop for rates, itll save uou money) • Investing: Keep it simple. Broad-market, low-cost ETFs can be an incredible long-term strategy. (4 ETFS make up 80% of my portfolio) • Emergency fund: Keep enough cash available that an unexpected expense doesn't force you to sell investments at the wrong time. Or just invest it into xeqt like myself lolol or keep cash... • Lifestyle: Every raise doesn't need to become a bigger house, newer vehicle or more expensive vacation. (We live pretty below our means still) • Savings rate: Try to increase it over time. Even going from 10% → 15% → 20% can make a massive difference. (Prior to keys our savings rate was around 65-70% with a peak or 78% in 2020 during covid) The Canadian financial system has a LOT of tools available.The hard part isn't knowing they exist. The hard part is actually using them. 🇨🇦 Speaking of learning about money and connecting with other investors… I’m hosting the first-ever Blossom Meetup in Saskatoon on Saturday, October 3rd! 🎉 If you’re from Saskatchewan (or anywhere else and want to make the trip 😂), come hang out, meet other investors, talk personal finance, and network. It’s FREE and everyone is welcome! Event link will be in the comments below!
