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Thread: RRSP or TFSA. Where to put more $$

  1. #81
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    Personally, I suspect my income will still grow by 30-40% so I plan on saving my rrsp contribution room to when I am really getting fucked by taxes. Maybe I should reconsider.

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    Quote Originally Posted by Chandler_Racing View Post
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    You're only considering tax at inception but also have to be mindful of tax efficiency on redemption.

    What happens if those investments grow to $450K and you need to withdraw?
    You aren't wrong, but it's not like you will pull $450k out in one lump on the day you retire. you can trickle that out over time to be tax efficient.

    Anyway, If you have a financial planner, it's worth a discussion. If you don't, you aren't going to fuck up your life with my advice.
    Let's all work on positivity this week.

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    Quote Originally Posted by killramos View Post
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    As a rule I just don’t engage when friends like to talk about their “financial advisors” at their parents community bank branch and all the great mutual funds they have their money in.

    I just pour another beer.
    Perhaps if you have an advisor someone would be pouring those beers for you.
    Originally posted by SJW
    Once again another useless post by JRSCOOLDUDE.
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    Quote Originally Posted by ExtraSlow View Post
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    Put in RRSP and put tax refund in TFSA.
    This is what I do, max the RRSP, with the refund max the TFSA.
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    Quote Originally Posted by JRSC00LUDE View Post
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    Perhaps if you have an advisor someone would be pouring those beers for you.
    I could not be more comfortable with my choice.
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
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    Quote Originally Posted by sabad66 View Post
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    When do you think you want to use this money? Retirement? Or do you want to buy any expensive toys or a bigger house at some point soon?
    not gonna be buying a bigger house, and no toys. Wife wants a tesla but i can put that off a few years.

    Your 2020 RRSP deduction limit: $151,552.00
    Your 2021 TFSA contribution room: $55,500.00

    I fell if i do the RRSP and then put the 14k extra refund in TFSA I will still be able to max the remaining 40k TFSA before end of this year.
    Last edited by blairtruck; 02-25-2021 at 05:00 PM.
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    Quote Originally Posted by ExtraSlow View Post
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    .... If you don't, you aren't going to fuck up your life with my advice.

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    How do you RRSP gurus manage your accounts? My RRSP has been my "hands off for safe keeping" account, but I'm at the point now where the fee that RBC takes is actually a significant number so I'm going to start managing it myself, or at least going to set it and forget it. My employer puts in a portion that I match, but if I start managing it will I have to buy shares every time money is deposited? As it stands now it's just in a medium-risk mutual fund so contributions are automatically added.

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    Do you mean the MER of the mutual funds or an actualonthky fee? I mean, there are lots of low fee funds, even some available through your bank. Or low fee index ETFs available through any discount brokerage.

    There shouldn't be a separate fee for managing your RRSP investment at RBC, I think.

    Double check your work rules, some don't permit self directed accounts.
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    Quote Originally Posted by tcon View Post
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    How do you RRSP gurus manage your accounts? My RRSP has been my "hands off for safe keeping" account, but I'm at the point now where the fee that RBC takes is actually a significant number so I'm going to start managing it myself, or at least going to set it and forget it. My employer puts in a portion that I match, but if I start managing it will I have to buy shares every time money is deposited? As it stands now it's just in a medium-risk mutual fund so contributions are automatically added.
    Yea I need some of the same advice.

    My personal RRSP is at bank in a low-medium risk fund that has a MER of 1.94%.

    I also have a work RRSP thats at Sunlife that gets just destroyed by their stupid fees as well. I can't withdraw the 50% employer portion so it just chills in there too.

    Both I've set and forgot about; and continue auto deposit on a monthly basis. Now that their somewhat substantial in value WTF do I do with them?

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    Questrade has accounts where you don’t pay fees if you buy etfs right?

    Cash out of mutual funds with your financial advisor from the 80’s.
    Transfer to questrade rrsp.
    Buy whatever ETF matches your risk tolerance.
    Move on with your life.

    If that’s too much work

    Step one same as above
    Then transfer to a wealthsimple RRSP and choose whatever risk tolerance tickles your pickle
    Move on with your life.

    If you have one of those stupid corporate programs there is nothing I can help you with, aside from maybe transfer your money out to one of the above as soon as you are allowed to to keep your matched portion. Often the company match portion is in shares anyway which don’t have an MER so that’s less of a problem.
    Last edited by killramos; 02-26-2021 at 12:29 PM.
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
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    Quote Originally Posted by 88CRX View Post
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    Yea I need some of the same advice.

    My personal RRSP is at bank in a low-medium risk fund that has a MER of 1.94%.

    I also have a work RRSP thats at Sunlife that gets just destroyed by their stupid fees as well. I can't withdraw the 50% employer portion so it just chills in there too.

    Both I've set and forgot about; and continue auto deposit on a monthly basis. Now that their somewhat substantial in value WTF do I do with them?
    Have a look at the available funds and check to see if there are some with lower MER's if not then check on the rules around the withdrawing of funds in the account. Some accounts will allow you to withdraw after a certain period of time. If so then make sure you file the correct paper work and have it transferred from RRSP account to RRSP account. If you don't you're going to get reamed by the CRA... Then move the funds to whatever self directed RRSP account you already have setup.

    IMHO questtrade and wealthsimple are not worth it unless you're actively trading. Most banks have reasonable enough trading rates as long as you're not going off and trading on a monthly basis. Just not worth the hassle of having bank accounts all over the damn place.

    If you're with TD have a look at the e-series funds they have no trading fees.

    https://letstalkaboutmoney.ca/td-e-s...at-where-cost/

    PS: Questrade does have fees when buying mutual funds

    https://www.questrade.com/pricing/se...es/transaction

    Mutual Fund Trade - Buy $9.95/trade
    Mutual Fund Trade - Sell $9.95/trade
    Mutual Fund Rebates Processing Fee 9 $29.95/month
    Last edited by mazdavirgin; 02-26-2021 at 11:31 AM.

  13. #93
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    why would you buy a mutual fund when you can buy an etf?

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    Quote Originally Posted by dirtsniffer View Post
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    why would you buy a mutual fund when you can buy an etf?
    It's simpler and you don't have to worry about possible issues with your funds like foreign withholding taxes or a whole bunch of other complexities? I don't personally hold any mutual funds but ETF's are not exactly for everyone either. That and certain ETF's are orders of magnitude riskier than holding individual securities...

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    Quote Originally Posted by mazdavirgin View Post
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    Have a look at the available funds and check to see if there are some with lower MER's if not then check on the rules around the withdrawing of funds in the account. Some accounts will allow you to withdraw after a certain period of time. If so then make sure you file the correct paper work and have it transferred from RRSP account to RRSP account. If you don't you're going to get reamed by the CRA... Then move the funds to whatever self directed RRSP account you already have setup.

    IMHO questtrade and wealthsimple are not worth it unless you're actively trading. Most banks have reasonable enough trading rates as long as you're not going off and trading on a monthly basis. Just not worth the hassle of having bank accounts all over the damn place.

    If you're with TD have a look at the e-series funds they have no trading fees.

    https://letstalkaboutmoney.ca/td-e-s...at-where-cost/

    PS: Questrade does have fees when buying mutual funds

    https://www.questrade.com/pricing/se...es/transaction
    Worth mentioning that TD e-series funds are also available for RBC direct investing customers.
    ---

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    Quote Originally Posted by 88CRX View Post
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    Yea I need some of the same advice.

    My personal RRSP is at bank in a low-medium risk fund that has a MER of 1.94%.

    I also have a work RRSP thats at Sunlife that gets just destroyed by their stupid fees as well. I can't withdraw the 50% employer portion so it just chills in there too.

    Both I've set and forgot about; and continue auto deposit on a monthly basis. Now that their somewhat substantial in value WTF do I do with them?
    Really? Because they have funds with ridiculously low fees that are only available to company group plans. My wife's employee fund used them too and I was jealous - their bond fund had an insane MER of like 0.01% or something.

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    Quote Originally Posted by mazdavirgin View Post
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    It's simpler and you don't have to worry about possible issues with your funds like foreign withholding taxes or a whole bunch of other complexities? I don't personally hold any mutual funds but ETF's are not exactly for everyone either. That and certain ETF's are orders of magnitude riskier than holding individual securities...
    One thing that still totally sucks about ETFs in Canada is no one provides ETFs wrapped as a MF.

  17. #97
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    Quote Originally Posted by dirtsniffer View Post
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    why would you buy a mutual fund when you can buy an etf?
    Quote Originally Posted by mazdavirgin View Post
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    It's simpler and you don't have to worry about possible issues with your funds like foreign withholding taxes or a whole bunch of other complexities? I don't personally hold any mutual funds but ETF's are not exactly for everyone either. That and certain ETF's are orders of magnitude riskier than holding individual securities...
    Uh, there are passive index ETF's that are fully Canadian and have low fees, same low risk as actively managed mutual funds, and no "complexities". not all ETF's are that horizons leveraged bullshit.
    Let's all work on positivity this week.

  18. #98
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    Quote Originally Posted by 88CRX View Post
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    Yea I need some of the same advice.

    My personal RRSP is at bank in a low-medium risk fund that has a MER of 1.94%.

    I also have a work RRSP thats at Sunlife that gets just destroyed by their stupid fees as well. I can't withdraw the 50% employer portion so it just chills in there too.

    Both I've set and forgot about; and continue auto deposit on a monthly basis. Now that their somewhat substantial in value WTF do I do with them?
    Quote Originally Posted by suntan View Post
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    Really? Because they have funds with ridiculously low fees that are only available to company group plans. My wife's employee fund used them too and I was jealous - their bond fund had an insane MER of like 0.01% or something.
    Yea I would double check. Corporate rates are discounted, it is a work benefit after all...

    Personally, even if the fees are high, it's not worth the hassle to take your own share out. It's easy and employer is already matching, you're well ahead.

    Your own annual RRSP contributions though, move that money away the bank and buy whatever stock/funds/bonds you wish through online trading. Questrade for example lets you have different Registered and TFSA accounts to separate your investments, pretty sure all other brokers will have that too.

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    2% MER is highway robbery. In the long term, it ends up costing you a shit load of money.

    Better than keeping money in your mattress, but far from the best path forward.

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    Quote Originally Posted by killramos View Post
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    Questrade has accounts where you don’t pay fees if you buy mutual funds right?

    Cash out of mutual funds with your financial advisor from the 80’s.
    Transfer to questrade rrsp.
    Buy whatever ETF matches your risk tolerance.
    Move on with your life.

    If that’s too much work

    Step one same as above
    Then transfer to a wealthsimple RRSP and choose whatever risk tolerance tickles your pickle
    Move on with your life.

    If you have one of those stupid corporate programs there is nothing I can help you with, aside from maybe transfer your money out to one of the above as soon as you are allowed to to keep your matched portion. Often the company match portion is in shares anyway which don’t have an MER so that’s less of a problem.
    Those god damn quest trade commercials! Their product is fine, and sure you save some fees, I just hate their commercials every time I see them

    'The amount we save.... could be life changing'

    Ok Betty, the 1% fees you save on your 500k retirement account isnt going to change your life why don't you chill out

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