Borrow money to max out TFSA? (lemmy.world)

submitted 2 months ago by [email protected] to c/[email protected]

7 comments fedilink hide all child comments

I've just heard of someone doing that and it ended badly, but that was because the person over contributed. I wonder if it would be legal/smart for me to do that? I don't make enough to max out my TFSA and don't take risks investing (only invest in global ETFs and bonds).

you are viewing a single comment's thread
view the rest of the comments

[-] [email protected] -1 points 2 months ago

I invest in VEQT.TO and XBB.TO. I use 65% stocks and 35% bonds. I did make a profit last year but this year's probably not gonna be as good so I'd just be losing on interests. I think it's not even legal to use borrowed money in a TFSA anyway

[-] [email protected] 2 points 2 months ago

It is legal but the interest on the loan is not tax-deductible, unlike other investment loans you might take out.

this post was submitted on 23 Mar 2025

4 points (100.0% liked)

Personal Finance Canada

1616 readers

1 users here now

Come and discuss anything related to personal finance, directly or indirectly, with other Canadians!

founded 2 years ago

MODERATORS

[email protected]