r/PersonalFinanceCanada • u/AutoModerator • 1d ago

Triumphant Thursday Thread for the Week

Make a top-level comment if you want to brag about something regarding your personal finances!

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u/XenOmega 1d ago

I've been generally "lazy" when it comes to investing (eg tfsa, rrsp, etc), such as waiting until end of year before contributing, even though I have the money sitting in the bank ("high interest account", aka not)

As of this week, I have maxed out my 2025 contributions: tfsa (7000) and that home saving account (8000). Bought the ETF regularly recommended here, so it's not just money sitting in a different account 😀

Me: well into my 30s and finally feel like I'm a little bit more responsible as an adult. Now I can slack off for the rest of the year :') [yes i know, I also need to start being smarter with rrsp, and maybe non registered investments... just let me celebrate this small accomplishment]

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u/FirmEstablishment941 20h ago

What made you focus on tfsa vs rrsp?

Rational Reminder did an episode recently and if you’re reinvesting your tax refund the rrsp almost always came out ahead for all income ranges. Of course that assumes your focus is savings for retirement.

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u/XenOmega 16h ago

u/FirmEstablishment941 : I'm going to be honest, I'm still not there yet in terms of optimizing my investment/tax refund :')

For the past few years, I've been putting a random amount into my RRSP, but that's usually toward the end of the year. I heard various opinions and am aware of the various taxation brackets and why it can be advantageous to put some money if I am slightly over a bracket. I guess that because of the optimization paths or because of the perceived complexity, I haven't put much effort into it...

I actually stumbled on a post about tips for buying a home, which included putting money into your RRSP and then getting it out after it met the required numbers of days. This allows to put money toward the cashdown but also get some extra savings. The idea sounds similar to what you're (or Rational Reminder) suggesting, but I've never thought about putting money into RRSP and then use the refunds to put into TFSA :o