Author Topic: What's your TFSA value?  (Read 2610 times)

oily_stache

  • 5 O'Clock Shadow
  • *
  • Posts: 7
What's your TFSA value?
« on: November 17, 2021, 12:53:59 PM »
The government rarely publishes any data on the actual values of TFSA's in Canada (I know they publish average numbers, but those are not that insightful from a percentile point of view), and I'm wondering where everyone is at.

Personally, I've maxed out my TFSA and have been using an aggressive growth strategy (because I figure it's best to grow the money in there as it's the ultimate in tax efficiency), and have blue chips and ETF's in my taxable accounts which I'm less prone to trade and will eventually pay tax on in my later years.

At the moment, the TFSA is up to $335k. Again, it's made up of fairly risky growth stocks, and it can crash down at any moment.

GuitarStv

  • Senior Mustachian
  • ********
  • Posts: 19842
  • Age: 40
  • Location: Toronto, Ontario, Canada
Re: What's your TFSA value?
« Reply #1 on: November 17, 2021, 01:19:07 PM »
Mine was just under 130k last I checked.  It's invested 60/40 - index based mutual funds/bonds.

FLBiker

  • Handlebar Stache
  • *****
  • Posts: 1537
  • Age: 45
  • Location: Canada
    • Chop Wood Carry FIRE
Re: What's your TFSA value?
« Reply #2 on: November 18, 2021, 09:37:44 AM »
I'm an American but a recent Canadian permanent resident.  I don't have a TFSA, but DW and I do have Roth IRAs that we've filed elections with the CRA for.  Mine is at $173K and hers is at $88K, both in USD.  And both are about 60% US Stock, 40% INT Stock, low cost index funds.  I used to have some bonds in there, but I decided to move our bond allocation to retirement accounts that would be taxed as as income (for us, 403bs, which are similar to RSPs).  Like OP, I figure the tax-free account is the best place for the larger expected growth.


poxpower

  • Stubble
  • **
  • Posts: 193
  • Age: 37
  • Location: Victoria, BC
  • Retired at 35
    • thepoxbox.com
Re: What's your TFSA value?
« Reply #3 on: November 24, 2021, 12:29:45 PM »
126k
That's with max contributions since start of program, minus this year.
All sp500 type things.

335k for you? Damn son, good for you.

Stasher

  • Handlebar Stache
  • *****
  • Posts: 1791
  • Age: 48
  • Location: Vancouver Island
  • Power through Positivity
    • Mindful Explorer
Re: What's your TFSA value?
« Reply #4 on: November 29, 2021, 10:06:55 AM »
At the moment, the TFSA is up to $335k. Again, it's made up of fairly risky growth stocks, and it can crash down at any moment.

Why not lock your original capital investment into something like VCN to capitalize on some of that great growth?

As for my TFSA, wish I started investing the first year it was created for the power of compounding. But at least I have made up for that and maxed out my contributions since 2015. Currently sitting above $130K in an all equity index fund.

JAYSLOL

  • Handlebar Stache
  • *****
  • Posts: 1668
Re: What's your TFSA value?
« Reply #5 on: December 03, 2021, 08:35:46 AM »
$77k, not maxed out yet, working on it though.  In 100% equities index fund

thriftyc

  • Bristles
  • ***
  • Posts: 465
  • Age: 48
  • Location: Southern Ontario Canada
Re: What's your TFSA value?
« Reply #6 on: December 04, 2021, 06:09:22 AM »
My TFSA is $146k, wife's at $132k.  100% VXC at the moment.

Maverick1

  • 5 O'Clock Shadow
  • *
  • Posts: 42
Re: What's your TFSA value?
« Reply #7 on: December 28, 2021, 02:05:40 PM »
My wife and I are each at $50k.  5 years ago we withdrew a total of $135k to pay down our mortgage, then went a few years without contributing.  Earlier this year we restarted contributions at $1k/month each.

YK-Phil

  • Handlebar Stache
  • *****
  • Posts: 1109
  • Location: Yellowknife NWT
Re: What's your TFSA value?
« Reply #8 on: December 31, 2021, 04:47:42 PM »
Dang, looks like I'm doing it all wrong, I am maxxed out but only have about $120K...

Raj

  • 5 O'Clock Shadow
  • *
  • Posts: 86
  • Age: 27
  • Location: Toronto, ON
    • My Blog
Re: What's your TFSA value?
« Reply #9 on: February 01, 2022, 08:31:45 PM »
At the moment, the TFSA is up to $335k. Again, it's made up of fairly risky growth stocks, and it can crash down at any moment.
If you don't mind me asking wouldn't you get charged on that.

I thought the absolute maximum value a TFSA for 2022 was only 81,500 if you turned 18 before 2009?

Or does TFSA only consider the book value of what you invested, and only consider the Market Share when you withdraw?

Considering several others were above that I'm leaning towards the Book Value Explanation.

beee

  • Stubble
  • **
  • Posts: 217
  • Age: 34
  • Location: Edmonton, Canada
    • HoneyMoney.io
Re: What's your TFSA value?
« Reply #10 on: February 01, 2022, 09:02:31 PM »
TFSAs have a contribution limit, it's not a maximum value

Raj

  • 5 O'Clock Shadow
  • *
  • Posts: 86
  • Age: 27
  • Location: Toronto, ON
    • My Blog
Re: What's your TFSA value?
« Reply #11 on: February 01, 2022, 09:18:09 PM »
TFSAs have a contribution limit, it's not a maximum value
Thanks for telling me this, completely removes some of my worries.

I don't think I recorded exactly how much I contributed before moving some of my Share's around which changed the Book Value.

I'll look into my CRA Account and see if I can't find it and a full history.

That does mean I can add more to my TFSA as well, although I could have sworn I was told by one of my Accountant Mentors complaining at one point about someone investing close to their limits and it growing over.

I must have misinterpreted what she was complaining about as I never asked for details or clarification.

GuitarStv

  • Senior Mustachian
  • ********
  • Posts: 19842
  • Age: 40
  • Location: Toronto, Ontario, Canada
Re: What's your TFSA value?
« Reply #12 on: February 02, 2022, 07:14:50 AM »
That does mean I can add more to my TFSA as well, although I could have sworn I was told by one of my Accountant Mentors complaining at one point about someone investing close to their limits and it growing over.

I must have misinterpreted what she was complaining about as I never asked for details or clarification.

TFSAs have a maximum limit each year that you can invest.  After they've been invested they can grow to any level without being taxes (that's the whole point of the TFSA program).  Please double check what your accountant mentor meant . . . if she was really concerned about TFSAs growing over the limits she probably shouldn't be mentoring someone about accounting.  :P

Raj

  • 5 O'Clock Shadow
  • *
  • Posts: 86
  • Age: 27
  • Location: Toronto, ON
    • My Blog
Re: What's your TFSA value?
« Reply #13 on: February 02, 2022, 08:33:58 AM »
Please double check what your accountant mentor meant . . . if she was really concerned about TFSAs growing over the limits she probably shouldn't be mentoring someone about accounting.  :P
Not necessarily disagreeing with you their considering she was a CPA and running her own company, but my boss and I weren't exactly close and we didn't talk about much.

Most of what I absorbed from her on Accounting Knowledge came while I was working on my own computer, and listening to what she said on the phone to clients as well as what she talked/complained about to my fellow Employees.

So I can't exactly call her up after almost 2 years and ask, but I am honestly really curious about what she meant.

It was a long conversation with another Employee, where she specifically complained about the client repeatedly investing close to his limit, and it consistently growing over, and that he should have learned better by now as this had happened multiple times with him having to pay fees and that it's happened again.

It's something I very distinctively remember, but not only have I forgotten some of the context, (How confident am I that they were talking about TFSA's specifically?)

But Memories are notoriously unreliable without a recording to back them up, so while I put a decent amount of stock into a memory that clear, I also always have to at least consider I may be distorting parts due to time.

beee

  • Stubble
  • **
  • Posts: 217
  • Age: 34
  • Location: Edmonton, Canada
    • HoneyMoney.io
Re: What's your TFSA value?
« Reply #14 on: February 03, 2022, 01:21:05 PM »
Quote
I'll look into my CRA Account and see if I can't find it and a full history.

Be aware that CRA my account information about TFSA contributions is not real-time. It can lag for up to one year. You have to track contributions manually.

Raj

  • 5 O'Clock Shadow
  • *
  • Posts: 86
  • Age: 27
  • Location: Toronto, ON
    • My Blog
Re: What's your TFSA value?
« Reply #15 on: February 04, 2022, 06:39:45 AM »
Be aware that CRA my account information about TFSA contributions is not real-time. It can lag for up to one year. You have to track contributions manually.
That much I was fully aware of, but thank you for the information and double checking.

They don't update until the end of the year for withdrawals or deposits.

Thankfully I haven't deposited anything in my TFSA in 2021-2022 so not a problem.

PharmaStache

  • Bristles
  • ***
  • Posts: 265
  • Location: Canada
  • Peg City 'Stache
Re: What's your TFSA value?
« Reply #16 on: February 05, 2022, 07:33:44 AM »
My TFSA is $146k, wife's at $132k.  100% VXC at the moment.

Very similar here- 133k and 140k, mostly VXC and some VCN.

Rockies

  • 5 O'Clock Shadow
  • *
  • Posts: 60
  • Age: 35
  • Location: Alberta, Canada
Re: What's your TFSA value?
« Reply #17 on: February 22, 2022, 09:25:41 AM »
0$ - I'm not allowed to have one as I am a dual US/Canadian citizen. Major bummer.

Missy B

  • Bristles
  • ***
  • Posts: 473
Re: What's your TFSA value?
« Reply #18 on: March 27, 2022, 09:47:01 PM »
143K. Individual stocks with a focus on dividend payers. At about $4700 in div yearly now. I look for dividend payers yielding 5% or better with a history of 5%+ growth yearly and guidance that will continue.

When JT rolled back Harper's 10K a year TFSA contribution limit and then had the damned gall to say that that much contribution room was 'only for rich people' I was furious. He gutted my retirement plan. And then he cranked up the CPP contribution schedule so that I would be paying the same amount into his CPP plan instead.