Author Topic: Help! RRSP and TFSA Maxed, need an unregistered account strategy- over my head  (Read 520 times)

fireforfun

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Hello,

My wife and I recently maxed our TFSA, RRSP contribution limits and paid off our mortgage. Our priority will be to keep those maxed in upcoming years.  We have 0 other debt and an ample emergency fund on hand so I now want to start shoveling cash into unregistered accounts but I am having a hard time determining the best tax strategy for this or even finding relevant articles to research.

Our situation:

She makes about 20-25k less than me on a regular year, but will be on Maternity leave in a month, and probably again in 2-3 years. We plan to drop to 2-3 days a week in 3-6 years and if we pull that off, she will likely make slightly more then me as I will be changing careers to do something I like more that pays less. Fully retire at age 50-55 range.

My problem is I don't know if I should be putting money into her unregistered account, mine, or a joint account which we currently do not have and I am not sure if there is any benefits to having? Also, I need some ideas of a tax advantageous ETF to buy in the unregistered accounts?  I know cap gains, interest, dividends etc all have different tax treatments but I really would like 2-3 ETF's or blue chip companies that I can invest in, then set it and forget it. Are swap based the best? Or canadian dividend? neither?

I am over my head and any help would be appreciated, or even links to relevant articles.

Lews Therin

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frugal_c

  • Bristles
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Bump. I am in the same boat. I am wondering if it is worth hiring an accountant?  Is there really nothing I can do other than keep our my money in a taxable account?

I currently have a joint account and hold a mix of Canadian and US stocks which pay low dividends and that I feel I can hold for an extended period.  It is a real hassle finding these so I am thinking of an ETF. I will probably buy VB due to its low dividend yield.

nancyfrank232

  • Stubble
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  • Posts: 227
Hello,

My wife and I recently maxed our TFSA, RRSP contribution limits and paid off our mortgage. Our priority will be to keep those maxed in upcoming years.  We have 0 other debt and an ample emergency fund on hand so I now want to start shoveling cash into unregistered accounts but I am having a hard time determining the best tax strategy for this or even finding relevant articles to research.

Our situation:

She makes about 20-25k less than me on a regular year, but will be on Maternity leave in a month, and probably again in 2-3 years. We plan to drop to 2-3 days a week in 3-6 years and if we pull that off, she will likely make slightly more then me as I will be changing careers to do something I like more that pays less. Fully retire at age 50-55 range.

My problem is I don't know if I should be putting money into her unregistered account, mine, or a joint account which we currently do not have and I am not sure if there is any benefits to having? Also, I need some ideas of a tax advantageous ETF to buy in the unregistered accounts?  I know cap gains, interest, dividends etc all have different tax treatments but I really would like 2-3 ETF's or blue chip companies that I can invest in, then set it and forget it. Are swap based the best? Or canadian dividend? neither?

I am over my head and any help would be appreciated, or even links to relevant articles.

Have you frontloaded your children RESP?

https://business.financialpost.com/personal-finance/young-money/resps-how-to-get-the-biggest-bang-for-your-buck