Author Topic: Canadians: Can I contribute more than my years worth of income to stocks?  (Read 757 times)

julia

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So I saved my money for many years before I started investing in the stock market.
Can I contribute more than my yearly income since I'm using my savings? My TFSA is maxed out so I'm contributing to a taxable account with questrade.
Is there some procedure I have to follow for that?

Chaplin

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Re: Canadians: Can I contribute more than my years worth of income to stocks?
« Reply #1 on: February 08, 2020, 09:10:22 PM »
So I saved my money for many years before I started investing in the stock market.
Can I contribute more than my yearly income since I'm using my savings? My TFSA is maxed out so I'm contributing to a taxable account with questrade.
Is there some procedure I have to follow for that?

You should be able to as much as you like at any time into a taxable account since you're doing it with after-tax money.

Mmm_Donuts

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Re: Canadians: Can I contribute more than my years worth of income to stocks?
« Reply #2 on: February 09, 2020, 05:11:51 AM »
You're not so much contributing to a non-registered account as you are simply transferring your post-tax funds into investments. It should be very straightforward BUYING the ETFS or stocks - the complication comes if/when you SELL them, since in a taxable account you will have to account for gains and losses. And of course you will have to claim any dividend or interest paid out as income.

 

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