Erik | Legacy Path 🇨🇦

Helping Canadians build & protect their legacy | Insurance & Investments | Licensed in Canada | Education | NFA

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

If you're 18-25 and living in Canada...

I'm begging you.
Open a TFSA this weekend.
It takes 10 minutes on Wealthsimple.

$250/month from age 22 ≈ $1,100,000 by 65.
Tax free.

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@sebiisb Gm Sebi

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@TheBTCKnight Gm Knight

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@TradingWithGuy Gm Guy!

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@fammetaX Gm champ

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@Brownmoose gm 🫎

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@OBPinvestments Congrats bro!

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@LuisDGentili It takes time, but it's worth it

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@LuisDGentili I like the way you think

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

You get a $500/month raise.

Option A:
New subscriptions. More dining out. New clothes.

Option B:
Automate it into TFSA.

$500/month at 8% from age 30
≈ $1,100,000 at 65. Tax free.

What option are you choosing?

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@LazaroInvestor Smart move 🤝

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@fammetaX I agree Fam

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@LuisDGentili 100%. Every new parent should look into this.

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

What happens to an RESP if your child never goes to post-secondary?

You don't lose everything.

Here's what you can do:

✅ Transfer to a sibling's RESP
✅ Transfer up to $50,000 to your own RRSP if you have room
✅ Withdraw your contributions completely tax free

The government grants get returned.

Everything else stays with your family.

The worst case scenario is still pretty good.

The best case is $7,200 in free government money plus decades of tax sheltered growth.

There is no downside to opening one today.

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@BrandonWealth Im going to keep DCAing and ignore the noise

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@Acevent95706230 Good luck with that 😂😂

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@BrandonWealth I’m with you brother.

Delayed gratification is key to building long term wealth

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@Acevent95706230 B all day 📈

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@fammetaX More buying opportunities

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@Brucgil Solid point!

Family RESPs are definitely the way to go if you’re planning multiple kids

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@ChrisCaddel I don’t have experience with cashing it out. Is it really that bad?

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@JTOL_CA Interesting idea, I wasn’t aware of this.

If the CESG is more than the tuition this could be a great strategy