Erik | Legacy Path 🇨🇦

Helping Canadians build & protect their legacy | TFSA, RRSP, FHSA | Long Term Investing | Education | NFA

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

How it feels maxing your TFSA every year in your 20s knowing you're on track to be a tax-free millionaire.

$583/month from age 23 ≈ $2,400,000 by 65. Tax free.

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@LazaroInvestor Glad it was helpful 🤝

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

Financial conversations to have with your parents before it's too late. 🇨🇦

Most families avoid them. Then something happens.

1. What does their retirement look like?
- Savings, CPP/OAS, still working? Knowing early lets you plan together instead of being surprised.

2. Does the TFSA name a successor holder or beneficiary?
- A spouse named as successor holder keeps it tax-free. Otherwise it stops being a TFSA at death, and any growth after that is taxable.

3. Is there a will, and who’s the executor?
- If not, provincial law decides who gets what.

4. Is there a power of attorney?
- One for finances, one for personal care. Without one, family may need court approval just to manage their finances.

5. Where is everything kept?
- Wills, accounts, insurance policies, passwords. Does someone know where to find it all?

These take about 30 minutes. Not having them can cost your family years of stress and thousands of dollars.

Have you had this talk with your parents yet?

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@KC_Invests Haha fair, but the will, POA, and document location stuff still matters either way

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@adrianviewpoint Appreciate it. It's one of those things that’s easy to put off until it’s a problem

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@LazaroInvestor Gm legend

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@eggett204 Agreed

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

The TFSA limit is $7,000/year. 🇨🇦

Most people hear that and think it’s out of reach.

Here’s what it actually looks like:

→ $583/month
→ $269 bi-weekly
→ $135/week
→ $19/day

Invested in a simple low cost ETF inside your TFSA.

At 8% annual return over 35 years, that’s roughly $1,000,000.

Tax free.

You don’t need a high income. You need a habit.

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@CJBuildsStore Mostly etfs, around 75%. Then I own some individual stocks like NVDA, SPCX, AMZN

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@TheCADInvestor Great example. Important to run the numbers in your tax bracket today vs retirement to figure out the order.

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@Stealthct_Storm Every few years, it's indexed to inflation. But it should be higher imo

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@thewhitesnake Amen, thank you

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@Stealthct_Storm Sounds good to me

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@Big_Abdvl Personally, I use XEQT in my TFSA. There are lots of great options depending on your goals/time horizon.

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@MatthewSpositi Exactly bud, time is your biggest advantage when you're young

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@MatthewSpositi Love seeing the green bud!

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@LazaroInvestor Build the habits early

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@LazaroInvestor GM billionaire

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@BrandonWealth Have a good morning brother

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@fammetaX 🚀🚀

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

@LazaroInvestor Yessir 💪

[Erik | Legacy Path 🇨🇦 @LegacyPathCA]

If your partner earns less than you, you can still use their TFSA room. 🇨🇦

Gift them the money. They put it in their TFSA. Whatever it earns stays tax-free, and none of it is taxed back to you.

Works for spouses and common-law partners.

One catch: it only holds while the money stays in the TFSA. If they pull it out and invest it elsewhere, the income can be attributed back to you.

Check their available room first: CRA My Account.

Are you and your partner making the most of both your TFSA accounts?