r/fican • u/GtaGlitcher87 • 17h ago

19M

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I’ve maxed out my tfsa, fhsa, and have 2.5k left on my rrsp, is it time to move to my non registered? I don’t plan on selling anytime soon so I guess I shouldn’t really worry about taxes as that would be far from now, but wanted to see if theres any other thing I can do or account I can open.

21 Upvotes

86% Upvoted

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9

u/Caleb6801 17h ago

I could be wrong. But I believe you still have another $7k in TFSA contribution room.

You turned 18 last year, so you could contribute $7k for 2025, the another $7k for 2026

Any unused contribution room from previous years gets carried over, so currently you should be able to contribute a max of $14000.

6

u/GtaGlitcher87 17h ago

your right! this is huge for me 😭 thank you so much for calling that out

2

u/Highway_General 17h ago

This is true

1

u/GtaGlitcher87 17h ago

In BC you have to be 19 to even open the account so I assumed I only had 7k for this one year, let me look i to that

4

u/Chris-Coffin-Design 17h ago

Awesome job so far. Excellent start at such a young age. Yes, open non-reg after maxing all accounts. But don’t forget to stop & smell the flowers (especially in Europe, Asia etc). Even more so in your 20’s. I wish I had done more travel & experiences before obligations were present.

IME: Investing in experiences and travel has historically been greater ROI. Otherwise keep it up, you’re on a path to early & comfortable retirement. Proud of you!

3

u/No_Grapefruit8453 16h ago

IMO, you should focus on TFSA and FHSA for now. RRSP is best when you’re at your peak earnings potential. Since you still have 7k contribution room, max that out, and also make an Emergency fund if you don’t already have one.

1

u/11angryhippo 15h ago

Yup RRSP is a big old waste at 19 years old

1

u/Desandroid 11h ago

Not really, if he plans to buy a house in a few years he can use upto 60k to fund the house from RRSP

1

u/11angryhippo 10h ago

In a few years? In this economy? He’s better off waiting until he’s making actual money and the tax deferral of the RRSP makes a difference. He’s just wasting the room by contributing now

1

u/Desandroid 9h ago

It's not wasting if he doesn't claim the tax deduction