Happy holidays, everyone! What was your biggest money win for 2023? Let us know! 👀

@victorcretu7741

7 ай бұрын

2022 was a disaster. At the end of 2022, I was almost 40% down with one of my RRSP accounts. I had 2 stocks UPST and MARA that went down like 90%. But I have purchased more of them. I mean, If I purchased UPST at $100/share why not purchase it at $13/share? If I have purchased MARA at $30/share why not purchase it at $3.50/share? Long story short, I have purchased a few hundred of each! These stocks got me in trouble in 2022, but the very same stocks got me out of trouble in 2023 when they increased by 300-500%. I have finished 2023 with an 11% annualized growth over the last 3 years ( better than any other RRSP account I have).

@stephandden

7 ай бұрын

@@victorcretu7741 We're very happy to hear that you're out of trouble, now! What's your plan moving forward?

@victorcretu7741

7 ай бұрын

@@stephandden No plan actually! I discarded the tech stock last week and I have purchased utility stocks (they were down 15% last year). I expect a 10% up this year, which is my target growth so I will do almost nothing till October. There's one stock though that keeps annoying me: NVEI. It should go up but surprise, it went down today like 5%. That stock is worth at least $60 but it's being traded at $33! Insane! Forward PE: 12, PEG: 0.92. What's wrong with the investors?

True that, Den. We cannot change the cards we are dealt, just how we play the hand.

@stephandden

7 ай бұрын

👏🏿🙏🏿

You guys are Canadian!? OMG FINALLY I only ever come across American channels!

@stephandden

7 ай бұрын

We are! 🎉 so glad that you found our channel!

@beatbuildersstudio

7 ай бұрын

You'd be surprised how many channels are Canadian content. They probably don't say where they live because most of the audience is from the US. I'm from the US but now live in Canada. Both of my KZread channels have a majority USA audience.

@yxmichaelxyyxmichaelxy3074

2 ай бұрын

Yup. Tax hell.

These personal update videos are my fave 🙌🏼

@stephandden

7 ай бұрын

We’re happy to hear that! 🙏🏿🙌🏻

Saw few of your videos since 3 years ago. (I also live in Toronto north York so a lot of content relates. ) the biggest take away I noticed is that you two have patience and trust the process. The formula is not a secret but most ppl lack discipline and cannot sacrifice the short term for long term gain. I was dead broke and unhappy in most of my 20s but I saved and saved and constantly went for high paid jobs. Finally in my late 20s I got a house and maxed my TFSA. I’m happy to see that u two can do the grind while maintain a positive attitude, that’s the key !

@stephandden

7 ай бұрын

Thank you - we appreciate this! We agree that it's about being consistent and having a positive attitude. Love to hear that hit your goals of having a house and maxing out your TFSA, too!

@Sam-2468

6 ай бұрын

Congrats! If you don’t mind me asking what kind of high paid jobs did you work? It’s not common for someone to be able to afford a house in their 20s!

@Corythehausbaus

6 ай бұрын

i work in tech @@Sam-2468

So happy for you Steph! Good job on hitting your TFSA goal!

@stephandden

7 ай бұрын

Thank you so much! 😊

Yay! You went to Portugal! 🥳🇵🇹❤️ I love you guys! Love all your videos. Thank you so much! 🤗

I turned 18 last February and immediately started investing with a monthly goal and I am gradually increasing my contributions! Looking to max out my TFSA in the next few years before moving to a different investing account 😄

@stephandden

7 ай бұрын

This is awesome! Love that you're starting early 😊 you're crushing it!

Both of you do excellent work. I watched back to back three videos. Very informative and to the point. Could not stop myself from subscribing. All the best ❤

@stephandden

7 ай бұрын

Thank you, we’re happy to hear that + to have you here 😊

Such a fantastic video!!! Thank you Steph and Den for pouring into us with your amazing financial wealth journey! I love the fact that you're both talking about Canadian wealth building using Canadian instruments; particularly since so much of the personal finance information available online is US-focused. I wish you both continued success and an amazingly profitable 2024 ahead!!! 👏🏾🙌🏾💫

@stephandden

7 ай бұрын

Thank you so, so much! We hope that you have an amazing 2024 ahead, too! 🙌🏿🙏🏻

USA viewer here - My boyfriend and I went to Spain & Portugal in 2023 also!!! It was amazing we did Lisbon, Sintra, Lagos, Seville, and Barcelona. I’m 25, & make 130K He’s 29 & makes 175K We both have no car debt or student debt! My financial goals for 2024 are to max out my 401k, go on another vacation (5K budget), save $50K

@stephandden

7 ай бұрын

So fun! We did Lisbon, Sintra, Seville and Barcelona, too + Granada and a few day trips around Barcelona 😊 such nice spots! Those sound like amazing financial goals! It sounds like you're set up to have an amazing 2024 👏🏿👏🏻

Your content is always very resourceful. Would love to know more about your investment portfolio. Waiting for next video 😊

@stephandden

7 ай бұрын

Thank you very much! A new video is coming out Sunday 😊

Thank you Steph and Den! You motivate me in so many ways. I made great and bad financial decisions. I bought my first home by myself which was a huge accomplishment. But I travelled more than I should have. I went to Italy, France, DR and States. I have been regretting the money spent on travel but it is what it is.

@stephandden

7 ай бұрын

Love to hear that you’ve reflected on what did (and didn’t) work for you this year 👏🏿👏🏻 it sounds like you had a great year; and know what you want to change in 2024! 😊

@adventurousbec

7 ай бұрын

I hope you'll come to realize that the money spent on travel isn't a regret. You did some great trips and have those memories.

@thelmagwanzura283

7 ай бұрын

@@adventurousbec I’m trying to focus on that. I have been frugal my whole life and now trying to be more balanced. Struggling with the change but I will get there. Thank you for the tips

@almontoya5703

7 ай бұрын

Don't ever regret spending money on travel. The best time to travel is when you are young, not when you are so old. Don't listen to these people telling you to save more than 15% of your income. Enjoy your life and save the recommended percentage and you'll do fine. I know some people regret not spending and enjoying when they were younger. What are you gonna do with so much money as a senior citizen? Life is too short.

Enjoyed your entrepreneur video energy, would love to interview you in the near future to see how we can both benefit from this Entrepreneurship.

you guys are so inspiring! keep up the good work!

@stephandden

7 ай бұрын

Thank you! 😊

Great job, good to know I’m not the only one that tracks absolutely everything. Mike from Edmonton

@stephandden

7 ай бұрын

Thank you! 😊

Congrats on a great year! I have been following you guys for a couple years now and its great to see how far the channel has come. I think you had a great year to be honest but thanks for being honest on where you did not hit your goals! Really important to see that everyone you see online isn't knocking it out of the park all the time. We had a great year I'd say, especially with investing and how the market was in 2023. Our contributions plus growth was just over $22K thanks to a bonus and tax refund (plus employer matches) and we nearly broke $50K in total investments. We are "behind" for our age but being smart and consistently investing, I think we will be doing alright by retirement time. We are just on one income currently but can still cover our expenses and invest almost every month which is awesome.

@stephandden

7 ай бұрын

Thank you so much! It sounds like you're doing really great 👏🏿👏🏻 we hope you have an amazing 2024 ahead, too!

Damn, I have $75,000 contribution room in my TFSA. Gotta get busy!

I'm working on maxing my hsa for the first time and investing it, increasing 401k by 1%, paying off my car this year ($3.5k left) and paying off my ccs (15k). Also working on personal finance writing!

@stephandden

7 ай бұрын

Amazing, those are great goals! 🙌🏿👏🏻

WE ARE 2023 TFSA MAX OUT BUDDIES!!! 🎉🎉🎉

@stephandden

7 ай бұрын

YAY! 🎉🎉🎉 congrats!

In the UK, it's 20k a year, but I like the way Canada lets you roll over any unused amount. The UK doesn't allow that.

Congrats Steph and Den for hitting your goals! It's a motivation to keep going and stick to a plan! Love your content and the numbers breakdown.

@stephandden

7 ай бұрын

Thank you so much! 😊

I'm in a multi-year run of things going well for me financially. if it all blows up I'm right back to living below the poverty line on Ontario disability support program. 2023 I maxed out my carry forward catch up on my RDSP and next year I need to juggle RDSP, TFSA and FHSA. Plus when things are rough I'm in the middle of it, I don't have the energy to share the bad parts on social media.

@stephandden

7 ай бұрын

Thanks for sharing Minnie - we’re happy to hear that this was a good year for you financially. Hoping for another great year coming up - you’re doing great! 🙏🏿🙏🏻

Funny to just run into you on a year wrap up. I’m at the other end getting ready for retirement… you are setting yourselves upwelling for the future

Great vid as usual guys! On a side note Den, that salmon colour looks great on you!

@stephandden

7 ай бұрын

Thank you! 😊🙏🏿

great video as always

@stephandden

7 ай бұрын

Thank you! 😊

Goals! My 2023 didn’t end up how I wanted it to so I have a lot of catching out to do. I need more disciple on spending and tracking 😅

@stephandden

7 ай бұрын

That sounds like a great goal for the new year! We’re going to be sharing a budget template / tracker soon (hopefully within the next few weeks!) that might be helpful 😊

@2243cbl2

7 ай бұрын

@@stephandden amazing, looking forward to the template.

Nice video! Didn't check lots of my goals this year... was a pretty bad one, but the next one will be better ! 🙏

@stephandden

7 ай бұрын

Thank you! We love that attitude - wishing you an amazing 2024! 🙏🏿🙌🏻

this is a great video! everyone starts in different places and you should both be really proud!

@stephandden

7 ай бұрын

Thanks so much! 😊

You guys are my new favorite channel! keep it up

@stephandden

7 ай бұрын

Thank you so much! More to come 😊🥳

Kudos to maxing out your TFSA! That’s my goal for 2024 😊

@stephandden

7 ай бұрын

Thank you! 😊 + that’s great - I’m sure you’ll make it happen!

Thanks for sharing

@stephandden

7 ай бұрын

Thanks for watching! 😊

Thanks for another great video. Glad you guys were able to see LeBron play in LA. Go Raptors!

@stephandden

7 ай бұрын

Thanks for watching! 😊 go Raps (and LeBron, lol!)

I love y'all so much! Thanks for all the financial info! It is so helpful!

@stephandden

7 ай бұрын

🙌🏿🙏🏻 so glad you find it helpful!

Thank you for all that you guys do keep up the awesome content 🔥

@stephandden

7 ай бұрын

Thank you for watching! 🙌🏿🙏🏻

Love the transparency!

@stephandden

7 ай бұрын

🙌🏿🙏🏻 thank you!

You can contribute for all 9 years (since you opened your TFSA??) 😮 what a great opportunity to catch up!

@stephandden

7 ай бұрын

Yes, you can catch up on previous years with the TFSA! You don’t lose the room over time, it builds 😊

@mattsarff2793

7 ай бұрын

The United States needs to implement this ASAP!

Love this, thank you both.

@stephandden

7 ай бұрын

Thanks for watching! 😊

Love this channel!

@stephandden

7 ай бұрын

Thank you! 😊

amazing content as usual, guys!

@stephandden

7 ай бұрын

Thank you! 😊

Happy for you both!

@stephandden

7 ай бұрын

Thank you! 😊

I just came back to work July 2023 from mat leave that started Dec 2021, so my goal for this year was just to get a 10% bump in salary (I got 8%) and max out our child’s RESP account. Done and done! Unfortunately, we spent just under $55k this year, which was $5k over our goal. Overall, I’m really happy 🎉and I’m excited for what the new year will bring! Happy new year Steph and Den!

@stephandden

7 ай бұрын

Yay, those are great accomplishments! Happy New Year! 😊

You guys should each have a TFSA, RRSP, and FHSA account open! Open an FHSA to start getting that contribution room 🤩 plus then you can invest each account into different things so they grow! I'm also self employed and I put into my RDSP to get the tax-deduction ;)

@stephandden

7 ай бұрын

Thanks for sharing this! Love to hear that you're utilizing the RDSP, too! 👏🏿🙌🏻

Stephanie and Dennis, I am so glad you made this video. Me? This year? Lol, I've been trying to get myself back on track this year. I've never told you guys this, but back in the day I was in PDX (Portland, Or) and got a lot of great jobs, but the bosses would fire me for flirting with the female co-workers. I thought it was cool to do that because I grew up watching The Office and Jim and Pam were co-workers and they were going out. Anyway, once I lost the fifth job, I decided to work temp jobs. At the temp jobs that I worked, they paid daily, but the people there were using drugs and alcohol. As a matter of fact, my first job at that company, I had to drive a whole crew of 14 people from Portland to Astoria for a fishing job. We worked from 3 pm to 3 a.m. and I'm glad that was when the job ended because at the break they were all telling me that I should stop at a gas station so they could buy beer on the way back to Portland. The reason why I was glad we ended at 3 a.m. is because in the state of Oregon, no alcohol sales are allowed between the hours of 2:30 a.m. and 7:00 a.m. I drove the two hours to Portland from Astoria and only stopped once at a gas station. Some dude wanted to buy beer, but the cashier told him that it's not allowed. I was so glad because I could have been fired as a driver if Edgar, the manager found out that people were drinking on the work van. Come to find out, the next trip to Astoria, (others went, I didn't) they drank beer and they all got fired and Edgar said we could no longer drive the van to Astoria. I lost my temp job as a driver because of others' mistakes. So, I told myself, "I'm just gonna hustle on the streets." It was a bad idea. I ended up doing drugs, alcohol, and more stuff that I will not write about here, because this is a PG channel. I went to jail for the first time when I turned 26. My birthday is 2-6-89 and on 2-8-2015, I was arrested for the first time in my life. I never thought I would ever go to jail before that, but I did. 2015 and 2016, my 26 and 27 y/o years were rough. I was in and out of that Multnomah County Detention Center that every police officer and correctional officer knew me by name. My mom bought me a ticket back to Memphis, where I stay now. The problem, however, is that I had a Warrant for "Robbery III" because one day I stole a beer but they charged me with Robbery. I stayed in jail for 8 days and the correction dude (he used to let us watch basketball; it was the year and time [June 2016] the Cavs won against the Warriors) came to me and told me all my charges were dropped. I walked out of the jail and thought I was free; came back to Memphis, TN and in October a letter came to my mom's house saying there is a Warrant issued for me. That Warrant blocked me from a lot of great jobs. They would tell me, "you can start working once your background is clear." Next thing I get is a letter in the mail letting me know that I "failed" the background check. So, because of that, I was jobless a lot of times, unless the "second-chance" temporary agency had a day job. I was able to get my warrant's charges dismissed this year, after a 7-year fight. I feel like the dude in that movie that Denzel Washington played in, The Hurricane. Even though I wasn't in jail, I was in an economical prison because I couldn't get any job because of that warrant. If I could go back, what I would do differently is stay off the streets and the street society. Even though the people I met on the streets were nice, they were doing a lot of nefarious stuff to get what they want and need. That lifestyle rubbed off on me and I ended up down that path. See, back in 2007, I was a college Freshman and I took my first class: August 27, 2007. I took the loans because I was like, "I can pay it back later, I need the money now." Den, this lady who was teaching the Microsoft Excel Class told us to buy a textbook that costed $125. I was out of all my cash because of paying for other classes' textbooks, so I had to use a credit card, my first ever credit card, to pay for that book. As soon as I had bought that book, at the next class she told us that we can learn the material and how to use Excel without the textbook. But the book was "NON-Refundable" because it had the software. That's when I learned that I should never buy textbooks until week 3 or 4. I did that all 5 years of college (I attended 2007-2008, 2008-2009; I didn't attend 2009-2010, but I resumed in 2010-2011, and my last year was 2011-2012). I graduated with a bachelor of business administration in Economics. However, I didn't know nothing about applying for jobs. A professor I had in 2011, Spring, recommended that I join "The Mile Program", which is a program where students who are about to graduate can do internships and meet with the different employers, local, regional, and national and they can get a great job/career upon graduation. Looking back, I should have joined. The reason why I didn't is because I was taking 19 credit hours and I didn't have the time to do anything else. When graduation was nearing in the Spring of 2012, I was scared. I didn't know what I was going to do. I graduated with a 3.44 or 3.43 GPA, but I had no job. It took me forever to figure everything out. 2023 is over in 37 hours and 15 minutes, probably an hour less for y'all, lol. But this year has been so much better than '22, '21, '20 (definitely better than that disaster of a year), '19, '18, and '17. This year, I have met so many great people. I went to "Minnesawta" (I like the way they pronounce it) for the first time. I went to the Mall of America and I loved it. We stayed at a college in St. Paul for a week (every year we have a camp for Ugandans and this year we went to Minnesota) and I loved the college itself. I even thought about moving there. After the camp, we drove back to Memphis on July 17 and a random company called me and said they saw my résumé on Career Builder and that I can start working at a Cotton Plant. Lol, I made so many jokes about picking cotton, but what I learned is that they can make oil for Pringles and other chips out of cotton seeds. I have been working that job daily (well, Monday-Friday) since July 24, 2023. Have I made investments? No. I have not, but in the future, I'm gonna get back on E-Trade and start doing what I used to do back in 2009-2012: penny stocks or whatever looks good to buy. Alright, now we gotta talk about LeBron: do y'all think he is great? I thought he was great when he first got drafted in 2003 and was on the Cavs. As a matter of fact, I watched the 2007 Eastern Conference Finals against Detroit and I saw him score 50 points in double-overtime game to send them to the final Finals. I even bet all my friends that the Cavs would win the Championship that year. Lol, they got swept. Anyway, I like LeBron off-court, but I feel like on the court he is not as good as a baller, like Kobe or Dwyane Wade or Shaq. I feel like LeBron is more marketing than balling, lol. Anyway, happy new year! I wrote all this because you guys have inspired me more than you know. As a matter of fact, you guys are the only channel that I always look forward to watching. The only problem I had with y'all's name is the acronym: Steph. And. Den spells S.A.D and y'all ain't not sad at all. I thought to myself one time, they are "so def", but that wouldn't make any sense because it's "Steph and Den"; then it hit me, like those celebrity couples be combining their names (like Brangelina), I was like, they should call themselves Dephanie. Lol, that's right, I read a lot, and got no life, so I thought about this for hours and hours. I think that would be a great name. But Happy New Year and I still remember that goal y'all set. I am too late, because I'm 34, but y'all still got time. My goal is for 40, wish me luck!

@stephandden

7 ай бұрын

Thank you so much for sharing this - we love seeing your comments every week, and it's nice actually hearing more about you! It sounds like you're in a great place now 🙏🏿👏🏻 Congrats on getting your warrant charges dismissed, on the new job and just having an amazing year in general 😊 We're happy for you! We're personally big LeBron stans over here 👀 plus he's still balling at age 39 which is amazing! But we're also Kobe, D-Wade and Shaq fans, too, so we get that! Also, lol @ Dephanie, we love it 😂 Thank you again for all of the love and being here! We hope you have a great 2024 🥳 (and 40 sounds like a good plan!)

Thanks for all the information. Can you do a video explaining setting up a wealth simple account

@stephandden

7 ай бұрын

Hi! We have one from a few years ago for Wealthsimple Invest specifically (the robo advisor), and we’ll have a new one coming out in a few weeks covering Wealthsimple Trade 😊

In Canada are you able to keep the earnings within the LLC and invest rather then taking salaries, paying tax, and then investing? I assume you will reduce your personal tax with investments within the RRSP, but are there advantages to keeping the investment within the LLC?

Hello Steph and Den, could y'all please give us a video on how you invest and maybe the kind of stuff you invest in? It'd really help us a lot in 2024 Thank you so much and God bless.

@stephandden

7 ай бұрын

We'll be doing a few updated investment videos over the next few weeks where we talk more about this! 😊

This year, I didn’t invest consistently. I was mostly focused on saving for my travel fund and because of that I was able to go 2 countries this year. I also hit my EF goal this year. I’m still not sure which should I prioritize for next year goals though. But I still have a day left to think about it. 😂

@stephandden

7 ай бұрын

Love it, it sounds like you had a great year! 😊

I really like how you don’t sanitize how Steph didn’t follow her budget and spent a lot more on food/going out. We all make bad choices but I loathe how that can be so demonized

@stephandden

7 ай бұрын

Agreed! It’s important to track + know what you want to change moving forward without being too hard on yourself. All you can do is move forward 😊

Great stuff 👏🏾 Steph & Den overall you guys did pretty well……..just curious though, when you say pay yourselves from the business e.g 3k CAD monthly & and 20k CAD yearly bonus each don’t you guys get taxed on that? So I guess my question is the money you get paid of your business pre or post tax

@stephandden

7 ай бұрын

Thanks so much! 🙏🏿🙌🏻 That’s the post tax amount 😊

I think you should really make a video on OSAP repayment because alot of ppl I know have made the mistake of paying off their entire osap loan. Imo ppl should be paying off the portion of the loan that is charged interest as a majority of it is interest free. I paid off the portion that accrued interest and the interest free portion will be paid off over 12 years lol

@stephandden

7 ай бұрын

We have a few old videos about Dennis’ student loan repayment journey on the channel! We could always make an updated video, too - thank you for the suggestion + sharing your thoughts 😊

This is an awesome video - huge congrats on reaching/progressing towards your goals! Steph, can you clarify how you contributed 12k to your TFSA this year if your yearly contribution limit was 6.5k? I still struggle to understand the annual vs lifetime limits - and got an educational letter from CRA last year for accidentally over-contributing :')

are you guys using a joint account to invest?

which stocks are the best to invest your money in? I invest in VFV and VDY but other than that I am not really sure? for long term and med to high risk. I hear that HXQ is good and outperforms the SP 500 but it be too risky according to some. Any ideas?

@HouseOfBurgz

7 ай бұрын

Depends on your investment time horizon and your risk tolerance. For myself I’m 100% into equities for the long term 10+ years. I’m currently investing directly into a ETF that covers the S&P along with Global equities exposure. Since you mentioned VFV it’s not a bad choice to start off with. I just find XEQT gives a lot more diversification within my portfolio. Good luck on your investment journey.

Do you have a video about how you financially prepared/determined it was time to go full time as entrepreneurs?

@stephandden

7 ай бұрын

We have a few videos around the time that we quit our jobs where we talk about the decision! 😊

What state or country are you guys located? Location matters when doing a vid like this.

@stephandden

7 ай бұрын

Toronto, Canada 😊

Hey guys great video!! I just had a quick question about investing in a TFSA and would love to get your opinion on it. Would you guys recommend that I invest in a ETF portfolio at Wealth Simple inside a TFSA account or should I open up a HISA in a TFSA and then once I save enough money in that account just lock away that money for 1-5 years depending on the rates. As of right now my goals are mid to long term so I don't need my money asap so that's why I curious on which route I should go with or if I should do both. I would love to hear from you guys! Cheers! Matt

@stephandden

7 ай бұрын

Hey Matt! Good question - it depends on your goals and where you're at with your money right now. First off - do you have an emergency fund / some short term savings in a HISA in case something does come up and you need accessible money? If yes, then what are your mid to long term goals - To buy a home? Retirement? If you're looking to buy a home, then you might want to invest in something that grows your money, but with a lower risk level as you'll need the money within a certain number of years. If you're investing for retirement, then our personal opinion is that you should start investing as soon as you can, so you're capitalizing on 'time in the market' (aka the longer you're investing, the better off you'll be in the long-term). We personally invest in ETFs within our TFSA as we're investing for retirement. We hope that helps! 😊

now i know why we the employees get $300 bonus and the front office are getting 20k+ bonus.. cooperate are so greedy..

@stephandden

6 ай бұрын

Ha! 😂😂

Thank you for all the content! I’d love to see a video about taxes being self employed and how to deal with it being such a big responsibility, I’m thinking of opening my own business and it’d be so helpful! Wishing you all best of 2024! 🤍

@stephandden

7 ай бұрын

Thanks so much! Thank you for the suggestion, too - we’ll definitely add that to the list! Have a great new year 😊

I'm definitely letting uncle same know y'all not paying taxes(I'm serious).

@stephandden

7 ай бұрын

Who’s not paying taxes? 🤔

Congrats on achieving your goals. I am interested to know what your other streams of income are besides youtube. I am surprised you are making the amount of income you are with the amount of views that you have. - and i don't mean that negatively. Good on you for being successfully self-employed. It can be so difficult to break through.

Its so great listening to your financial goals thus far. Is your business is sole proprietorship or incorporated ?

@stephandden

7 ай бұрын

Thank you! It’s incorporated 😊

I'm hoping to retire next year at 55. My goal next year is to be more serious and consistent with my investments I’ve been investing since I was 22. 2024 is going to be more serous for me investing consistently for the long term. starting to save for a house down payment. I want to invest more than $105k, but I'm not sure on how to mitigate risk

@stephandden

7 ай бұрын

Congrats on being so close to your retirement goal - love to hear that you've been investing for so long, too. We hope that you have a great 2024! 😊

It looks like you have not contributed to RRSP? Wondering if you are planning to do so after maxing out your TFSA? 😊

@stephandden

7 ай бұрын

Hi! We haven’t yet - we’ll talk about this more in a future video, but yes we’re both aiming to max out our TFSA before we open an RRSP 😊

@hamehemi8921

7 ай бұрын

@@stephandden thank for the response! I have maxed out my TFSA but is wondering if I should put money to RRSP given I may move to the US in the future. Do you have any advice in this case?

@beatbuildersstudio

7 ай бұрын

​@@hamehemi8921it depends on what you want to do with the RRSP. Me and wife was able to use the RRSP for a downpayment on a home. You get max 30k for each person if married. And it's a tax free loan from your RRSP if you pay it back within 15 years. I'm originally from the US. I have TFSA and RRSP and a 401k from my old US employer. It won't hurt to have an RRSP. The US and Canada have a tax treaty so that you don't get double taxed.

my 2024 goal is to break even on my ROTH account..

@stephandden

6 ай бұрын

That’s awesome! We’re here for it - keep us posted on the progress 😊

I can't recall if you've addressed it, but how do you pay CPP/EI within your income? Is that from the business?

@adventurousbec

7 ай бұрын

P.S. Congrats Steph! I'll be hitting my full TFSA contributions this year, super stoked to reach that goal.

@James-zy3yb

7 ай бұрын

Not mandatory if your self employed and not on payroll

@stephandden

7 ай бұрын

We pay it from the business, yes - so the income we pay ourselves out is after CPP/EI is paid 😊

@stephandden

7 ай бұрын

Amazing, you’re getting so close! 🥳

are you guys in the usa or canada?

@stephandden

7 ай бұрын

Toronto, Canada 😊

Why would you not try and max out your FHSA to reduce your tax liability?

@stephandden

7 ай бұрын

That’ll be more useful next year when our income is higher, anyways! 😊

@niloofarzarif7225

7 ай бұрын

You don't have to claim the FHSA tax deduction this year. You can contribute the 8000 in 2023, but don't use the tax deduction when you are filing your taxes for 2023 and carry the deduction room forward.

@stephandden

7 ай бұрын

Great point! We’ll talk more about our plans (and the FHSA specifically) in another video soon, too 😊

❤

@stephandden

7 ай бұрын

🙏🏿🙏🏻

🎉🎉🎉🎉🎉🎉🎉

@stephandden

7 ай бұрын

🥳🥳🥳

Where's the fun money

@stephandden

7 ай бұрын

We posted a video the other week about how much we spent + on what this year 😊 and the travel we mentioned at the end is definitely under the ‘fun’ category, too!

You guys talk with your hands too much, it's distracting. Stop it

@HouseOfBurgz

7 ай бұрын

I personally love it. Keep at it! ❤

@Kv4dem

7 ай бұрын

It's not distracting. I see no issue with it.

Hey just wondering if Steph is still using wealthsimple invest for her TFSA? Great video guys!

@stephandden

7 ай бұрын

Thank you! I actually have changed my investment strategy recently - we have a video coming out on Sunday talking all about this and sharing the details 😊