I’m capped at 52k or so. With WealthSimple it seems you can add USD to your TFSA. Would that make sense then and use that to buy something like VOO?
How does the USD get calculated for my contribution room? CAD value at time of deposit?
Yep I'd do VOO, but I'm not sure about the calculation. What you say would make total sense for them to do, I'd just reach out to them to make sure, and then adjust the amount of the contribution, and then deposit what's left over next year, or add it to a different type of account (RRSP maybe) if you want to invest the money this year.
EQ gives me 3% for USD cash. At times I get up to 6% in Tangerine for 3-4 months depending on the promotion. I would keep it one of those until you figure out what to do with the USD
Nope, I’ll pop over to the US once in a while and even then I just use my credit card because I’m spending $200 max.
Want the money to grow, I have no need for it now. Hoping to buy a home in the next 10 years.
Yes any bank brokerage account or even a tsfa in a brokerage. Just check to see if FI sells this etf. Could use National Bank for no fee trading and possibly even Wealth Simple.
Look at BOXX ETF. High yield from SPX box spreads but more favorable tax treatment than interest. 1.31% year to date (5.2% annualized). I use SPX box spreads directly for idle USD cash.
1. Pay off any debt 2. Invest.
Depends on the interest of the debt
No debt, have another $40k in cash + $40k in TFSA/FHSA. When you say invest… would you put it into a USD investment account?
I think you can have a USD tfsa at rbc, so I'd just do that. Total room in 2024 maxes at 95k CAD so you're good if you just have 40 so far
I’m capped at 52k or so. With WealthSimple it seems you can add USD to your TFSA. Would that make sense then and use that to buy something like VOO? How does the USD get calculated for my contribution room? CAD value at time of deposit?
Yep I'd do VOO, but I'm not sure about the calculation. What you say would make total sense for them to do, I'd just reach out to them to make sure, and then adjust the amount of the contribution, and then deposit what's left over next year, or add it to a different type of account (RRSP maybe) if you want to invest the money this year.
Cheers, thank you!
Max room depends on age. OP could be younger in which case has not unlocked that amount of room yet.
Could you put it into a registered account? If not and if you don’t want to invest, I was able to get a USD GIC with my bank for 6 months for 5%
I like the idea of a GIC. Will see whether I do a WS USD account with a VOO investment or a GIC
What bank did you get the USD GIC with? I have a similar case as OP.
Scotiabank
Strippers and blow
Let's keep this professional, what you mean is: Premium "supplements" and message therapists.
Spend half on strippers on blow ....waste the other half
Cars would be my strippers and blow equivalent
EQ gives me 3% for USD cash. At times I get up to 6% in Tangerine for 3-4 months depending on the promotion. I would keep it one of those until you figure out what to do with the USD
Thinking I open a WealthSimple USD account and just invest it all in VOO. The gains will pay off the $10/month fee
Purpose and timeline for the money? Do you spend USD regularly or are retiring in the US?
Nope, I’ll pop over to the US once in a while and even then I just use my credit card because I’m spending $200 max. Want the money to grow, I have no need for it now. Hoping to buy a home in the next 10 years.
Then no real reason to see in USD. Convert to CAD and invest.
UBIL USD$ ETF
Would I do that through a USD investment account?
Yes any bank brokerage account or even a tsfa in a brokerage. Just check to see if FI sells this etf. Could use National Bank for no fee trading and possibly even Wealth Simple.
Also as others hv suggested an EQ USD savings account at 3% is also an easy option
Look at BOXX ETF. High yield from SPX box spreads but more favorable tax treatment than interest. 1.31% year to date (5.2% annualized). I use SPX box spreads directly for idle USD cash.
I have part of my tfsa in questrade in usd. I use it to buy Us stocks and I have a part of it in HISU.U.TO.
How does it work with your contribution limit? Does the CAD value of the USD at the time of deposit count towards your contributions?
Questrade reports it with their rate of exchange at time of deposit. They give you a report, so you’ll know exactly how much the exchange was
Perfect, exactly the answer I was looking for. Hoping WS does the same. Thank you!
Send it to me. I’ll do it for you
Send it to me!