George Kamel

Oh, I see.

Oh, I see.

Well, the TFSA, what's happening is you're using after-tax dollars. So you're not getting a tax advantage this year, but the tax advantage is that money won't be taxed again. Okay. And so I'm a big fan of that because in retirement, it just causes less confusion. And if you have a million dollars sitting in that TFSA, that's like a million dollars of take-home pay.

Well, the TFSA, what's happening is you're using after-tax dollars. So you're not getting a tax advantage this year, but the tax advantage is that money won't be taxed again. Okay. And so I'm a big fan of that because in retirement, it just causes less confusion. And if you have a million dollars sitting in that TFSA, that's like a million dollars of take-home pay.

Well, the TFSA, what's happening is you're using after-tax dollars. So you're not getting a tax advantage this year, but the tax advantage is that money won't be taxed again. Okay. And so I'm a big fan of that because in retirement, it just causes less confusion. And if you have a million dollars sitting in that TFSA, that's like a million dollars of take-home pay.

That the government doesn't get to touch again. And so you're kind of betting that, hey, tax rates will likely go up over the long haul. And you're also in the U.S. There's different stipulations like required minimum distributions don't apply to those tax free accounts like they do with the traditional because the government wants a piece of the pie.

That the government doesn't get to touch again. And so you're kind of betting that, hey, tax rates will likely go up over the long haul. And you're also in the U.S. There's different stipulations like required minimum distributions don't apply to those tax free accounts like they do with the traditional because the government wants a piece of the pie.

That the government doesn't get to touch again. And so you're kind of betting that, hey, tax rates will likely go up over the long haul. And you're also in the U.S. There's different stipulations like required minimum distributions don't apply to those tax free accounts like they do with the traditional because the government wants a piece of the pie.

And because you already gave it to them, they don't get it again. So a lot of advantages there. I would just stick to the TFSA, if I were you, for investing. And that's 15% is what I'd recommend. And then anything beyond that, put into that non-retirement account for the house down payment. Okay. That'll give you some parameters to go.

And because you already gave it to them, they don't get it again. So a lot of advantages there. I would just stick to the TFSA, if I were you, for investing. And that's 15% is what I'd recommend. And then anything beyond that, put into that non-retirement account for the house down payment. Okay. That'll give you some parameters to go.

And because you already gave it to them, they don't get it again. So a lot of advantages there. I would just stick to the TFSA, if I were you, for investing. And that's 15% is what I'd recommend. And then anything beyond that, put into that non-retirement account for the house down payment. Okay. That'll give you some parameters to go.

And that's pretty nerdy, Ken, but that's kind of our baby step 3B slash 4 is I'm saving for the down payment. I want to invest. You can invest anywhere from 0% to 15% in baby step 3B, but she's saying 10 years. I do not want her pausing investing for 10 years.

And that's pretty nerdy, Ken, but that's kind of our baby step 3B slash 4 is I'm saving for the down payment. I want to invest. You can invest anywhere from 0% to 15% in baby step 3B, but she's saying 10 years. I do not want her pausing investing for 10 years.

And that's pretty nerdy, Ken, but that's kind of our baby step 3B slash 4 is I'm saving for the down payment. I want to invest. You can invest anywhere from 0% to 15% in baby step 3B, but she's saying 10 years. I do not want her pausing investing for 10 years.

Who knows what homes in Canada will cost 10 years from now.

Who knows what homes in Canada will cost 10 years from now.

Who knows what homes in Canada will cost 10 years from now.

Can we play out a worst-case scenario, because that's 99% of the calls we get on this show? Yeah, let's do it. But before we do that, George, I just want to— I was so excited.

Can we play out a worst-case scenario, because that's 99% of the calls we get on this show? Yeah, let's do it. But before we do that, George, I just want to— I was so excited.

Can we play out a worst-case scenario, because that's 99% of the calls we get on this show? Yeah, let's do it. But before we do that, George, I just want to— I was so excited.