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Borrow money to max out TFSA? (lemmy.world)

submitted 2 weeks ago by LucidLyes@lemmy.world to c/personalfinancecanada@lemmy.ca

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I've just heard of someone doing that and it ended badly, but that was because the person over contributed. I wonder if it would be legal/smart for me to do that? I don't make enough to max out my TFSA and don't take risks investing (only invest in global ETFs and bonds).

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[–] cyborganism@lemmy.ca 5 points 2 weeks ago

If you mean taking out a loan to put in your TFSA, that's a horrible idea.

The market is very volatile right now and there's a lot of uncertainty with what's going to happen next. Then you'll be stuck with a loan on top of your investment losing money. It's very risky.