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affairesdepiasses@lemmy.ca

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

submitted 1 week 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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[–] bambootstrap@lemmy.ca 2 points 1 week ago

It is legal but the interest on the loan is not tax-deductible, unlike other investment loans you might take out.

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