It’s Very Hard to Max Out Your TFSA, RRSP and More

In this clip from our recent podcast with Jason Pereira, we talk about how maxing your TFSA, RRSP, RESP, FHSA, etc. — and still paying a mortgage — is out of reach for 99% of Canadians.

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I mean, think about trying to max your TFSA, your RRSP and your RESP now, I mean with, with real estate prices where they are, and income’s not having kept up, almost nobody can do that stuff anymore.

No. I mean, we’re talking about still do the math, right? I mean, what’s the maximum of the RRSP now? I always forget because it moves every year. Over 30,000.

Yeah.

30,000 plus another seven plus for the TFSA. Like we’re talking $40,000 in savings per person in addition to mortgage payments. So these are luxuries we don’t have in general as people.

Well, you’ll laugh at this. I got a call maybe a month ago, and a guy said to me, he’s young, he’s 30. He said, I’m maxing my RRSP. I’m maxing my TFSA. We bought a home, but we were maxing for a year. The FHSA we’re maxing the RESP. What would you do next? And I said, if I were you, I’d write a book. Because if you’re maxing all those things at age 30, you’re doing a lot of things right.

You need to teach other people. Obviously, he must have had, or she must have had together the family a huge income because 99% of people can’t do that.

I’d also step back and say, I have one question for you. Are there things in life you’re not doing that you wish you were?

Right.

What balances aren’t you striking?

That’s it exactly. Right.