Deploying Large Sum in TFSA

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Hello,

Will be deploying over 72K+ mostly in my TFSA in the near future.

Advice for pacing the purchase

20 years until i will start using 4-5% annually from this account as income.

I currently to do about 60% dividend investing and 40% growth.

For the TFSA i`m thinking CAD Div Stocks and US and CAD Growth Stocks, any suggestions

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Asked on November 21, 2020 8:52 pm
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Private answer

Hi there,

For starters be careful about over contributing to your TFSA - there are some hefty penalties. As of today, the lifetime limit is $69,500 so if you have already contributed (or not), you will likely not have enough room to dump that $72K. There are some nuances though if you've pulled out money here and there so make 100% sure you know your limit. You can do so on the CRA's website.

As for composition 60% div and 40% growth seems respectable - it is similar to my own. As long as it fits within the context of your risk profile. As for the holdings, CAD Div and growth stocks and US growth stocks are also appropriate - no issues there.

Mat

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Posted by Mathieu Litalien
Answered on November 22, 2020 7:28 am
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