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How to Turn a $10,000 TFSA Into $1,000,000 Image source: Getty Images
If you asked me 10 years ago how to turn a $10,000 Tax-Free Savings Account (TFSA) into $1,000,000, I would say make maximum TFSA contributions every year and invest in proven dividend growth stocks. I still think that’s one of the surest, safest, and most stable ways to achieve a TFSA worth a cool one million.
However, after gaining more than 10 years of stock investing experience down my belt, my answer would be a little different today.
I’d say make maximum TFSA contributions every year, invest in proven dividend-growth stocks, and expand into higher-growth stocks after you’ve learned the ropes.
The Housing Market in Canada Has Grown Way Faster Than in the U.S.
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Canada and the U.S. faced a historic economic downturn in 2020. The budget deficits of both countries soared through the roof to cushion the impact of the health crisis. In Canada, despite the grim prospects of a deep recession, its housing market defied the pandemic.
While the American housing market fared pretty well, real estate prices in Canada have grown 25 times faster than U.S. home prices since 2005. COVID-19 was challenging, but not enough the overcome the market’s resiliency. According to
Canada Revenue Agency: 2 Significant Changes to Note in 2021
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With the rollout of the vaccine underway, many Canadians have a more positive outlook for 2021. The second wave was tough worldwide, and many Canadians found themselves back in isolation due to the pandemic. However, the vaccination campaign may provide something to look forward to as the year progresses.
The Canada Revenue Agency (CRA) played a monumental role in distributing various emergency payments to Canadians affected by the pandemic to ensure that they can continue generating revenue. The
CPP contribution rates
The CRA’s Canada Pension Plan (CPP) enhancements are underway. Contribution rates have gradually increased for the CPP since 2019. With the 2021 update, the employer and employee contribution rates have gone up from 5.25% in 2020 to 5.45%. The contribution rate for self-employed Canadians has gone to 10.5%.