What to do when you fill your RRSP and TFSA

So your have been a diligent Canadian and have worked hard and saved agressively to max out your registered accounts, now what do you do?

1. Unregistered investment account

Start an unregistered investment account which will allow you to continue to invest and take advantage of things like "Tax Loss Harvesting". Because this account allows you to claim capital losses you can also afford to take more risk then you may want to in a registered account.

2. Buy property

Your TFSA allows you to have tax free capital gains, so does your primary residence! If you're one of those people that feel property is a safer bet then the stock market and would prefer not to open an unregisted account then maybe home ownership is the right place for your money.

3. Invest in a business or start a business

This is one of the more risky investments that you can make but their is some advantages. This could be an oppotunity to take advantage of your financial security and take a risk with an entrepeneurial adventure! If you start a business and it does well you now have additional cashflow or equitity in a revenue generating business, if your business fails you should be eligible to claim the losses against your income tax to recoup some of the money you spent on the venture

4. Donate to charity!

Donating to charities is a great way of having a positive impact on your local community aswell as getting a tax credit up to 35% (more here)!


If you're one of the lucky few that has been able to stay on top of your registered acocunts there is still many other ways you can continue to improve your future financial outlook but this also serves as a tripwire for you to re-evaluate your quality of life and possibly spend more of your cashflow rather then save.

You only live once.
- Drake