Wealthsimple questions

[Palmer1991]

Lots of good info here!
Lots to look up just from reading all this, thanks!

So the max annual limit is 7k correct?
This 7k is every year and any unused can be added to the next year. Is it once the account is open or once I turn 18?...
Like do I only get to throw in 7k this year or do I have 15 years of 7k I can add in now(edit: I see It hasn't always been 7k, so can I add all the totals for each year up for the last 15 years?)
And how does having a crypto wallet fall into this? (I'm 33 yrs old). Then everything over gets taxed 1% a month, makes it so it better be a high yield or else it's not worth it eh?


Bitcoin is on the rise at the moment, quite quickly too, already back to 141k and with Trump's 90 day tariffs coming back. Which would you guys put your money towards? I was thinking 15% stock/etf and 5% bitcoin of my net income into each (being around 1000$ every 4 weeks, I pay into two pension plans so even though I make 5$ an hour more than when I was a carpenter, my check is actually less)

3ml, I'm guessing crypto is one of the high risk assests. So you put on a couple of high volatility assest 5% each, or total?


Also, I was thinking of also getting the moomoo app, so when I buy American I can save the 1.5%, but they said my address doesn't add up, so it didn't complete. Now I'm getting calls from them to help fix it, would you trust it's actually them? Hackers aren't that advanced yet right?

 

[3ml]

Lots of good info here!
Lots to look up just from reading all this, thanks!

So the max annual limit is 7k correct?
This 7k is every year and any unused can be added to the next year. Is it once the account is open or once I turn 18?...
Like do I only get to throw in 7k this year or do I have 15 years of 7k I can add in now? And how does having a crypto wallet fall into this? (I'm 33 yrs old). Then everything over gets taxed 1% a month, makes it so it better be a high yield or else it's not worth it eh?


Bitcoin is on the rise at the moment, quite quickly too, already back to 141k and with Trump's 90 day tariffs coming back. Which would you guys put your money towards? I was thinking 15% stock/etf and 5% bitcoin of my net income into each (being around 1000$ every 4 weeks, I pay into two pension plans so even though I make 5$ an hour more than when I was a carpenter, my check is actually less)

3ml, I'm guessing crypto is one of the high risk assests. So you put on a couple of high volatility assest 5% each, or total?


Also, I was thinking of also getting the moomoo app, so when I buy American I can save the 1.5%, but they said my address doesn't add up, so it didn't complete. Now I'm getting calls from them to help fix it, would you trust it's actually them? Hackers aren't that advanced yet right?

The 5% figure is for people who want to play it safe.
Almost everything I buy is "high risk"
Personally I see almost no risk in bitcoin. I see the world a different way though.
So far I have been right, hopefully it keeps going that way.

ETFs are fine for people who aren't involved. I don't like then because when you buy baskets of companies there is garbage included with the good stuff.
Do I want to buy a sack of potatoes and have some rotten ones in there or should I dig through the dirt and find the very best ones....

I bought a stock called ASST this am, made almost 50% closed the trade kept a few to let run. High risk trade but paid very well.

Put it this way. On a day like today my portfolio grew more than most red seal tradesmen make in a year. But tomorrow that could be all gone and more.
High volatility is what I like. That's where the money is.

 

[DeeKnows]

The 5% figure is for people who want to play it safe.
Almost everything I buy is "high risk"
Personally I see almost no risk in bitcoin. I see the world a different way though.
So far I have been right, hopefully it keeps going that way.

ETFs are fine for people who aren't involved. I don't like then because when you buy baskets of companies there is garbage included with the good stuff.
Do I want to buy a sack of potatoes and have some rotten ones in there or should I dig through the dirt and find the very best ones....

I bought a stock called ASST this am, made almost 50% closed the trade kept a few to let run. High risk trade but paid very well.

Put it this way. On a day like today my portfolio grew more than most red seal tradesmen make in a year. But tomorrow that could be all gone and more.
High volatility is what I like. That's where the money is.

Do you trade options too or you dont like that kind of risk? Its big risk, big reward but with deadlines, so its a pain imo.

 

[3ml]

I'm just starting to dip my toes into options very carefully.
For stocks up until recently it's all just been spot.

I trade crypto with small leverage.

 

[Heraclitus]

Lots of good info here!
Lots to look up just from reading all this, thanks!

So the max annual limit is 7k correct?
This 7k is every year and any unused can be added to the next year. Is it once the account is open or once I turn 18?...
Like do I only get to throw in 7k this year or do I have 15 years of 7k I can add in now(edit: I see It hasn't always been 7k, so can I add all the totals for each year up for the last 15 years?)
And how does having a crypto wallet fall into this? (I'm 33 yrs old). Then everything over gets taxed 1% a month, makes it so it better be a high yield or else it's not worth it eh?


Bitcoin is on the rise at the moment, quite quickly too, already back to 141k and with Trump's 90 day tariffs coming back. Which would you guys put your money towards? I was thinking 15% stock/etf and 5% bitcoin of my net income into each (being around 1000$ every 4 weeks, I pay into two pension plans so even though I make 5$ an hour more than when I was a carpenter, my check is actually less)

3ml, I'm guessing crypto is one of the high risk assests. So you put on a couple of high volatility assest 5% each, or total?


Also, I was thinking of also getting the moomoo app, so when I buy American I can save the 1.5%, but they said my address doesn't add up, so it didn't complete. Now I'm getting calls from them to help fix it, would you trust it's actually them? Hackers aren't that advanced yet right?

It changes every year or so.

Annual TFSA dollar limit

2009 to 2012 $ 5,000
2013 and 2014 $ 5,500
2015 $10,000
2016 to 2018 $ 5,500
2019 to 2022 $ 6,000
2023 $ 6,500
2024 and 2025 $ 7,000

Add them up for each year you're eligible,
you can put in that total amount.
Your TFSA contribution room starts in the year you turned 18

Contributing to a TFSA - Canada.ca

Information about contributing to a Tax-free Savings Account (TFSA).

www.canada.ca

 

[Palmer1991]

The 5% figure is for people who want to play it safe.
Almost everything I buy is "high risk"
Personally I see almost no risk in bitcoin. I see the world a different way though.
So far I have been right, hopefully it keeps going that way.

ETFs are fine for people who aren't involved. I don't like then because when you buy baskets of companies there is garbage included with the good stuff.
Do I want to buy a sack of potatoes and have some rotten ones in there or should I dig through the dirt and find the very best ones....

I bought a stock called ASST this am, made almost 50% closed the trade kept a few to let run. High risk trade but paid very well.

Put it this way. On a day like today my portfolio grew more than most red seal tradesmen make in a year. But tomorrow that could be all gone and more.
High volatility is what I like. That's where the money is.

Where did you look to find out something like that. Do you just see which stock made the most today, see if there is a trend, read up on it, then throw in or?

It's hard to imagine Bitcoin continuing to climb, but I guess people have been saying that since day one . I just finally got a hard wallet to put my crypto into.l, it's just been sitting on one of those apps for the last two years or so. I really wish I never got into drugs in my 20's cause I was on the crypto train right from the beginning but then skipped out basically as quick as I got in to party it for 7-8years then it took years to get on the right path andmore years to get out of debt

 

[Palmer1991]

It changes every year or so.

Annual TFSA dollar limit

2009 to 2012 $ 5,000
2013 and 2014 $ 5,500
2015 $10,000
2016 to 2018 $ 5,500
2019 to 2022 $ 6,000
2023 $ 6,500
2024 and 2025 $ 7,000

Add them up for each year you're eligible,
you can put in that total amount.
Your TFSA contribution room starts in the year you turned 18

Contributing to a TFSA - Canada.ca

Information about contributing to a Tax-free Savings Account (TFSA).

www.canada.ca

Sweet thanks, that makes it a lot easier. I won't have to worry about over investing for some years then! There's still 50+k to go
Does Bitcoin fall into this, and if so has it always?

 

[3ml]

Where did you look to find out something like that. Do you just see which stock made the most today, see if there is a trend, read up on it, then throw in or?

It's hard to imagine Bitcoin continuing to climb, but I guess people have been saying that since day one . I just finally got a hard wallet to put my crypto into.l, it's just been sitting on one of those apps for the last two years or so. I really wish I never got into drugs in my 20's cause I was on the crypto train right from the beginning but then skipped out basically as quick as I got in to party it for 7-8years then it took years to get on the right path andmore years to get out of debt

I keep in touch with a group of traders
If we hear of something interesting we let each other know

 

[Palmer1991]

So I was browsing around the site and I noticed a stock that's Canadian, so wouldn't have the conversion fee.... But it says it's 120 Canadian per share, yet wealthsimple was gunna charge 135 per share.

The stock line shows it's 120...
But reading all the info stuff it says :bid 110$, asking 135$, and last 120$
Open 121$, high 121.250, low 120$
WHy would it jump to 135 if I tried to purchase?

 

[DeeKnows]

So I was browsing around the site and I noticed a stock that's Canadian, so wouldn't have the conversion fee.... But it says it's 120 Canadian per share, yet wealthsimple was gunna charge 135 per share.

The stock line shows it's 120...
But reading all the info stuff it says :bid 110$, asking 135$, and last 120$
Open 121$, high 121.250, low 120$
WHy would it jump to 135 if I tried to purchase?

You really need to read something like stock market investing for dummies or something because you lack the most basic stock market knowledge.
Maybe try a little bit to learn on your own, especially when its going to be concerning your investments funds.

 

[Palmer1991]

You really need to read something like stock market investing for dummies or something because you lack the most basic stock market knowledge.
Maybe try a little bit to learn on your own, especially when its going to be concerning your investments funds.

Would the regular one be good, "stock market for dummies" or "stock market for dummies Canadian stocks" the Canadian one is for some reason three times more expensive online lol, but I feel like it would have less advice on it because it focuses on the Canadian market

 

[Cheapshot]

I use weathsimple and questrade. Weathsimple is much better for beginners, but if your buying usd stocks questrade is better using norbits gambit. If your just getting started stick to index funds and max your tfsa first and learn along the way. Weathsimple is also insured up to 300k not the normal 100k per account. The crypto is not insured, dip your toes, but pull it off the exchange when you build it up. You will get alot of extra benifits when you hit 6 figures with ws, almost instant customer support, lower fees on crypto but still.1%, free usd accounts, etc