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Borrow money to max out TFSA? (lemmy.world)

submitted 1 month ago by LucidLyes@lemmy.world to c/personalfinancecanada

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I've just heard of someone doing that and it ended badly, but that was because the person over contributed. I wonder if it would be legal/smart for me to do that? I don't make enough to max out my TFSA and don't take risks investing (only invest in global ETFs and bonds).

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[–] CanadaPlus@lemmy.sdf.org 1 points 2 weeks ago* (last edited 1 week ago)

Usually borrowing to invest is a losing proposition, because if it wasn't, it would be a free money bug.

If you could find an impossibly good interest rate (maybe through another government program) you might be able to make a small profit, I guess. Just lend it back out as bonds at a normal interest rate. You better damn well know what you're doing, though.