Borrow money to max out TFSA?
Borrow money to max out TFSA?
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).
If you mean taking out a loan to put in your TFSA, that's a horrible idea.
The market is very volatile right now and there's a lot of uncertainty with what's going to happen next. Then you'll be stuck with a loan on top of your investment losing money. It's very risky.