TFSA usage dips as Canadians struggle with higher inflation, economic concerns: BMO

Sal Guatieri, director and senior economist with BMO Capital Markets, joins BNN Bloomberg to discuss the latest BMO Capital Markets report showing Canadians have been investing less into their TFSA amid economic uncertainty.
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[@thomas_doyle]

Inflation is far more harmful to individuals than a collapsing stock or property market because it directly affects people's cost of living, which they immediately feel. It is not surprising that the current market sentiment is extremely pessimistic. In today's economy, assistance is critical if we are to survive.

[@danieljackson87]

If you lack market knowledge, your best bet is to seek advice or support from a consultant or investing coach. Contacting a consultant may sound simple, but it's how I've managed to stay afloat in the market and increase my portfolio to roughly 65% since January. It is, in my opinion, the best way to get started in the industry right now.

[@mikeharry96]

@@danieljackson87 Where may one locate an experienced FA? I like the notion of employing their services, but it's terrible that recent stock market tragedies have started to happen more frequently.

[@danieljackson87]

@@mikeharry96 Her name is Stacey Laura Alviani can't divulge much. Most likely, the internet should have her basic info, you can research if you like

[@andrewlogan7737]

@@danieljackson87 Insightful... I was curious after reading what you shared, so I Googled her name. I came across her webpage.

[@michaelwilliamson2345]

how much of an effect did FHSA contributions have on the reduction of TFSA contributions? I suspect not much given that they only came out mid 2023. probably but presumably, those who qualify and have got one would probably prefer to contribute to the FHSA if they had limited funds to put into these kinds of accounts. Interested to see what that effect was though!

[@KarenLavia]

Inflation hits people a lot harder than a crashing stock or housing market as it directly affects people's cost of living that people immediately feel the impact of. It's not surprising negative market sentiment is so high now. We really need help to survive in this Economy.

[@SandraDave.]

I think I could really use more guidance to navigate the market, it is completely overwhelming, I've liquidated most of my assets and I could really use some advice on what best to invest into.

[@RaymondKeen.]

Your best option if you are unfamiliar with the markets is to seek advice or help from a consultant or investing coach. I know it sounds simple or generic, but talking to a consultant helped me stay afloat in the market and increase my portfolio to roughly 65% since January. For me, it's the best method to enter the market right now.

[@RaymondKeen.]

Finding financial advisors like Margaret Johnson Arndt who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

[@JessT-vg7ib]

I want to see higher interest rates and more bankruptcies.

[@Doug-zl8nb]

Letter dangle

[@JessT-vg7ib]

There's something in my pants dangling.@@Doug-zl8nb

[@user-ip6zt8je9v]

As evil that sounds quite the contrary this is what is supposed to happen to go back to a normal but it seems central banks want people to keep spending and working forever when we all know it isn't sustainable... They have this perception that we grow and work forever and the leaders who decide which big actions to take for us are clearly sucked into this delusional thought as well. Seriously, who the hell thinks that having 4-5 kids each generation and at the same time spending a ton of money actually puts real value back into the country.

[@MCBC_5]

Thanks at last someone told this news reader comparing Canada and US is sheer madness

[@karlroth7082]

It’s really amazing how saving as little as 80 dollars a week adds up quickly .

[@spicoli4217]

Cant put away money that you don’t have

[@user-rz6tv4ed6t]

Could it be people are prioritizing contributions to FHSA\RRSPs until tax time then look into TFSAs with their returns? Seems more information about all savings should be the backdrop to this topic.

[@johnnyboyvan]

The TFSA was designed for upper middle class individuals. 😮 The poor can't take advantage. I have maximized mine.

[@remmyjr8983]

Rich

[@AG-hl1ni]

False

[@Doctor_Bong]

RRSP, TFSA, FHSA. More baskets that don't help those that don't have 2 nickels to rub together.

[@Martin-qm2lg]

Canadians have been in a bad state financially for decades. Far too much debt

[@walterpen371]

Also taxed to death and after as well. George Harrison was accurate in his song...even after your dead, I'll squeeze the pennies from your eyes, cause I'm THE TAXMAN $$$$$

[@Martin-qm2lg]

@@walterpen371then why does Canada want such a big nanny state of all kinds of expensive and ineffective union run programs?? Cut the size of the government. Reduce spending. Get government out of things. Let the people figure it out and take initiative. Why does government need to do everything? You do it! Government is too large, expensive and intrusive. Once government is eliminated from areas and reforms are made, then the government hunger for revenue will be reduced.

[@hentaicrypto]

which means its perfect time to go ham

[@justinaldrich1719]

Higher rates are coming

[@XAUCADTrader]

They chickened out! I don't think they can go above 5% lol, we're so screwed.

[@Lawliet734]

The custom of going into debt to celebrate a holiday, namely Xmas, is very Canadian.

[@kamenidriss]

In another news, water is wet and the sky is blue

[@dougreed736]

So I'm gonna loose my house. Thanks Trudeau

[@XAUCADTrader]

Thanks Justin! And the people that voted for him. I really don't know what we got, it was like we destroyed this place for 8 years for 0 reason and it's going to take even longer to recover. Think OECD said we'll be back on track in 2060?

[@Meeksballs]

Not in liberal Canada!

[@KailinruAdao]

I’m 45, $800K net worth. Been saving 50% of my salary, investing in stocks & living below my means. I'm trying to avoid new buys now in order not to get sucked into a bear trap. On the other hand, I’d love to know best possible areas and ways to invest amid downtrend. I’m worried with the numerous bank failures as of late or do I wait?

[@Edgardo477]

@@llWavene if you do not mind, could you explain a little bit how you're getting guidance and how can I contact the advisor? I'm looking to give stocks another shot after staying on the sidelines

[@Chaim127]

Exactly what I’m doing again this week. The smartest thing I’ve ever done was having 30% in cash to buy on the way down in 2021. It hurt watching 30-40% discounts drop to 50, but grabbing Google, NVDIA, Apple, and others near the bottom has paid off

[@Edgardo477]

Thanks for sharing. searched for her full name and her website popped up and it was easy to schedule a call session with her

[@XAUCADTrader]

I dunno, I just stuff everything into the S&P500 =/...I tried a lot of strategies prior to, but the academic literature was right =/...

[@Solairethedarksoul]

They need to allow unlimited contribution amount. All the money that goes in there has already been taxed. To be taxed at 1% a month for for all over contributions is egregious.

[@davidhughes6048]

🙄

[@catherineto]

How about online spending ? He forgot it ?

[@skullandbones1832]

I only buy gold bars all these other forms of making money are uncertain.

[@Carolinapetroska]

What's the point of a Tfsa ? The rewards are so low....

[@AG-hl1ni]

You clearly don't know how a TFSA works lol

[@bigfose1]

Surprise Surprise

[@bat2275]

TrueDough destroyed this country

[@mikedennington8856]

Contribute to TFSA and get dividend paying stocks and withdraw the dividend every month. It's not hard to get over 10% dividends, never mind the 2.25% from the gouging banks look into ETF's paying monthly.

[@davidhughes6048]

10% dividends? Good luck with that. You can’t claim a capital loss in a TFSA. Just fyi.

[@funbags6471]

What stocks are paying 10% that aren't massively risky?

[@DavidChris-wj2yb]

Hallelujah!!!! The daily Jesus devotional has been a huge part of my transformation, God is good🙌🏻🙌🏻, after years of addiction to drugs and sins God chased me down as I earn $112,500 monthly. My life and family has changed, Thank you Jesus!!!...

[@gideonbillion1655]

Hello , I am very interested. As you know, there are tons of investments out there and without solid knowledge, I can't decide what is best. Can you explain further how you invest and earn?

[@alfredagbor867]

After I raised up to 325k trading with her I bought a new House and a car here in the states 🇺🇸🇺🇸also paid for my son's surgery (Oscar). Glory to God.shalom..

[@jamesstar8340]

I'm favoured, $60K every week! I can now give back to the locals in my community and also support God's work and the church. God bless America,, all thanks to Mary Bridget 😊🎉

[@gideonbillion1655]

Such information we don’t get from most KZbinrs, how can I get to her. ?

[@DavidChris-wj2yb]

Her number down below ✨

[@hiro0500]

You are poorer than u think

[@daviddiaz9341]

We can thank Trudeau and Singh 👳🏿‍♂️ for this disaster 😔

[@M3ta1]

Buy Bitcoin

[@604nation]

Self inflicted…everyone rich in Canada