TFSA : My dilemmas

Hi,

I love to maximize my TFSA. 

I can hear you saying, Ya, why don't you do it?

Couple of years back , I was working for 3 different employers. I was working approximately 50 hours per week. Problem was, each employer was deducting taxes according to the amount I was making at each place. After filing my tax return, I had to pay a lump sum to CRA as tax. So, the next year, I added money to RRSP. That helped me not to pay the lump sum amount to CRA. The problem is I didn't have enough money to maximize the TFSA after contributing to RRSP. 

Now, it is still a problem. Now, I got a rental property also. That makes the income even higher. So, RRSP contribution is a must. Some of the financial bloggers mentioned they maximized RRSP and TFSA. That makes me wonder how they do it! 

I am not spending like crazy. All monthly expenses are paid off. There is no credit card balance. Mortgage is the debt I have. But, still can't figure out how to maximize the registered accounts. 

The good thing about TFSA contribution room is we can check it on "My Account" on CRA to see how much is available. I wasn't very keen in tracking my deposits to TFSA. There is a penalty for over contribution.  Since my aim is to maximize TFSA, I am trying to track it using a spread sheet. Each time, i make a deposit, I enter it on the spread sheet. 

Still the question remains: How people do maximize both RRSP and TFSA?

My guess is this: the ones who maximized their RRSP  as well as TFSA must have a higher income, well over $100,000. They might have moved their non registered accounts to TFSA after it was open for all Canadians. 

What do you think?

 

Bindu