For someone at my income level, it's pretty clear the general consensus on order of accounts is:
TFSA or FHSA > RRSP > Taxable
So I would love some feedback on if/why this plan of mine is inefficient and/or super dumb!
30 y/o, TFSA will be maxed this year with mostly XEQT. FHSA is all XGRO. Income is variable, but around 50k. Taxable already has a some XEQT and random stocks.
My plan is to start buying blue chip Canadian stocks, like Royal Bank, Enbridge, Canadian Utilities etc. on a regular basis. I understand that I should be agnostic about whether gains come from dividends or compound interest at this age, and looking for overall growth, all other factors considered equal. But others things are not equal! (See attached image) Tax on eligible dividends is zero or negative!
I have no immediate path to increase my income, but I have hopes to make more money sometime before retirement lol and if I cross into the next tax bracket, maybe I'll start buying XAW in my RRSP to offset the overly Canadian holdings and keep the dividends coming in tax free for a while.
I just feel pretty uncomfortable contributing to RRSP at this income, and also feel unsure about huge capital gains from holding growth stocks in taxable account for decades until I'm old and rich. At the same time, I don't want to lose the forest for the trees and focus so much on tax that I'm missing the bigger picture.
So what do you guys think? Thanks in advance for any feedback