Instead of a rocket ride into the stratosphere of six or seven figures, Paul Cosgrove’s TFSA took off on an earthbound roller coaster ride that yielded ‘an unforgettable experience’
This is TFSA Trouncers, a series that profiles Canadian investors who’ve accomplished incredible feats with their tax-free savings accounts. If you have grown your TFSA to half a million dollars or more, drop us an e-mail at. You may choose to be anonymous, but we do require an e-mail address and we may request a screengrab of your portfolio for fact-checking purposes.
Mr. Cosgrove grew up in Etobicoke, Ont., and enrolled at Toronto Metropolitan University to study architecture. In the 1980s came a move to British Columbia and a career as a designer, renovator and builder of custom houses. Within a year, Canopy was a “four-bagger,” as Mr. Cosgrove described it. The stock was then sold at this point.
China also seemed like a good place to invest in 2017 and 2018, as its mixed economy boomed under government direction and a commitment to capitalism. Stocks purchased in his TFSA included:KraneShares MSCI China Clean Technology Index ETF, which holds makers of electric vehicles, solar panels, etc. His TFSA currently has Canadian oil and gas producers. One of the reasons: new pipelines to the coast of B.C. are poised to ramp up shipments of liquefied natural gas to Japan and South Korea, where gas prices are higher than in the U.S. market.
Looking at Paul’s investment history, it’s a mixed bag of home runs and strikeouts that remarkably brings him back to $95,000, the lifetime contribution limit to the account. With this type of strategy, you hope the big wins outweigh the big losses, particularly in an account with no reported capital gains or losses. His real loss is the opportunity cost of 15 years of tax-free compounded growth he could have experienced in this account.
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