  We investigate the halide perovskite TiF$_3$, renowned for its intricate
interplay between structure, electronic correlations, magnetism, and thermal
expansion. Despite its simple structure, understanding its low-temperature
magnetic behavior has been a challenge. Previous theories proposed
antiferromagnetic ordering. In contrast, experimental signatures for an ordered
magnetic state are absent down to 10~K. Our current study has successfully
reevaluated the theoretical modeling of TiF$_3$, unveiling the significance of
strong electronic correlations as the key driver for its insulating behavior
and magnetic frustration. In addition, our frequency-dependent optical
reflectivity measurements exhibit clear signs of an insulating state. Analysis
of the calculated magnetic data gives an antiferromagnetic exchange coupling
with a net Weiss temperature of order 25~K as well as a magnetic response
consistent with a $S$=1/2 local moment per Ti$^{3+}$. Yet, the system shows no
susceptibility peak at this temperature scale and appears free of long-range
antiferromagnetic order down to 1~K. Extending ab initio modeling of the
material to larger unit cells shows a tendency for relaxing into a
non-collinear magnetic ordering, with a shallow energy landscape between
several magnetic ground states, promoting the status of this simple, nearly
cubic perovskite structured material as a candidate spin liquid.
