TSX getting you down? There are always sound investment alternatives.
Latest News
Moving to the U.S.? Don’t rush to convert your Canadian portfolio Jun 29th
For many Canadians relocating to the United States, one of the first financial questions that surfaces is whether they should convert their Canadian investments into U.S. dollars. The answer is usually no, and acting too quickly can cost you more than you might expect.
The instinct to “go A.... More »
Want to save money on gifts? Embrace holiday sales, and start early Nov 23rd
Have you started your holiday shopping yet? Plenty of Canadians are hitting “Add to cart” extra-early, whether they’re buying for Christmas, Kwanzaa or Hanukkah. Last year, supply-chain issues frustrated shoppers. The shipping delays have improved somewhat this year, but now inflation and tigh.... More »
How do the RRSP contribution carry-forward rules work? + MORE Aug 1st
Ask MoneySense
If I have $25,000 contribution room left in my RRSP, can I take that all at once plus my regular RRSP contribution of $31,560 for the tax year 2024? Effectively making a contribution of $56,560 to my RRSP?—Lorraine
The rules around RRSP contribution room
As soon as a ta.... More »
Are you a high earner with no money to spare? Follow these 5 tips to help you stop living hand to mouth and grow your long-term wealth Nov 9th
High Earners Not Rich Yet make better-than-average-incomes, but often spend everything they earn, writes Lesley-Anne Scorgie. There is a way out to grow true wealth..... More »
How to save and invest smarter: What Canadians need to know Dec 31st
The current economy is impacting how Canadians save and invest. According to a recent survey by TD, 65% of Canadians reported that the high cost of living is impacting their ability to meet their financial goals.
Many Canadians are turning to their savings accounts to manage growing financial pre.... More »
A MoneySense reader writes:
I have investments with a financial planner and my fees are 2% or more per year, for a total of close to $6,000 per year in fees. I’ve been looking at moving my investments to a robo-advisor, but I’m concerned about the capital gains and subsequent taxes from moving my non-registered account.
First, how can I calculate what the gains are to understand the taxes I may have to pay—and is there a way to avoid paying the capital gains taxes?
Secondly, my financial planner justifies the fees I pay because we meet once a year and he prints out a plan that I never even look at. When I started working with him in 2012, there were few other choices. Today, is there something investors can access that’s in between a full-service advisor and a robo-advisor?
FPAC responds:
First, let’s address the primary impetus for your dilemma, which is your concern about fees. The old saying goes that “price is only an issue in the absence of value,” so one can presume that your concerns have come up due to an absence of value from your financial planner…
I have investments with a financial planner and my fees are 2% or more per year, for a total of close to $6,000 per year in fees. I’ve been looking at moving my investments to a robo-advisor, but I’m concerned about the capital gains and subsequent taxes from moving my non-registered account.
First, how can I calculate what the gains are to understand the taxes I may have to pay—and is there a way to avoid paying the capital gains taxes?
Secondly, my financial planner justifies the fees I pay because we meet once a year and he prints out a plan that I never even look at. When I started working with him in 2012, there were few other choices. Today, is there something investors can access that’s in between a full-service advisor and a robo-advisor?
FPAC responds:
First, let’s address the primary impetus for your dilemma, which is your concern about fees. The old saying goes that “price is only an issue in the absence of value,” so one can presume that your concerns have come up due to an absence of value from your financial planner…
