Making sense of the markets this week: April 23, 2023 + MORE Apr 21st
Wealthsimple reveals that it’s now profitable, after 10 years in operation Sep 18th
Making sense of the markets: Looking at 2025 + MORE Jan 2nd
Should you transfer your DC pension plan to a discount brokerage? May 8th
AI chatbots can help with personal finance—if you ask the right questions + MORE Jul 15th
TFSA contribution room calculator
– moneysense.ca
Find out your current tax-free savings account (TFSA) contribution limit by using this calculator.
TFSA is a bit of a misnomer. While you can use it for straightforward savings, think of it more accurately as an investment holding account to store things like exchange-traded funds (ETFs), guaranteed investment certificates (GICs), bonds, stocks and, yes, plain-old cash. While you do have to abide by the set amount of contribution room each year, any gains you earn on those investments will not affect your contribution room for the current year or years to come. Plus, the income earned is tax-free (more on that below). Any resident of Canada, over the age of 18, with a valid social insurance number can open a TFSA.
Is a TFSA really tax free?
TFSA contributions won’t reduce your taxable income, unlike registered retirement savings plan (RRSP) contributions. (If you haven’t maxed out your RRSP, get on that before the deadline). However, where you do save on taxes with a TFSA is that the money you earn inside your TFSA is not taxable…
Is now the time for a long-term investor to abandon stocks?
– moneysense.ca
With any luck, I probably still have approximately 18 more years I could potentially be working, however I cannot contribute anything to this LIRA. I am interested in knowing the following:
Should I move it to GIC investments?I am interested in investing in a mortgage fund, but can I, and how?
—Sharon
How to deal with market volatility as a long-term investor
This year has been a brutal one for investors. Stocks are down, bonds are down, real estate is down—there has been nowhere to hide.
The Toronto Stock Exchange net total return is negative 11% year-to-date. The S&P 500 has been much worse, with a 23% drop. Canadian bonds, as measured by the FTSE Canada Universe Bond Index, have lost 13%.
If your locked-in retirement account (LIRA) has gone from $90,000 to just over $70,000, Sharon, it sounds like you are down about 20% in 2022…
