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Borrowing from your HELOC to invest in equities
– moneysense.ca
I’m planning to sell my principal residence, a condo in downtown Toronto. I don’t have a mortgage on the property, but I do have a sizable HELOC. I borrowed several thousand dollars to invest in equities and have been deducting the interest costs at tax time. My lender says I will have to pay off and close the HELOC upon selling the condo, since it’s tied to the property. What should I keep in mind with respect to my leveraged investing? I’d like to keep deducting the interest, going forward.
—Jackie
Investing money from a HELOC
I have ideas on your leveraging, Jackie, but first I want to give some background—as well as a warning—for the benefit of other readers, too.
Borrowing to invest can be risky. It can magnify your returns, as well as your losses. The best candidate for leveraged investing is someone with a high risk tolerance, a long time horizon and low investment fees.
Leveraged investing for the short term can be risky, because stock prices can fall several years in a row, even if they rise most of the time…
10 common crypto scams and how to avoid them
– moneysense.ca
In just the first half of 2024, investment scams conned Canadians out of nearly $107 million—almost half of that ($51.6 million) via cryptocurrency scams, according to the Canadian Anti-Fraud Centre (CAFC). Crypto investments are the top type of investment scams reported to CAFC, says Nancy Cahill, acting client and communications outreach officer. Fewer than 5% of scams are reported, so the actual numbers are likely much higher.
Scammers often find victims on social media
Cryptocurrency scams are often intertwined with other types of scams—and the criminals behind them cast a wide net. Con artists frequently find potential marks on social media. According to an analysis by TradingPlatforms based on FTC data, nearly one-third of social media crypto fraud happens on Instagram, and one-quarter on Facebook…
