All about Canadian investments. Learn the ins and outs and get the latest news.
Latest News
JPMorgan, Lululemon and more: The week in earnings Jan 17th
Company earnings for the week of Jan 14, 2025
JPMorgan
Lululemon
Cogeco
UnitedHealth
JPMorgan posts record annual profits as major U.S. banks thrive in the final quarter of 2024
JPMorgan’s net income soared 50% to more than $14 billion in the fourth quarter as the bank’s profit.... More »
Dow and S&P cap worst first quarter ever - Aljazeera.com Mar 31st
Dow and S&P cap worst first quarter ever Aljazeera.comDow closes worst quarter in more than 30 years; S&P 500 worst since financial crisis Financial PostStocks fall, capping Wall Street's worst quarter since 2008 Yahoo Canada FinanceAsian stocks rise after Wa.... More »
What to do if you went over your RRSP contribution limit Jun 19th
Ask MoneySense
I overcontributed to my RRSP by accident, and I am looking for some advice on how to deal with it. I contributed $3,550 to my 2022 RRSP in October 2022. I then forgot I made this contribution and again in February 2023 I made a $3,550 contribution.
What options to I have to address.... More »
2023 tax credits, due dates and when you can file: Your 2023 income tax return guide Dec 29th
You’ll want to bookmark the MoneySense guide for 2023 personal income taxes. We will be updating it frequently, as information becomes available and deadlines approach. Plus, we get answers from the experts you won’t find anywhere else, thanks to our Ask MoneySense and Ask A Planner columns.&nbs.... More »
The best store credit cards in Canada 2022 + MORE Apr 22nd
Creatures of habit, rejoice! Your loyal shopping behaviours may just pay off, big time. If you shop regularly at certain retailers, using a store credit card can help you to earn discounts, free goods and exclusive perks by swiping or tapping for everyday purchases. Spending with a store credit card.... More »
Getting back into the saddle after a big loss
– investitwisely.com
There comes a day in every trader’s career when it all seems to go wrong. A big financial loss can happen in many ways and for many different reasons. It can be sudden or sustained – one bad moment or a run of bad days. Maybe you took your eye off the ball or got overconfident, resulting in a loss of discipline. It may have been that big gamble that didn’t pay off, or simply an unlucky streak. Sometimes technology can fail, or you may be caught in the swell of a wider market or sector-wide crash.Whatever the reasons, it’s important to bounce back, not just financially and professionally but also mentally and emotionally. In the latter case especially, this isn’t easy. Financial trading can have a reputation as a somewhat macho culture, but hiding our feelings to prove that we can handle it isn’t the best way to deal with anything. Yes, it’s important to get back in the saddle after a big loss, but doing so successfully takes time and focus.
Rebuilding your confidence
It’s possible that it was overconfidence that caused your downfall in the first place, but you still need to get your confidence back if you’re going to trade successfully again…
Who pays the tax on dividends earned in a joint account?
– moneysense.ca
Q. I have built up a large stock portfolio by reinvesting the dividends over many years. If I open a joint account with my son, who is 19 years old, and he receives the dividends in cash, who pays the tax? And is this a good way to reduce taxes in our household?
–Sam
A. At first glance, the question of who owns an investment and who reports the investment income at tax time seems to be confusing but, in fact, it’s quite clear from the Canada Revenue Agency’s (CRA’s) point of view. The person who contributes the funds to an investment is the person who must report the income. Even if you open a joint account with your child and he or she receives the income, you are required to report this income on your tax return.
As you can see, this will not reduce taxes in your household. However, one CRA-approved option for splitting the income from your portfolio would be to gift all or some of the shares to your child. This will result in a capital gain to you, as you will have a deemed disposition of shares at the market value of those shares on the date of the disposition (or sale)…
–Sam
A. At first glance, the question of who owns an investment and who reports the investment income at tax time seems to be confusing but, in fact, it’s quite clear from the Canada Revenue Agency’s (CRA’s) point of view. The person who contributes the funds to an investment is the person who must report the income. Even if you open a joint account with your child and he or she receives the income, you are required to report this income on your tax return.
As you can see, this will not reduce taxes in your household. However, one CRA-approved option for splitting the income from your portfolio would be to gift all or some of the shares to your child. This will result in a capital gain to you, as you will have a deemed disposition of shares at the market value of those shares on the date of the disposition (or sale)…
