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Latest News
Visa agrees to buy financial technology startup Plaid for US$5.3 billion - Global News + MORE Jan 14th
Visa agrees to buy financial technology startup Plaid for US$5.3 billion Global NewsVisa is acquiring Plaid for $5.3 billion, 2x its final private valuation TechCrunchVisa to Buy Plaid for $5.3 Billion in Bid to Reach Startups Yahoo Canada FinanceVisa acquires fintec.... More »
Detox your spending and experience better financial health Dec 27th
Using your creativity and resourcefulness to stop spending for a week on anything but essentials will give you more savings and less stress; you win both ways, Lesley-Anne Scorgie writes..... More »
The best credit cards for airport lounge access in Canada for 2023 + MORE Oct 5th
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The best credit cards for airport lounge access in Canada for 2023
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RRIF and LIF withdrawal rates: Everything you need to know Mar 6th
At some point, a registered retirement savings plan (RRSP) is typically converted to a registered retirement income fund (RRIF). The latest you can defer the conversion of your account is the end of the year you turn 71. This means that by December 31 of your 71st year, you need to either withdraw t.... More »
China and US sign deal that could avert mass stock delistings - CNN Aug 26th
China and US sign deal that could avert mass stock delistings CNNSEC Chair Gary Gensler breaks down the agreement with China over audit inspections CNBC TelevisionU.S. and China reach audit deal in boon for Chinese tech companies The Globe and MailUS-China Talks on D.... 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)…
