How is investment income taxed in Canada? Jul 3rd

My financial advisor is not very helpful.

–Louise

There are tax considerations when you own investments. There may be tax owing when you sell investments. And different investment accounts have different tax implications when you take withdrawals.

Asking your financial advisor about taxes

I am sorry to hear your advisor has not been helpful, Louise. The financial industry has made it confusing for consumers, and most financial advisors do not really provide financial advice. They typically provide investment advice or insurance advice, generally focused on the products they are licensed to advise clients on, or that their company sells. As a result, their advice may be limited.

Many advisors have tax knowledge, and in some cases, they are quite knowledgeable. The advisor managing your investments may not have the answers to tax questions.

Owning and selling investments in Canada

How investments are taxed depends, in part, on what type of account they’re held in…