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How to make your first million in five steps (no, you don’t need to own real estate) + MORE Apr 4th
This is one of the most-asked questions I get, and here’s the step-by-step answer, Lesley-Anne Scorgie writes..... More »
AMC Entertainment, BlackBerry Lead Stock Markets Higher - Motley Fool + MORE Jun 2nd
AMC Entertainment, BlackBerry Lead Stock Markets Higher Motley FoolAMC CEO has gone 'all in' on investors from Reddit: 'Margins' editor Ranjan Roy CNBC TelevisionHedge Fund Flips ‘Overvalued’ AMC, and Shares Keep Surging Yahoo Canada FinanceAMC: a feature, not a .... More »
Wall St slips with inflation data on deck - Reuters Feb 28th
Wall St slips with inflation data on deck ReutersStock market today: US stocks slip in cautious countdown to PCE print as bitcoin soars past $60,000 Yahoo FinanceStock Market Today: Dow Jones Falls On Surprise GDP Data; Cathie Wood Sells More Nvidia Stock Investor's .... More »
Husband of ex-Scottish leader arrested: report - CTV News Apr 5th
Husband of ex-Scottish leader arrested: report CTV NewsSturgeon's husband arrested in SNP finance probe BBCHusband of SNP’s Sturgeon arrested in financial probe: UK media Al Jazeera EnglishLive news: Zelenskyy arrives in Poland on state visit Financial T.... More »
Investment Strategy in Inflationary Times Jul 30th
The volatile market and the inflationary times! What more is required to cause extreme annoyance to an investor? In this period of recessionary trends, inflation has turned out to be a decisive factor in share markets. The extent of rise in the inflationary trends will determine the future course of.... More »
Q. I’m 24 years old and have a dilemma. I have made the maximum contributions to my Tax-Free Savings Account (TFSA) every year, and now I’m wondering what money moves I should make next. By that, I mean what is the best investment route for me at this stage of my life so that I pay the least amount of taxes on my future investments?
As I see it, my two options are either to start an RRSP or, to start a non-registered investment account. I mostly like to invest in exchange-traded funds (ETFs) that offer both dividends and capital gains. Let me say that I study and work in the financial industry, and I am aware of the tax benefits of the RRSP but I do have a couple of concerns with it as a savings vehicle. First, your money is generally stuck in the RRSP until retirement—unless you are willing to pay high withdrawal fees. (I like to know that my money is accessible in some manner.) And, second, the RRSP is simply a tax deferment vehicle until age 71. Once the money is withdrawn, depending on your tax bracket, tax will be due…
As I see it, my two options are either to start an RRSP or, to start a non-registered investment account. I mostly like to invest in exchange-traded funds (ETFs) that offer both dividends and capital gains. Let me say that I study and work in the financial industry, and I am aware of the tax benefits of the RRSP but I do have a couple of concerns with it as a savings vehicle. First, your money is generally stuck in the RRSP until retirement—unless you are willing to pay high withdrawal fees. (I like to know that my money is accessible in some manner.) And, second, the RRSP is simply a tax deferment vehicle until age 71. Once the money is withdrawn, depending on your tax bracket, tax will be due…
Can you have too much invested inside an RRSP?
– moneysense.ca
While not quite up there with outliving your money, for many seniors the idea of dying with too large an RRSP (Registered Retirement Savings Plan) or RRIF (Registered Retirement Income Fund) rankles. Handing over nearly half your nest egg to Ottawa after a lifetime of tax-deferred saving seems to many a case of adding insult to injury.
This problem is particularly severe after the death of the second member of a couple. The death of the first spouse may not be a huge tax problem, since the proceeds of RRSPs and RRIFs pass tax-free to the survivor, assuming proper beneficiary designations were established when both were hale and hearty. But if both members of a couple die with a huge combined RRIF, their heirs may share half the estate with the Canada Revenue Agency.
Mind you, there will be some tax effects once two modest RRIFs merge into one giant RRIF. Odds are the survivor is in a higher tax bracket on their own than when the couple were in lower mid-level tax brackets. Non-registered investments will now be in just one name…
This problem is particularly severe after the death of the second member of a couple. The death of the first spouse may not be a huge tax problem, since the proceeds of RRSPs and RRIFs pass tax-free to the survivor, assuming proper beneficiary designations were established when both were hale and hearty. But if both members of a couple die with a huge combined RRIF, their heirs may share half the estate with the Canada Revenue Agency.
Mind you, there will be some tax effects once two modest RRIFs merge into one giant RRIF. Odds are the survivor is in a higher tax bracket on their own than when the couple were in lower mid-level tax brackets. Non-registered investments will now be in just one name…
The gift of not giving
– moneysense.ca
It’s been five years since my wife, Jen, and I have given each other a Christmas present.
The last time, we had only been dating for five months, and we experienced the usual stress of gift buying, but turned way up by the stress to impress since our relationship was still new. I shopped a lot because I wanted to make sure she liked what I got her, and much like many couples I know, I had this idea that I had to spend more than she did, or at least a similar amount, as if it somehow reflected my commitment to our relationship. Of course this was not true at all, and little did I know that she was going through the same thing.
My birthday is in mid-January, so recovery from the post-holiday financial hangover was delayed for Jen, who had the double trouble of coming up with another gift in such a short time. Not only that, Jen had this internal pressure to buy something even better than what she got me for Christmas. (While it’s stressful to have to one-up someone else’s gift in a holiday-exchange situation, it’s an entirely different stress to have to one-up yourself)…
The last time, we had only been dating for five months, and we experienced the usual stress of gift buying, but turned way up by the stress to impress since our relationship was still new. I shopped a lot because I wanted to make sure she liked what I got her, and much like many couples I know, I had this idea that I had to spend more than she did, or at least a similar amount, as if it somehow reflected my commitment to our relationship. Of course this was not true at all, and little did I know that she was going through the same thing.
My birthday is in mid-January, so recovery from the post-holiday financial hangover was delayed for Jen, who had the double trouble of coming up with another gift in such a short time. Not only that, Jen had this internal pressure to buy something even better than what she got me for Christmas. (While it’s stressful to have to one-up someone else’s gift in a holiday-exchange situation, it’s an entirely different stress to have to one-up yourself)…
