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'The Outer Worlds' comes to Nintendo Switch on March 6th - Engadget Jan 30th
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Married with money: How to combine finances with your partner Apr 13th
If you’re in a relationship, the topic of money will eventually come up. Since the pandemic started, couples have spent more time talking about money, according to a 2021 RBC poll. Almost half—47%—identified finances as one of the biggest stressors in their relationship. One U.S. study found t.... More »
‘It’s a big investment’: Ottawa announces major investment in Atlantic Canada’s aerospace sector - BNN Bloomberg May 13th
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Rogers shoots, Rogers scores: How the MLSE deal happened - The Globe and Mail Sep 20th
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Morning Bid: Nvidia vigil sees risk overcome safety - Reuters Nov 20th
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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 Once the money is withdrawn, depending on your tax bracket, tax will be due…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)…
