How to invest in stocks, mutual funds and ETFs + MORE Aug 21st

Montreal-based travel company says revenue has been higher than anticipated since mid-June when it issued previous outlook and second-quarter results

M A K I N G   B A N K

The joy you’ll feel after reading this. (Shutterstock)
There’s an absolute mess of information out there (as in, on the Internet) that explains in big words and complicated acronyms explaining the financial footwork of investing. What should I look for when buying a stock? What about a mutual fund? And what are these new-fangled products called ETFs?! It’s tough out there for people my age (early 20s) trying to learn all of this stuff. Good luck getting the intelligible answers, not that it matters, since many of us don’t even know what questions we should be asking anyway.
As I’ve discovered once and then a million times over, when you get into the details of it, investing can be incredibly complicated. And if you’re afraid of math, it’s even scarier. To cut through the noise I decided to talk to experts I trust to figure out what really matters and what doesn’t when making investment decisions. This top-line advice is helping me…

Q: I’m 70 years old, retired on a fixed income, and my tax bracket is not forecasted to change going forward. My question is, I have $15,000 in unused RRSP room. Should I contribute the $15,000 prior to converting to a RRIF?
—Bruce
A: The intent of an RRSP contribution is to make this savings amount taxable not now but much later on when you retire. This deferring of tax immediately shows up as lower income tax and/or a tax refund. This works in your favour if you are taxed in a higher income bracket when contributing then when you are withdrawing the taxable RRSP/RRIF for income.

Taxable Income
Federal Tax Rate

Taxable Income
Ontario Tax Rate

$0
to
$45,916
15.0%

$0
to
$42,201
5.05%

$45,916
to
$91,831
20.5%

$42,201
to
$84,404
9.15%

$91,831
to
$142,353
26.0%

$84,404
to
$150,000
11.16%

$142,353
to
$202,800
29.0%

$150,000
to
$220,000
12.16%

$202,800
to
over
33.0%

$220,000
to
over
13.16%

From Canada Revenue Agency website (Jan 2017)

You are permitted to contribute up to 18% of your gross income…

durhamregion.comTrudeau urges trust in immigration systemdurhamregion.comPrime Minister Justin Trudeau speaks during a bilateral meeting with Irish Taoiseach Leo Varadkar in Montreal, Sunday, August 20, 2017. THE CANADIAN PRESS/Graham Hughes – The Canadian Press, 2017. MONTREAL — Prime Minister Justin Trudeau …Varadkar pledges to increase Ireland's diplomatic forceIrish TimesMontreal Pride: 7000 march in historic paradeMontreal GazetteVaradkar's 'global footprint' plan aims to double Irish investment, trade and tourism by 2025thejournal.ieHindustan Times -RTE.ie -PinkNews -BBC Newsall 104 news articles »