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How to protect your crypto from hacks
– moneysense.ca
What has intensified investor pain further is the unabated cyber-theft that has drained billions of dollars from crypto holders’ accounts. Since crypto transactions are usually irreversible, stolen coins are nearly impossible to reclaim.
Cybercriminals pilfered roughly $4.5 billion worth of digital currency in 2021, more than twice the 2020 total. In the first half of this year alone, nearly $2 billion worth of crypto has been lost to hacking, clocking a 60% jump in such instances.
Crypto theft remains a growing problem. As more investors turn to digital assets for wealth creation or to diversify their portfolios, learning how to protect crypto holdings has become a crucial part of investing. Here’s your essential guide to keeping your crypto safe…
How do the RRSP contribution carry forward rules work?
– moneysense.ca
The rules around RRSP contribution room
As soon as a taxpayer starts to earn income—like employment income, self-employment income, royalties, research grants or net rental income—they accumulate room for their registered retirement savings plan (RRSP). There are no age limits, so a teenager with a part-time job can start to build their RRSP room as long as they file a tax return to report their earned income.
How does RRSP carry forward work?
Your RRSP room carries forward, meaning the amount is cumulative. So, 18% of your earned income for the previous year, up to the current year’s maximum contribution limit, becomes your RRSP room for the year. For 2022, the maximum is $29,210 for taxpayers with at least $162,278 of earned income in 2021. This gets added to any previously unused RRSP room from the past…
Are we in a crypto bear market?
– moneysense.ca
However, at a time like this, and as much as we try to stay level-headed, emotions can play a significant role in determining investing outcomes. Let’s look at how to navigate a bear market and invest strategically for the longer term—and where to buy crypto, if you plan to add to your holdings.
What is a bear market?
“A bear market is defined as any market or asset that sees a 20%-plus decline over a short period of time,” says Brian Mosoff, chief executive officer of crypto investment firm Ether Capital Corp. in Toronto.
Given the precipitous crypto market decline over the past few months, “crypto certainly fits this definition,” he adds.
This downturn isn’t specific to crypto, though. The stock market is also in the middle of a broad-based sell-off, led by tech stocks, many of which have lost 40% to 50% of their value this year…
“Which cryptocurrency should I invest in?”
– moneysense.ca
The digital currencies market has shrunk from USD$3 trillion in November 2021 to less than USD$1 trillion by late September 2022.
On the bright side, the lower valuations have once again made some of the biggest and most popular cryptocurrencies more affordable, with all blue-chip coins now trading at prices far below their peaks.
Of course, bitcoin remains the largest and best-known cryptocurrency, but there are thousands of others that claim to be better and faster with broader applications.
So, how can Canadian investors choose? Here’s a handy guide that explores the different factors that can influence a crypto coin’s value; risks and opportunities that affect the entire crypto market; and where to buy crypto coins.
Canadians can buy and sell crypto on CoinSmart*
Go to Site
How to pick a digital coin?
A great deal of a crypto’s value is baked into its utility…
The best RRSP investments 2022
– moneysense.ca
You can open an RRSP and contribute income up until the year you turn 71, at which point it has to become a registered retirement income fund (RRIF) and you must begin to withdraw the money as taxable income. Read on to learn about the best RRSP accounts in Canada.
The best RRSP accounts in Canada for 2022
Best RRSP savings account: EQ Bank RSP Savings Account* (2…