There are more investment options in Canada than you can shake a stick at! Stay on top of the best returns right here.
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Heading Back to the Office? Here’s How Much it Will Cost You Thanks to Inflation + MORE May 26th
Over the last few months, Canadians have slowly started returning to the office—and many more will likely head back soon. Among the adjustments they’ve had to make is getting used to wearing real pants instead of sweatpants, and remembering how to make small talk with co-workers.
And then t.... More »
New 'Netflix tax' for Manitobans coming as part of latest provincial budget - CBC.ca Apr 8th
New 'Netflix tax' for Manitobans coming as part of latest provincial budget CBC.caManitoba 2021 budget includes rent, child-care freezes, rebate cheques while focusing on COVID-19 Global NewsManitoba budget promises 25% cut to education property tax, despite pandemic-induced de.... More »
What are the risks of trading crypto? Sep 17th
Thinking about getting into crypto? Bitcoin, ethereum and their multitude of smaller competitors have created a new world of investment opportunities. No doubt, the crypto economy is exciting, but proceed with caution. Cryptocurrencies are still considered highly speculative, and not only because of.... More »
China memory chipmaker CXMT's shares soar in a blockbuster share listing in Shanghai Jul 27th
HONG KONG (AP) — Shares of CXMT, China's largest memory chipmaker, soared Monday after they began trading in Shanghai in mainland China’s biggest initial public stock offering in recent years..... More »
Canada’s Artisan Candy Companies Will Satisfy Your Sweet Tooth Nov 3rd
Candy is big business. Confectionery companies with operations in Canada are projected to earn nearly US$16 billion in revenue by the end of 2022, and the market is expected to grow by more than 30 per cent in the next five years. Big Sugar dominates (Nestlé, PepsiCo and Mondelez are among the top .... More »
The great escape
– moneysense.ca
You’ve probably thought about the best way to get money into your RRSP, but have you thought about the best way to get your money out? If you haven’t pondered this issue, you should. Otherwise, you could run headfirst into a nasty tax bill.
The people who get swiped the hardest are diligent savers. They’re so successful at preparing for retirement that they don’t need to tap their RRSPs the moment they hit 65. They just let their money sit there. Then they’re surprised to discover that when you turn 71, the government forces you to start withdrawing money from your RRSP, whether you want to or not.
What really stings is that you have to pay taxes on the money you withdraw. If you have a seven-figure RRSP, or if your total income is high because of other investments, you could lose more than 40% of your hard-earned RRSP savings to the taxman. Nothing incenses a 71-year-old more.
The good news is that you can avoid this problem by implementing an RRSP “meltdown strategy” long before you hit your 70s…
The people who get swiped the hardest are diligent savers. They’re so successful at preparing for retirement that they don’t need to tap their RRSPs the moment they hit 65. They just let their money sit there. Then they’re surprised to discover that when you turn 71, the government forces you to start withdrawing money from your RRSP, whether you want to or not.
What really stings is that you have to pay taxes on the money you withdraw. If you have a seven-figure RRSP, or if your total income is high because of other investments, you could lose more than 40% of your hard-earned RRSP savings to the taxman. Nothing incenses a 71-year-old more.
The good news is that you can avoid this problem by implementing an RRSP “meltdown strategy” long before you hit your 70s…
The best TFSAs in Canada for 2021
– moneysense.ca
A tax-free savings account, known better as a TFSA, is a savings vehicle available to Canadians aged 18 and up who have a valid social insurance number (SIN). It was launched by the federal government in 2009 as a way to encourage Canadians to save and invest.
As the name suggests, TFSAs offer a tax break on contributions—meaning that, unlike with a regular savings account or non-registered investment account, what you earn inside your TFSA isn’t taxed, even when you make a withdrawal. TFSAs are flexible, too, allowing you to hold cash, guaranteed investment certificates (GICs), stocks, bonds, exchange-traded funds (ETFs) or mutual funds, so you can tailor your account to different financial strategies and goals. The TFSA contribution limit for 2021 is $6,000, but keep in mind that if you qualified to make a contribution in 2020, but didn’t that contribution room is still available to you. For those who turned 18 in the year 2009 or prior, the lifetime contribution limit is $75,500…
As the name suggests, TFSAs offer a tax break on contributions—meaning that, unlike with a regular savings account or non-registered investment account, what you earn inside your TFSA isn’t taxed, even when you make a withdrawal. TFSAs are flexible, too, allowing you to hold cash, guaranteed investment certificates (GICs), stocks, bonds, exchange-traded funds (ETFs) or mutual funds, so you can tailor your account to different financial strategies and goals. The TFSA contribution limit for 2021 is $6,000, but keep in mind that if you qualified to make a contribution in 2020, but didn’t that contribution room is still available to you. For those who turned 18 in the year 2009 or prior, the lifetime contribution limit is $75,500…
