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What to do if you overcontributed to your RRSP
– moneysense.ca
I overcontributed to my RRSP by accident, and I am looking for some advice on how to deal with it. I contributed $3,550 to my 2022 RRSP in October 2022. I then forgot I made this contribution and again in February 2023 I made a $3,550 contribution.
What options to I have to address the over contribution? Can I count my February 2023 contribution towards my 2023 tax return?
—Ryan
How to fix an RRSP overcontribution
This is the time of year that people tend to find out about inadvertent overcontributions to their registered retirement savings plans (RRSPs). If you want to know where you stand, an income tax notice of assessment will show your:
RRSP deduction limit for the year
Unused RRSP contributions previously reported and available to deduct this year
Available RRSP contribution room (#1 minus #2)
If you have more unused RRSP contributions than you have RRSP deduction limit, that means you have an RRSP overcontribution.
What happens if you overcontribute to your RRSP?
A taxpayer is allowed to overcontribute to their RRSP by up to $2,000 at any time, Ryan…
I wish to leverage my HELOC to invest in dividend-paying investments. How would you advise I approach this? Is this an effective tax savings tool? Is there any financial institution or products you would advise?
—Martha
Borrowing from a home equity line of credit
You know, Martha, in some circles, leveraging—or borrowing to invest—is a taboo subject. I find that funny because there is much less controversy when people borrow to:
Buy a car, which depreciates in value;
buy a house, which normally appreciates, but it can decline;
or take a vacation as a lifestyle investment.
So, why is there controversy around borrowing to invest? It is probably due to a lack of understanding, coupled with the fact that when leveraging goes bad, it’s not good.
Let’s talk about leverage. If you borrow $100,000 at 8%, what rate of return would you have to earn on your investments to break even? Would you guess 8%?
Most people would agree with that answer; it sounds logical, right? I mean, if you borrow $100,000 at 8% and paid $8,000 in interest costs then that would mean you would have to make $8,000 on your $100,000 investment to break even, which is 8%…
The best financial apps for Canadians in 2024
– moneysense.ca

Choosing a financial app is a personal choice. So, where does one begin? We’ll take a deep dive into what financial apps are, what features to look for, and whether they’re safe to use. Then, we’ll get to the part you’ve all been waiting for—the noteworthy financial apps that should be on your list of downloads.
What is a financial app?
A financial app or fintech app can help you manage your finances on a mobile device or computer. They may offer customized products and services, including product comparison and budgeting tools, or provide a centralized view of all your finances.
There are many benefits to using a financial app, including convenience. For instance, some apps allow you to make purchases using a smartwatch or smartphone…
When are TFSAs and RRSPs actually taxable?
– moneysense.ca

I saw your blog online; thank you so much for the wonderful job that you are doing—it was very informative! That motivated me to start investing too, but now I have a couple of questions. I understand that there is tax on U.S. dividends in TFSA. Do we pay tax as well when we sell:
U.S. stocks in TFSA
U.S. stocks in RRSP
Canadian stocks in RRSP
—Tawheeda
Tax considerations for your TFSA and RRSP
It’s great to hear we motivated you to start investing, Tawheeda. Stocks are a great way to build wealth for the long term, despite the short-run volatility. Tax plays a role in your portfolio construction and returns, so let me explain the implications.
TFSA day trading: Do you pay tax?
Tax-free savings accounts (TFSAs) are mostly tax-free. When you buy and sell an investment for a profit, that is generally tax-free inside a TFSA, regardless of the type of investment.
One exception could be if you are day trading in your TFSA. If you are engaging in frequent trading activity, there is a risk your profits could become taxable as business income…