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Latest News
RESP advice for Canadian citizens living in the U.S. Jun 16th
Q. I opened a RESP account while I was living in Canada, as a Canadian citizen. A few years back, we moved to the U.S., where my kids are going to college and university. I still have an active RESP account and make regular monthly contributions.
We file our tax returns in the U.S. only, since we de.... More »
Tax Implications of Receiving a Cash Gift in Canada Jan 9th
When it comes to financial transactions with loved ones, many people consider giving or receiving cash gifts. This can be especially common when the gift-giver and recipient are located in different countries. In this article, we will focus on the specific topic of cash gifts from overseas to Canada.... More »
The smart way to pay for “experiences” and other money tips Oct 1st
Who is Doretta Thompson? She is a chartered professional accountant (CPA) and the director of corporate citizenship at CPA Canada, where she leads its impressive and award-winning financial literacy initiatives. She also sits on the board of AFOA Canada (formerly the Aboriginal Finance Officers Ass.... More »
Borrowing money to invest Jun 10th
There are different ways to borrow to invest.
Opening a margin account
A simple option is with a margin account at a brokerage. Depending on the existing investments in the account, a brokerage will lend up to a certain percentage of the value to an investor, at a specified interest rate.
The amount.... More »
From being wired to spend to the emotional attachment to money, Shaun Maslyk unpacks how psychology can affect finances Jul 7th
If you listen to The Most Hated F Word podcast, you probably already feel like you know its host, Shaun Maslyk. (And if you haven’t yet listened to the pod, grab a set of earbuds—stat). Maslyk is not only a Certified Financial Planner, but also a certified financial behaviour specialist, with a .... More »
Q. I have been concerned about high fees charged on my investments and have been trying to figure out a way to move my funds without getting hit with a huge tax bill. I started with mutual funds and today I have a 60% equity and 40% income balanced portfolio plan. My last statement shows about 5% return over the last 5 years—an okay return but the 2% or more that I pay in fees (there is still not full, complete disclosure, nor and easy to understand information on all the fees charged) make me question whether I am receiving value for the amount charged.
Between my wife and myself, we hold an RRSP, SPRSP, TFSA and LIRA, with a total of about $1 million (less today due to big market drop related to the COVID-19 pandemic). I have been thinking of opening multiple discount brokerage accounts in the same breakdown of account types and transferring all of the registered funds into like accounts and purchasing ETFs with those funds. But the problem I suspect is that once I transfer the registered funds, I will be told I no longer have a large enough investment to qualify for service from our existing advisor, and will have to sell all of the unregistered investments and pay taxes on the sale…
Between my wife and myself, we hold an RRSP, SPRSP, TFSA and LIRA, with a total of about $1 million (less today due to big market drop related to the COVID-19 pandemic). I have been thinking of opening multiple discount brokerage accounts in the same breakdown of account types and transferring all of the registered funds into like accounts and purchasing ETFs with those funds. But the problem I suspect is that once I transfer the registered funds, I will be told I no longer have a large enough investment to qualify for service from our existing advisor, and will have to sell all of the unregistered investments and pay taxes on the sale…
