The “Big Five” Canadian banks offer investment funds and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Let’s explore the best place for you to invest.
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When not to contribute to a TFSA
– moneysense.ca
Q: My wife and I would like to put our inheritance (approximately $80,000) into our TFSAs, which we have never used, to generate as much tax-free monthly income as possible.
Any tips, suggestions?
—Richard
A: Tax-Free Savings Accounts (TFSAs) are a good tool, but they’re just one of many available to most Canadians. When you’re in savings mode, Richard, it’s important to look at all options for each available dollar of savings and prioritize them accordingly.
A TFSA may be a great choice for one person, but a less appealing option for another. TFSAs aren’t necessarily the holy grail of investing, so don’t get preoccupied. Always consider all factors.
Penalty for holding dividend stocks in a TFSA? »
Without full knowledge of your financial situation, Richard, it’s hard to say whether you should just plow your $80,000 inheritance into TFSAs. So I’ve compiled a list of five situations where you should consider NOT contributing to a TFSA to try to help.
Ask a Planner: Leave your question for Jason Heath »
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Why investors should do as little as possible, a takeover target stock, and what 2017 holds for markets
– theglobeandmail.com
A roundup of investment ideas for active investors
