Do I pay tax on dividends after I withdraw my fund from a TFSA?
Anything you draw out of the TFSA, whether it is capital gain, interest, or dividend income, is all tax-free. If the investment is held elsewhere in a non-registered account, then the dividend income is considered taxable. In the example, because the high-paying dividend stock is in a TFSA, the dividend income isn’t taxable. Another advantage […]
Read MoreTalking to kids about money: An age-appropriate guide
There is a lot that kids need to learn to develop a healthy relationship with money. The recent introduction of personal finance in elementary and high school is a great start, but parents can also help teach kids. The guide offers a number of age-appropriate lessons to show kids at home. For children between ages […]
Read MoreAvoiding tax and probate when passing down a rental property
If you own a rental property and you’re trying to reduce taxes and probate upon your death for your heirs, then you’ll need to look at the implications of some of the different options you have available. For instance, gifting a property now would trigger a capital gains tax for you now. The property also […]
Read MoreUnderstanding your net worth statement
Taking it in its simplest terms, your net worth is the equivalent of all your assets minus all of your liabilities, or debts. While it sounds simple, not all your assets are equal. Liquid assets, for instance, is defined as assets that can be readily be converted to cash. At first glance, bonds and stocks […]
Read More10 ways for investors to be more boring —and successful
While it might be tempting to invest using some unorthodox strategies, consider reigning in the impulse. The truth is that the more mundane and proven methodologies work better in the long-term and should be embraced. Some things to keep in mind are: Don’t try to outsmart the markets as most stocks are fairly priced. Past […]
Read MoreWillful Neglect: Too many Canadians are dying without a will
If you die without a will you leave your heirs at the mercy of legal proceedings without any consideration for what your intentions might have been. Despite this, more and more Canadians are dying without having a will in place. If you want to make sure your assets go where you intend them to go, […]
Read MoreWhat to do if the CRA gets you in its crosshairs and reviews or audits your taxes
If you find a dreaded audit or review notice from the Canada Revnue Agency (CRA) in your mailbox, you need to take immediate action. With an increase in audit activity, Canadians may find that it is often as a result of something unusual in your filing that triggered CRA to want to take a closer […]
Read MoreWhat to know about mortgages from alternative lenders
Since the new “stress test” rules were introduced in January, many Canadians who fail to qualify for a bank mortgage are turning to alternative lenders. While these alternative lenders can help Canadians without other financing options, it’s important to read the fine print. These contracts will generally have terms with higher interest rates and a […]
Read MoreTFSAs Vs. RRSPs 2018: How To Know Which Is Right For You
TFSAs and RRSPs are similar products and excellent investment choices for Canadians. Depending on your income level, savings goals, and long-term plans, one may be better than the other. Both are designed for savings, but the RRSP is more a long term concept. For instance, if you tend to make withdraws for short-term needs, then […]
Read MoreWhy old-fashioned bank drafts could leave you on the hook for big bucks
A bank draft is a secure form of payment. Think of it as a guaranteed cheque by the bank. The problem is with any form of payment, if someone never gets it, or if the wrong person cashes it, then it’s done. Even though the bank secures it, once it leaves their hands then it […]
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