When you invest your hard-earned money, you should make sure you do your due diligence on what you are actually investing in. Most Canadians invest in things such as real estate, stocks, bonds, mutual funds, GICs, T-bills, etc. A select few invest in things like private companies and tax shelters. When you invest your money,…
When you invest your money in any asset for investment purposes, the main goal is to make money from that investment; however, things don’t always turn out as planned. Sometimes, there comes a time when you have to bite the bullet, take the loss and move on. While losses can be painful experiences, there is…
RESPs were created to encourage Canadians to save for their children’s post-secondary education. The encouragement comes in the form of the Canada Education Savings Grant (CESG) paid into the plan by the government. With proper planning, the CESG can total $7,200 per child over the lifetime of an RESP. RESP Basics RESPs are similar to…
Starting in 2009, the Canadian government introduced a new type of registered account called the Tax-Free Savings Account (TFSA). Every Canadian 18 and over can invest $5,000 per year in this new registered account. You do not need to have “earned income” to build up room as you do with an RRSP. Amounts contributed to…
Have you ever had the displeasure of filing your personal income tax early, say in March and then look in the mailbox a week or so later and find you have got more T-Slips? When you sheepishly give these to your accountant, they dutifully file a form called a T1- Adjustment. This generally costs you…