The survey by the Ontario Securities Commission found that 13% of Canadians currently hold digital assets such as cryptocurrency (think bitcoin or ethereum) or non-fungible tokens (NFTs). While that might seem like a small...
The Ontario surtax is more complex, so the calculation takes a few more steps, which you’ll see in the table below. Provincial Tax Owed Surtax Rates Up to $4,991 0% $4,991 to $6,387 20%...
Should I decide to sell and take the loss, I would repurchase a similar security (sell VGRO and buy XGRO). My understanding is that because these track different indices, it’s kosher with CRA. My...
Get your T4, T4A and T4E forms together As part of your tax filing prep, you’ll need to get your T4, T4A and/or T4E forms in order. These government documents will help to determine...
When can you convert an RRSP to a RRIF? Registered retirement savings plans (RRSPs) are tax-deferred accounts meant primarily to fund retirement with withdrawals taken at that time. You can, though, take an RRSP...
However, at a time like this, and as much as we try to stay level-headed, emotions can play a significant role in determining investing outcomes. Let’s look at how to navigate a bear market...
Photo by Saksham Gangwar on Unsplash I moved from Vancouver to San Francisco about nine months ago, and still have two tax-free savings accounts (TFSAs) in Canada. One TFSA has $11,000 in it (and...
If you engage in frequent trading in your TFSA, such as day trading, your TFSA may be considered to carry on a business. In this case, the TFSA profits could be taxed as business...
Be aware that only the 1% trailing commission (or $1,000, using my example), is reported on your investment statement. The product cost ($1,160 in the example) is not reported on your statement. Always find...
Most RRSP and RRIF account holders appoint their spouse as their beneficiary. If an RRSP or RRIF is left to a spouse on death, the account transfers to the surviving spouse on a tax-deferred...