TFSA

My TFSA Update December 2018

Image Credit: cornfield / Shutterstock.com   In this series, I (Jin Choi) talk about my journey of investing in my TFSA account. If you want to know what a TFSA is, I recommend you read my free book.   December Results: Down 5.1% At the end of December, I had $37,045 in my TFSA account, which ...

Are annuities, bonds or GICs best for an 80-year-old’s money?

Q: My wife and I receive about $2,500 a month each in pensions. Plus, we each have about $75,000 in our TFSA accounts and about $180,000 in our RIF accounts. I have never been a fan of bonds, so for the last few years, I have invested in higher yield shares and ETFs. This has proved very successf ...

Disability, income splitting and tax reduction

Q: My wife has been diagnosed with a chronic condition known as Fibromyalgia, so she can’t work anymore (she’s 49). My plan is to retire at 65 (I’m 57) and we plan to have about $1 million saved in registered accounts (about 85% in my name).  Can you recommend a tax efficient approach to d ...

Ask Me Anything about RRSPs on Jan. 31!

A lot of Canadian investors make lump sum deposits right before the March RRSP deadline. And if you haven’t contributed to your RRSP yet, well, that’s probably a great idea! Invest while the market is low and aim to lower the tax you pay. Good stuff. But why do so many Canadians wait? Well, som ...

Ask Me Anything about investing on Jan. 31!

A lot of Canadian investors make lump sum deposits right before the March RRSP deadline. And if you haven’t contributed to your RRSP yet, well, that’s probably a great idea! Invest while the market is low and aim to lower the tax you pay. Good stuff. But why do so many Canadians wait? Well, som ...

The magic numbers for your findependence nest egg revealed

The latest RBC retirement poll came out today and the one thing I like about it is that they put the emphasis on my preferred term of Financial Independence, as opposed to plain old full-stop Retirement. After all, just because you’ve accumulated enough wealth to stop working full-time for an emp ...

Is cashing in RRSPs now to maximize OAS and GIS a good idea?

Q. Does it make sense to cash in RRSPs to maximize Old Age Security (OAS) and Guaranteed Income Supplement (GIS)? A serious cancer illness in 2008 took our finances “off the rails.” We had to start over. I’m 63 (Bob) and my wife Laura is 61 and we’re from New Brunswick. I have $135,000 in ...

Why it’s still worth it for high-income seniors to apply for OAS

Q: I am 70 years old and did not apply for OAS at age 65 because of my annual income from pensions and investments. It would be completely clawed back. It’s my understanding that I would still have to declare it as income . . . phantom income . . . which may impact federal taxes owed. Is this cor ...

How should a new Canadian invest his extra cash?

Q. I am a new Canadian (27 years old) and started working in Canada about 1.5 years ago. It took me a while to figure out how things work in this country and a few months ago, after ditching a financial advisor who was also a family friend, I started investing on my own. Currently, I have a TFSA ...

On the Road to Pension Poverty?

Russell Wangersky of The Chronicle Herald reports, On the road to pension poverty:So the New Year ticked in and, in the process, your paycheque changed. OK, it probably changed in a couple of ways, but I’m most interested in one change: a small increase in premiums for the Canada Pension Plan (CP ...