TFSA

Paying taxes on an inheritance

Q: I have a son that is living in the U.S. (for the last 20 years) and married. Would he have to pay taxes in the U.S. when he inherits from his parents? How would the taxes work in this case? –Alain A: Alain, generally speaking no, your son will not have to pay any tax on inherited money or pr ...

My TFSA Update August 2017 - Does Combining CNNs and GRUs Yield Better Stock Price Predictions?

Image Credit: MeskPhotography/Shutterstock.com   In this series, I (Jin Choi) talk about my goal of reaching $1 million in my TFSA account by 2033. If you want to know what a TFSA is, I recommend you read my free book. In this post, I’ll detail what came of my efforts to combine two machine le ...

Opening a TFSA at your bank

M A K I N G   B A N K What would you rather do with your money? Put it away in a bank account and let it sit, or put it into a TFSA and watch it grow? OK, silly question. We all want to see our money make money (and there is no better way to do that than through a TFSA), but what’s the proce ...

What economic news can tell you about the market

Maybe Jerry Lee Lewis was singing about the current investment landscape. Look around and you’ll see there is indeed a whole lotta shakin’ goin’ on. The global economy is on a roll Canada is booming Interest rates are rising, as are Canadian bond yields are rising The loonie is on the m ...

How can my stock losses be used to lower taxes?

Q. I just received a report from my brokerage noting the value of one of my investments was cut in half. Can this loss report be used to lower taxes and how does that work? I understand there is also a specific form used for Canada Revenue, but I’m not sure which ones I need.  Thanks, Leslie A ...

Two-thirds of Canadian households saving for retirement

TORONTO — Two-thirds of households are setting aside money for retirement, taking advantage of either a registered pension plan, an RRSP or a tax-free savings account, Statistics Canada said Wednesday as it released the latest batch of numbers from the 2016 census. Of 14 million households, 65.2 ...

Finances for freelancers in the gig economy

For freelancers, understanding finances, taxes, etc. can be more confusing than for people who hold down a regular 9 to 5 job. That’s a big problem. In the USA, “Gig workers are expected to comprise 40 percent of the workforce by the end of the decade,” reports the Times Free Press.  ...

Risky robos

Q: My husband needs to set up a RRIF within the next three months. We currently have his RRSP in mutual funds with a bank with poor returns and fees of 2%+.  We also have DB pensions and he is still working a few days a week for a while yet. We are tempted to use a robo-advisor but wonder whethe ...

Should I convert my RRSP to a RRIF early?

Q: I’m 67 and my husband turned 71 in May. He has to turn his RRSP into a RRIF. Can I turn my RRSP into a RIFF also? The only income we have is Old Age Security and CPP and it just isn’t enough to pay bills and food. The person from our bank said that I was too young to turn the RRSP into a R ...

An All-Star TFSA

Alain Houle AGE: 71PLACE: MontrealTFSA TOTAL: $84,528STRATEGY: 100% in 24 stocks picked from the MoneySense Top 200 all-star stock charts Me and my TFSA Alain Houle is 71 years old and retired in Montreal with his wife Lynda, 65. He also has a trio of grandkids that he enjoys spending time wit ...