https://www.thelancet.com/journals/eclinm/article/PIIS2589-5370(20)30464-8/fulltext. Innocent people are guilty: OR Capital Gains Harvesting In A Personal Taxable Account. Original contribution can be withdrawn tax-free anytime, so leave it in to generate more. Looks like we probably lost around 3–4K in this move. Sure as shit, you’ll stick it to yourself shortly thereafter…. You think this is up to you to define? The government is flexible on what it considers eligible expenses. This is helpful as the child will very likely be in a low marginal tax bracket at the time of the withdrawals. Time for Capital Gains Harvesting From Your Corporation? #103 Sail Away on 02.01.21 at 12:21 am #84 crowdedelevatorfartz on 01.31.21 at 7:59 pm Read up on the new variants; the game has changed in the past month. She’s a narrow path after all. Your schadenfreude is noted but a bit pointless. @Sara. Careful. tuition, it’ll actually be cheaper than what we’ve been paying all along. – Why detain travellers for three nights when a test result can be obtained the same day? Isn’t there a fly somewhere that requires you to remove it’s wings ? Do you have any advice on how best to fully collapse his fund while staying within CRA rules? All car related costs are fine so gas, insurance and parking at school are fine. _________ #63 IHCTD9 on 01.31.21 at 5:45 pm Withdrawals are taxed in the hands of the beneficiary. I’d be interested to see feedback on post #14 and #48 – at what point (net worth?) If you have an income in the $90000-100000 range, you could put around 15k into your RRSP, get a refund of around $5500 to then top up your TFSA. Tuition costs in Canada are relatively affordable, we aren’t that far off the European model and certainly it is way more affordable than the US model. Which means they will continue upward. Would it be possible to do an article on what a debt crisis would look like and how one would best prepare for that? “Why wasn’t these measures taken a year ago, when they may have had real impact on controlling spread?” Unfortunately, I think we are stuck until enough vaccination to get herd immunity happens. —————- Just another instance of Trudeau well behind the curve. #14 heloguy on 01.31.21 at 12:55 pm Costs for cheap suits and ties add up but you have to purchase them if the hiring manager tells you to. Car is an 8 year old econobox. Always great education and funny pics on this blog: surely beats the news these days! “Stinky little eating machines that change your whole life and drain your bank accounts.”, ++++ Scholarships (10K) are taxable, as are RESP withdrawals (10k), and income from summer jobs (15k) can put a student into the $35 k income range reducing the benefit from a RESP. Let it play out I say and worry/plan about what we know. I would say probably not before vaccines hit enough arms, but that has not really been great so far. Part-time hours: 15-30 per week”. No need to think or look trying. The lifetime RESP contribution limit per child is $50,000. You are also not likely to be physically and mentally more able to work harder when approaching the age that you are starting to eye retirement than you are now. In the interim, ratcheting restrictions up and down to balance the bad effects of lockdown against the pushing the limits of the healthcare system (and therefore rocketing mortality) is what we are stuck with. If your child is unlikely to pursue post-secondary education or all the funds in the plan are not required, you may be able to transfer up to $50,000 tax-free to your RRSP (if you have available contribution room) so long as the RESP has been open for at least 10 years and all beneficiaries are at least 21 and not currently pursuing higher education. The preferreds are great – just what I want. Remember the 20% ‘automatic grant gain’ you get comes in trickles of $500 a year. We had our troubles but he was a class A worker. Investors considering any investment should consult with their Investment Advisor to ensure that it is suitable for the investor's circumstances and risk tolerance before making any investment decision. Presumably so you can spread covid among the police force and the other inmates – having tested positive and all that. Thought for sure there was going to be a huge second wave in the fall that would tank the market due to high unemployment, shuttered industries etc.. Siily me. I tried looking in the past when it was suggested to have a small amount of my portfolio in “alternative investments”. degrees etc. This results in a tax refund of ~$11.5K in Ontario. @#151 Ponzie prattle. Hedgefund #2. https://www.fiercepharma.com/pharma/pfizer-and-biontech-pushing-for-2b-coronavirus-vaccine-doses-2021-temporarily-reduce. Footage from Sat of police decending upon a cold wintery Toronto park looking to arrest normal people who are outside. If a proper test, trace, and isolate program had been put in place at the beginning of the outbreak that would be one thing. “Tam urges provinces not to loosen COVID-19 restrictions as Quebec hints at changes (ctvnews.ca)”, “Frustration grows amid restaurateurs over lack of data linking industry to COVID-19 (www.ctvnews.ca)”. I have to laugh at the dumb things I have done. Why make a public health crisis a landlords’ problem? No problem putting a note in our Will as you suggest, however should we just be asking the parents to start an RESP instead and us just contributing? What’s the social and economic cost of switching lives to there? Naturally, the donation comes with a strong recommendation. ************************************* All their ‘free’ products and apps we are given! Where will the Metrosexual Messiah from Canada go, if and when, voters decide he is no longer needed? If one child decides not to pursue post-secondary education, savings can be directed within the plan to the others. Essentially nothing in most cases. Earn while you learn. Those Scottish engineers did some amazing things. If we do set-up a family RESP, does that mean we can double the contributions and get double the benefits? Money wouldn't be missing as statements would be received. If your smart but lazy……. I didn’t even think this was supposed to kick in until this coming Thursday. For those who don’t know [sigh] what Jedi mind tricks are, they are when a Jedi uses the power of his mind to command someone with a weaker mind, like a Stormtrooper or your in-laws. A relative received an inheritance and kept the money separate, filled his RESP, TFSA, and RSP in his own name. If case severity/ICU counts could be reduced with what some experts say is a ‘cheap like borscht’ drug to stop Covid in its tracks, then why hasn’t it been weaponized in the fight? That study has an extremely small sample size (24), is non-randomized, and has a non-clinical outcome (negative NPS). #210 Sky on 01.30.21 at 9:11 am They are strong birds. You want to go old on the kid’s car because insurance is insane if you need collision on a new one. Sent it to my daughter. Very nice. University is ok as long as you graduate in medicine, law, engineering, pharmacology, and maybe (just maybe) accounting (which requires an apprenticeship of sorts regardless and a subsequent series of exams). • Novavax = 52M, 2 doses. It showed that an RRSP and TFSA will yield a larger after-tax lump of money when liquidated in the future compared to a corporation. Loonie Doctor on January 5, 2018 at 10:05 am A very timely article. I posted about this earlier but wanted to make another point: Covid: Australian city of Perth goes into snap lockdown after guard tests positive. It needs upgrades so I will see what I can do. It wasn’t lost on me. You can use the RESP money to purchase a car as your child will need to get to and from school. I also think that there will be major economic and mental health effects that are hard to measure and delayed in presentation. Thank you for your response. #82 the Jaguar on 01.31.21 at 7:53 pm I’ll take it, and I thank Garth’s blog for this. Your email address will not be published. We all have opinions. You give up your freedom so easily now while the governments keep promising safety through increasingly severe restrictions. Set up your own business for more tax savings. You need to pay yourself a salary to be able to make RRSP contributions and take advantage of this Jedi mind trick. An RESP can also be split equally and transferred from one RESP to another so long as the beneficiaries stay the same but it is more complicated than it sounds so it is likely best to keep the plan in place because if an RESP is split all future contributions will need to be coordinated. I would have included something about the additional provincial grants, which I believe exist in SK, QC and BC (significant part of Canadian population to ignore). Pfizer is expanding ( retooling) an addition to their Belgium factory in 2 months to meet worldwide demand. We also donate to our 18 nephews’ and nieces’ plans through their parents. Hedgefund #1: proceeds to nuke the second Hedgie’s P&L. The US has similar but different 529 plans. Not the point, obviously. I thought I was going have to leave the car in a forest as a souvenir to the foolish. Just my opinion. The Czech Republic waited far too long, and now is on top of the list of most cases per capita. Enjoy. I removed the contribution money, and it all worked out. As with all investments, contributing early and consistently will provide the best chance of growing the money. I bet Garth never thought this day would come. The power and control is just too embedded. This post is not intended for those completely untrained in the ways of The Force. #7 Keep Your Rent on 01.31.21 at 12:17 pm. You can be stupid when you enter university, and even dumber when they “graduate” you out of that degree mill. ____. Physical work over the long haul can take its toll on the body so we lean to multiple Probably ditch the golf membership too. And thank you especially for your service to the community and families who would be lost without you and your colleagues. It still makes very little sense how the market can be near its maximum when all sorts of chaos and ruin with some sectors of the economy are occuring with no end in sight. Canada offers the retail investor more than a dozen hedge CAD-based ETF products that neutralize U.S. dollar and non-Canadian dollar currency exposure. Let’s just say we are weighing this carefully. The views expressed are those of the author, Garth Turner, a Raymond James Financial Advisor, and not necessarily those of Raymond James Ltd. Austria and Germany are helping out. But when you get into paying for rent, air fare, etc. You contributed the same amount to your RRSP, so that incremental increase in your retirement income is a supplement from the government. Luck is what is what is it. You can get some quick tips in this demo from Obi Wan Kenobi. As long as the public health emergency continues, landlords should not be permitted to issue eviction notices, the LTB should not accept eviction applications, and no eviction order should be enforced. I don’t mind. Why is Kanada being targeted for economic destruction? Why Smoking Man told his grubbing relatives he was broke. Eviction orders issued against tenants during the pandemic must be rescinded. Great blog Sinan. Placing an entire city under quarantine to prevent the spread of a virus is inconceivable, unenforceable and ineffective — and in Canada would be against the law, experts say. Some books even suggest to buy the car by the pound. There's more at Garth's corporate site. I’d be willing to bet that the bulk of the whinging about this travel order is coming from people who see their needs to go get drunk on a beach as essential ‘cuz muh mental health or ‘cuz Kanada is chilly or ‘cuz muh vitamin D. Or those who idiotically took a tropical vacay and are now scrambling to get home. “The Economic Impact of the 10 Worst Disasters in 2020. Mazatlán is hosting the Series del Caribe baseball tournament. Also maxed out the TFSA this year! Our two kids are on easy street with their $180K family RESP and 5 years until the first one starts uni… however since it is tax-deferred, we are looking at holding the contributions in the plan as long as possible and only using the grant+income to be taxed in the kids’ hands. I’ve admittedly been wrestling a bit for what to invest in, inside this account for the coming 2021 contribution year. I don’t proof read until after I press send. Required fields are marked *. Zero exercise, airless rooms & crappy food. The person(s) that establish an RESP are called ‘the subscribers’. Whining is not helping. A very useful post this afternoon. If you get a fire nice and hot, Canadian money will burn. Where were you a year ago when Dr. Tam gave us a lecture about racism because people called for a ban on international arrivals, especially from covid hot spots? Like you said, line up at the job fair for the big career making macchiatos and lattes. One questions. Caroline Kassie recently joined Chelsea Clinton as general partner at Metrodora Ventures. there was money left in the RESP when our kids finished school, and the CESG and income was removed in the last kids last semester. I write this from Kona, having sacrificed several productive hours to fly here. Loonie Doctor on January 11, 2019 at 5:51 am Hi Robb, I suspect you must be feeling the tax pinch of the new rules preventing dividends to spouses unless they document 20+ hours per week of work for the corp. Single Dose = 843,519 ….. In addition to the inconvenience, my ex discovered it was going to cost her $4,000 a year to have my oldest daughter insured as on occasional driver on her nearly new car. Any hints? From the Toronto Star in JAN 2020. * The U.S. suffered 5 out of the top 10 worst disasters, totalling some $51.1B in economic losses, only $25.2B of which was backed by insurance. Here is why I ask: Many people are confused: lease new, finance new, pay cash for new to get 1-2K off, or finance old pay cash for old. 400 bucks a month contribution. This calculator is intended to help investors who ultimately make their own decisions. Austria and Germany are helping out. With the New CCPC Passive Income Rules – Is It Bad to be Good? ”, ********************************************. Valuable post. They last a long time if regularly maintained. Important point: RESP money can be used for more than just paying for tuition and books. Not cheap and yes these assets will eventually depreciate to 0 but students need them to build their careers.
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