Lol to banks taking trading fees
I'm at about 80% of my liquid net worth in crypto now😮
You should be able to easily transfer your current holdings in your non-registered account (your momentum account) into a TFSA. Just talk to the bank and they will be able to walk you through the process. Doing this now instead of later is really in your best interest.
Here is a graph showing the difference in growth between a non-registered account and a TFSA. In the graph, the initial investment in $10,000 and there is an annual deposit of $1200. The graph assumes a 30% tax rate and that all the growth is capital gained and is taxed at 50%. The difference would be even greater if your tax rate is higher or if you deposit more money or if your rate of return is higher.
Screenshot 2022-01-18 105842.jpg
Last edited by chuckcouples; January 18, 2022 at 12:59 PM. Reason: More info
If we are headed towards a recession, is it best to just sit on your money for now? Or pull money out of stock market?
Do you need the money for spending within a year? If the answer is no, then keep it invested.
If you're in Canada there's 4 ways you can invest legally without taking real estate into account
RRSP, Non Registered accounts, TFSA, and tax shelters.
Within all these different options there is advantages/disadvantages to be had, and you can hold stocks/mutual funds etc. in each one of them.
So it all depends on whether you need a tax break now, a tax advantage later.
That said, TFSA should be your first look for sure simply because its tax free.
I'm sure most of you know this but it's a good reminder.
Also, I would highly recommend to not have the banks involved in your investment portfolio. I much prefer dealing with a broker who isn't bound to 1 specific set of products.
Stifler you should totally be a Bitcoin guy.
Decentralization is your thing, no?
I'm not a fan of the cryptocurrency hype that is going on. So i'll avoid that market for now, until i may understand it more.
You're not a fan of taking the money out of "the system" and putting it in a entity that no one can take from you or your kids or kids kids?
Canadian banks are worse than big pharma!
Anyone here invest into Docebo Inc (DCBO)?