tag:blogger.com,1999:blog-4402283548766807872.post2424025192694636994..comments2024-03-20T02:26:06.500-04:00Comments on The Blunt Bean Counter: TFSA's- I Opened The Account, Now What?The Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.comBlogger12125tag:blogger.com,1999:blog-4402283548766807872.post-16773419852220437522016-01-01T17:03:21.489-05:002016-01-01T17:03:21.489-05:00Hi Anon
I do not provide personal tax planning ad...Hi Anon<br /><br />I do not provide personal tax planning advice on this blog. However, you may wish to read this article which is at least partly on topic.<br /> http://www.theglobeandmail.com/globe-investor/investor-education/your-tough-tfsa-questions-answered/article23233954/The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-50615159283834748492015-12-31T10:10:54.901-05:002015-12-31T10:10:54.901-05:00Wondering if I can use my TFSA as an income splitt...Wondering if I can use my TFSA as an income splitting tool. Goal is to move money from my spouse's taxable investment account into our joint taxable account. Can I move shares in my TFSA into the joint account and my husband move the same amount from his taxable to the joint. Plan would be to start at the end of next Dec. Then the following January my husband would give me cash to rebuy same or similar equities in my TFSA. With $55K in my TFSA this would in effect allow him to move $110K plus each year into the joint account. CRA allows him to give me money for my TFSA but wonder if the plan would be deemed allowable. Great blog!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-13321260960730810782013-03-18T23:18:59.059-04:002013-03-18T23:18:59.059-04:00Hi Anon, yes the total cumulative amount is now $2...Hi Anon, yes the total cumulative amount is now $25,500The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-41010664626676025752013-03-18T20:46:36.325-04:002013-03-18T20:46:36.325-04:00BBC - seeing that the annual TFSA dollar limit for...BBC - seeing that the annual TFSA dollar limit for 2013 is $5,500 and it was 5000 for 2009 to 2012 - then the total catch including 2013 is $25,500 right ? Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-73844591572421260352013-03-12T09:59:24.582-04:002013-03-12T09:59:24.582-04:00BBC - I asked one of the principals and the answer...BBC - I asked one of the principals and the answer is NO. What I have invested within the company could not be transferred or (swapped) because it is not outside "arms length". Having said that, the investment product itself does not qualify. They (the investment company) would have to jump through a bunch of tax law / legal hoops to qualify the investment product so it can be held within a TFSA or RRIF. <br />Lesson: ask questions before proceeding.<br />Ok enough of me babbling on. <br />Bye for now, Nugget (our golden retriever's name)<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-58347821933629364152013-03-11T18:20:29.643-04:002013-03-11T18:20:29.643-04:00Hey Anon
Wow, you must be really old :)
Here is ...Hey Anon<br /><br />Wow, you must be really old :)<br /><br />Here is link to what you can hold http://www.taxtips.ca/tfsa/investments.htm<br />The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-75151696697257342562013-03-11T16:53:29.023-04:002013-03-11T16:53:29.023-04:00BBC - What investment product(s) cannot be held wi...BBC - What investment product(s) cannot be held within the TFSA? I have funds in my business invested with a company which provides 1st and 2nd mortgages and short term loans to clients who are unable to go to banks because they normally have more restrictive rules. Anyway, this investment earns 8% payable monthly (to company). I would love to hold such a product in my TFSA but I kind of doubt it's possible.<br />BTW - I'm old enough to remember a time when interest earned in a savings account was not taxed. I really begrudge paying this tax. Thanks in advance for your comments.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-40161097974681105112010-11-12T20:05:57.004-05:002010-11-12T20:05:57.004-05:00I would like to be able to suggest stock picks, bu...I would like to be able to suggest stock picks, but as a CA I cannot, but nice stock selection.The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-75266400167807992172010-11-11T17:13:10.915-05:002010-11-11T17:13:10.915-05:00I think if your TFSA was a "rainy river"...I think if your TFSA was a "rainy river" fund and not a "rainy day" fund, you would be much happier and more inclined to use a TFSA.Unknownhttps://www.blogger.com/profile/07417250637413409615noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-45936451088457031242010-11-11T17:04:37.404-05:002010-11-11T17:04:37.404-05:00I agree that if the TFSA is not a rainy day fund a...I agree that if the TFSA is not a rainy day fund and is an investment fund, that equities may make sense due to the tax free growth on the capital gains. However, as mentioned in the blog above, markets also go down and you must accept a loss on the sale of shares or ETF or mutual fund in your TFSA is a capital loss foregone.The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-10283968980163415742010-11-11T16:32:38.756-05:002010-11-11T16:32:38.756-05:00I am a great fan of TFSA’s and I marvel at the tax...I am a great fan of TFSA’s and I marvel at the tax free opportunity this opens to Canadians. Once I realized the TFSA is the instrument with the best tax breaks in our current tax system I have been advocating this amongst friends and relatives. In my opinion, the maximum benefit out of TFSA may be obtained through self directed TFSA . I had initially opened TFSA with ING since it was hassle free, but since then have moved them to self directed ones.<br /><br />Some financial consultants have projected that investing through a self directed TFSA has the potential to grow into millions of dollars given its tax free nature and the advantage of time and I agree with that possibility.<br /><br />I started with a bang with three self directed TFSA last year, one for my son who had just turned 18, my wife and myself. I was aggressive initially and lost a bit investing in US biotech companies given the market conditions at that time. However, I changed my strategy and since then, not only have I recovered the losses but have turned them into reasonably good portfolios by investing in some Canadian small cap shares.<br /><br />I think TFSA’s are a gift from the government with huge financial implications including retirement planning for the average individual. It is left to individuals to get the best out of it and my suggestion is to take the self directed route. In 2011, for those who have not yet opened TFSA, $ 15,000 is a good amount to start a self directed TFSA taking advantage of the room available since its inception. In this low interest environment it is even worth considering borrowing to invest in TFSA. For passive investors my suggestion is to buy few blue chip company shares in different sectors and leave them in the account to grow and you will be amazed by the sheer possibility. <br /><br />Good luck with your TFSAbbbhttps://www.blogger.com/profile/02484228592661143186noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-9536479594591677752010-11-10T14:18:19.277-05:002010-11-10T14:18:19.277-05:00I am a great fan of TFSA’s and I marvel at the ta...I am a great fan of TFSA’s and I marvel at the tax free opportunity this opens to Canadians. Once I realized the TFSA is the instrument with the best tax breaks in our current tax system I have been advocating this amongst friends and relatives. In my opinion, the maximum benefit out of TFSA may be obtained through self directed TFSA . I had initially opened TFSA with ING since it was hassle free, but since then have moved them to self directed ones.<br><br>Some financial consultants have projected that investing through a self directed TFSA has the potential to grow into millions of dollars given its tax free nature and the advantage of time and I agree with that possibility.<br><br>I started with a bang with three self directed TFSA last year, one for my son who had just turned 18, my wife and myself. I was aggressive initially and lost a bit investing in US biotech companies given the market conditions at that time. However, I changed my strategy and since then, not only have I recovered the losses but have turned them into reasonably good portfolios by investing in some Canadian small cap shares.<br> <br>I think TFSA’s are a gift from the government with huge financial implications including retirement planning for the average individual. It is left to individuals to get the best out of it and my suggestion is to take the self directed route. In 2011, for those who have not yet opened TFSA, $ 15,000 is a good amount to start a self directed TFSA taking advantage of the room available since its inception. In this low interest environment it is even worth considering borrowing to invest in TFSA. For passive investors my suggestion is to buy few blue chip company shares in different sectors and leave them in the account to grow and you will be amazed by the sheer possibility. <br><br>Good luck with your TFSAAnonymousnoreply@blogger.com