I saw this on CNN Money and I thought it gives great advice on money. http://money.cnn.com/galleries/2007/moneymag/0708/gallery.20_rules.moneymag/index.html
Here are the personal tax changes from the Federal Budget yesterday. TFSA The TFSA was introduced in 2009 as a way to save and invest for your future on a tax exempt basis. Contributions to a TFSA is not tax deductible but gains, income and withdrawals are tax free. Originally, the TFSA started with a $5,000 limit subject to inflation adjustments of $500 increments. Because of this, the TFSA limit from 2009 to 2012 was at $5,000, but changed to $5,500 from 2013 to 2014. The new 2015 budget proposes to increase the TFSA annual contribution limit to $10,000 effective immediately and going forward. However, the annual contribution limit will no longer be indexed to inflation but will be increased only if legislated. So if you have never contributed into a TFSA, you can now contribute up to $41,000 as long as you have been 18 years old since 2009. You can invest your TFSA into a variety of investments like stocks, bonds, GICs, mutual funds and segregated funds. RRIF A RRIF i...
It's RRSP Season Again! Yep, it's that time of the year again. Make sure you have your T4 ready and have calculated your maximum contribution. The deadline to contribute to your RRSP is March 1, 2011. Investment Landscape People have been asking me what's the best place to invest right now? Are we out of the recession yet? Is the U.S. back on track? Here's my own view and my views are not necessarily the same as what you hear or read in the media or from portfolio managers. Let me answer the first one as that is the easiest one to answer. The best place to invest is worldwide, always. You cannot have a portfolio concentrated into one country like Canada. Canada only represents a small percentage of the world market. Adding just 20% foreign equities into your portfolio would expose you a lot of potential growth from China, Europe, India, etc. But how much to invest in foreign equities will depend on what stage you are in your life. If you are nearing retirement or you ar...
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