Investing

TFSAs are a great savings tool with very few limitations. However, there is one important limitation – how much money you can put into the account in any given year.

Capital gains taxes are most commonly associated with real estate. However, they are also charged with a wide variety of investments and the resulting income.

The stock market can feel like a vast abyss into which you throw your hard-earned money. And, it can be hard to decide how best to invest, much less the best stocks to choose from.

How many movies have you seen that show the madness on the stock trading floor? The reality is, of course, that the stock market is a hot investment tool. And, people can and do make a lot of money by investing in stocks. But there is a lot to know about how to buy stocks.

However, there are some fairly trustworthy places to invest that should give you returns and security. If you’re new to investing and not sure what to do, a Canadian robo-advisor might be a great choice.

Financial planning is the best way to manage the waxes and wanes in your financial situation. It allows you to live comfortably, while saving for a rainy day and, eventually, retirement.

As with all investment products, there are limits and rules to what and when you can contribute. And if you go above the allotted maximum, there is typically a penalty. Similarly, TFSA over contributions are subject to a tax.

It sounds simple enough, but it’s important to understand how you can benefit from investing.

There’s a pretty wide variety of savings and investing tools in Canada. But the introduction of the Tax-Free Savings Account (TFSA) in 2009 was a bit of a gamechanger, introducing a whole new way for Canadians to maximize the money they set aside while paying less tax. What is a TFSA? A bit of a misnomer (more on that below), TFSAs is a registered savings plan that lets you grow your money. It can be a great option for both short- and long-term goals. Essentially, the Canadian government’s intended purpose when creating the TFSA, was to encourage savings with the added tax-free incentive. Anyone over 18 with a valid social insurance number can open a TFSA, and make regular contributions. Your money grows, and when you want to withdraw it, you’ll do so tax-free. How does a TFSA work? A TFSA theoretically works like any savings account, in that you set aside any amount of money you want (up to

Do you know how or if you’d benefit from using an investment advisor, and how to find one?

There are many factors that can influence your finances — from your lifestyle and income to your short- and long-term goals — and a financial coach is well-versed in how to incorporate all of them into a cohesive plan that is tailored to you.