Simplicity is the ultimate sophistication. ~Leonardo DaVinci When the Tax Free Savings Account was introduced in Canada in 2009, it was hailed for its practicality and simplicity. Any Canadian 18 years or older can now contribute up to $5000 per year to a TFSA and have those savings grow completely tax free. While TFSA contributions… Continue Reading
Tag Archives: TFSAs
RRSP vs. TFSA: One Last Dip into the Debate
The test of a first-rate intelligence is the ability to hold two opposed ideas in the mind at the same time, and still retain the ability to function. ~F. Scott Fitzgerald Update: Thanks to Arjun at Investing Thesis for including this article in the Canadian Personal Finance and Investing Carnival #16. Very few topics elicit… Continue Reading
5 Reasons to Skip the RRSP Contribution this Year
The conventional view serves to protect us from the painful job of thinking. ~J.K. Galbraith Update: This article was included in the Canadian Personal Finance and Investing Carnival #14. Thanks! January is already coming to a close and February will soon be upon us. In the Canadian financial realm, that usually means a mad dash… Continue Reading
TFSA Withdrawal Rules
The best things in life are nearest: Breath in your nostrils, light in your eyes, flowers at your feet, duties at your hand, the path of right just before you. Then do not grasp at the stars, but do life’s plain, common work as it comes, certain that daily duties and daily bread are the… Continue Reading
Financial Priorities: Focus vs. Diffusion
I try to take one day at a time, but sometimes several days attack me at once. ~ Jennifer Yane Update: This article is featured in the Money Hackers Blog Carnival #109 posted at Maximizing Money. Thank you! I’ve written a lot of “vs.” posts comparing various financial priorities like RRSPs vs. TFSAs and RRSPs… Continue Reading
What Is the Safest Investment?
Know safety, no injury. No safety, know injury. ~ Author Unknown This is another question that’s come up quite a bit lately and it’s pretty easy to answer. The safest place for your money is in a government guaranteed account. If you are Canadian, this means an insured account at a CDIC member institution. OK,… Continue Reading
TFSA vs. RRSP Duel: Who Wins?
The inability to make a decision has often been passed off as patience. ~ Author Unknown At this time of year, many Canadians are trying to figure out where to put their savings in order to reap the greatest tax and long term investment advantage. With the introduction of TFSAs, that decision has been complicated… Continue Reading
Book Review: Enough Bull
People on commission cannot be trusted. ~ David Trahair, Enough Bull, p. 121 This book came out in August of 2009. By that time, the market tailspin had finally subsided and many investors have since felt comfortable diving back into the investment pool. David Trahair would probably advise against that. This book was billed as… Continue Reading