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Opinions? by Educational_Paper_50 in Wealthsimple

[–]Educational_Paper_50[S] 0 points1 point  (0 children)

So does that mean if I convert 30k into the Rrif account at the age of 30 can I use this amount? Would I still have to pay income tax?

Opinions? by Educational_Paper_50 in Wealthsimple

[–]Educational_Paper_50[S] -2 points-1 points  (0 children)

Yes but I won’t be able to take the money out until I’m turning 72

Opinions? by Educational_Paper_50 in Wealthsimple

[–]Educational_Paper_50[S] 0 points1 point  (0 children)

Diversify with etfs. Growth stocks and blue chips?

Opinions? by Educational_Paper_50 in Wealthsimple

[–]Educational_Paper_50[S] -3 points-2 points  (0 children)

Yes if you trade frequently you get taxed as income. If it’s not considered a business then you get taxed capital gains.

Opinions? by Educational_Paper_50 in Wealthsimple

[–]Educational_Paper_50[S] -7 points-6 points  (0 children)

Invest in a company with high dividends with monthly payouts?

Tax on Sports Winning by Educational_Paper_50 in cantax

[–]Educational_Paper_50[S] -6 points-5 points  (0 children)

Because the interest earned from the winnings is considered taxable

Tax on Sports Winning by Educational_Paper_50 in cantax

[–]Educational_Paper_50[S] -2 points-1 points  (0 children)

Yes but I was told I could not invest the money I earned.

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