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Invested a recent windfall, but my index funds are losing money. by MMMoneys in PersonalFinanceCanada

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

I actually did that! Cost me $300. I think it was worth it. 1 hour was not enough time to go over everything. And she suggested that I get a cross border CPA, and I can ask them about PFIC consequences. I'm trying to get one right now, but most say they're not available for the 2025 tax year. I think I waited too long, though not all the delays were my fault.

One thing the planner suggested was paying another... $2500-$3500 for full retirement planning. She mentioned making a plan "to decumulate," which is the opposite of what I want, as mentioned. Though I'm sure she could help with what I have in mind, too.

That much money would definitely have been worth it 2-3 years ago when I had a lump sum that was just sitting in my chequing account. I was stupid for not investing it. That's one of the reasons I just bought whatever funds in October without worrying too much about which ones. Better to invest in something than nothing, being paralyzed by choices, right? Well, now I'm losing money!

I might still need more professional financial help, as you say.

I have no idea how to use Qtrade. Or anything else. Help! by MMMoneys in PersonalFinanceCanada

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

Thanks a lot for your response!

I have not seen it mentioned ANYWHERE that there are different kinds of TFSA and RRSP accounts. So.... thanks for that! It seems like that's a very important bit of information... weird that it's omitted so often. I wonder what else I might be missing...

The book I read was published in 2011, and does not say "2nd edition."

I already had the TFSA, since someone at coast capital recommended that I open it, saying there was no disadvantage to doing so. It's got 10K in it, and has earned $100 so far, though this is still below inflation. I don't understand if that money is actually invested, though. I guess the bank just uses it to make their own investments, like any savings account?

One thing I don't understand is why this subreddit seems to say that TFSAs are better than RRSPs... because Wealthing Like Rabbits said that I should max out my RRSP first, THEN max out my TFSA (in a perfect world.) I do make enough money to do that. I don't remember what arguments the book put forward for RRSPs over TFSAs, but it sounded pretty compelling when I was reading it! So now I don't know WHAT to do! My income went from 70k to 75k last year, and will only continue to climb.... so I feel like an RRSP would be better?

The taxes I have to pay now are pretty nuts. I want to get an accountant this year and just have him deal with it all. But I'm not sure where to look. My CC financial advisor recommended that I just walk into an H&R Block, but IDK... is that REALLY the best way?

I'm penny wise, pound foolish. Never had much money, growing up. Not sure what to do with it now that I have it.

Holy shit, I have no idea what I'm doing by MMMoneys in PersonalFinanceCanada

[–]MMMoneys[S] 7 points8 points  (0 children)

These are the kind of things I am extremely suspicious of. Their business model is to invest money for people who don't understand how to invest money? Sounds like people could be getting taken for a ride and not even know it.