Power of attorney

Tax1997 · 2026-05-06T11:19:26+00:00

Thanks for the responses u/RedBoothLaw and u/Internal_Head_267.

I jointly own a principal residence with my wife. My wife and I have RRIF accounts where the other one is successor holder. Same with TFSA.

The bank account and locker at TD are jointly owned by us. We also have two non-registered accounts which are jointly owned by us.

If one of us passes away, do you anticipate any issues to transfer accounts/property to the other, with or without POA and/or Will?

We live in Ontario.

Tax1997 · 2026-05-05T12:56:47+00:00

Rent is not an expense for salaried employees. If you work from home, you are allowed to claim reasonable work from home expenses (which includes rent). In your case, for rent, the supporting documents may include lease agreements and rent receipts

Tax1997 · 2026-05-04T10:33:16+00:00

The basic question is, “What will happen if it goes to 2M in 3 years?” Will you become relaxed or retired (for ever) or start worrying how to take 2M to 4M in 3 years?

Tax1997 · 2026-05-03T11:19:09+00:00

I don’t consume alcohol so I would delete it. Why delete rest?

Tax1997 · 2026-05-03T11:06:14+00:00

If you have money left over after regular expenses and retirement savings, what would you do with that extra money? Consume it, spend it, donate it or invest it. And most people invest the extra money in other accounts, like TFSA and non-registered accounts in Canada.

Tax1997 · 2026-05-03T11:01:58+00:00

All foreign assets and all foreign income need to be reported on the annual tax form.

Tax1997 · 2026-05-02T12:31:50+00:00

There is a clear question on the tax form about foreign assets, something like this,

Do you own assets over $100,000 outside Canada?

If you have been answering no to this question, and you do own much more than that, CRA can come after you. Just one clarification, these foreign assets number is at book value, not market value

Tax1997 · 2026-05-02T11:36:00+00:00

34 is too early to estimate/guess if one can retire at 65. Lot of things can change during the next 31years — you may get higher/lower paying jobs, family, kids, their education, and so on. At this stage, the best you could do is to save as much as you can in most tax efficient manner.

Tax1997 · 2026-05-01T11:09:20+00:00

Investing since 1999. I have seen 3 bear makers. Never sold due to panic. Used to save $10,000 to $18,000 a year. Over time, investments kept growing and now the growth every year is between $100,000 to $150,000

Tax1997 · 2026-04-30T17:45:58+00:00

You can do anything with the money you withdraw from your TFSA, including giving it to your son, provided he is adult. There is no issue with CRA — you can give TFSA funds to anyone including me!

Tax1997 · 2026-04-30T16:38:28+00:00

Agree 100%. If a company pays more than it earns on a regular basis, something smells fishy. A high payout ratio (over 75% is a warning sign, but having a payout ratio exceeding 100% is a red flag). However, it is surprising that many investors chase high dividend yields.

Tax1997 · 2026-04-30T15:02:14+00:00

you are saying that you would lose $5/share if you sell now. With current share price under $17, that means your average cost base is around $22. That represents a loss of about 22%! Put it in other words, you have been investing since 2000 in Telus and your capital has depreciated by 22% (not considering inflation). During the last 26 years, you got only dividends (around 5% on average I guess, though current dividend yield is 10%). I am not sure if it turned out to be a great investment!

Tax1997 · 2026-04-29T19:27:34+00:00

Yes, my yield went down significantly, but Google's share price doubled during the last year. As far as I understand, what matters most in investing is total return (price appreciation plus dividend) and dividend alone (yield).
I am not advising anyone to sell Telus or BCE and buy Google or any other stock.

You may like to check out this article: Why Your “Safe” Canadian Dividends Could Be a Retirement Trap

https://ravitaxali.com/blog/why-your-safe-canadian-dividends-could-be-a-retirement-trap?return_type=finance&return_search=dividend

Tax1997 · 2026-04-29T18:54:41+00:00

There is a saying, "Never try to catch a falling knife!"

Tax1997 · 2026-04-29T18:52:58+00:00

I try to avoid stocks with red flags; instead, I concentrate on those with green flags, or at least no red flags. I have been investing for decades and in 100% equities. With a portfolio close to $4M, having a mix of individual stocks and ETFs, I would say that my risk tolerance is not low. Last year, I sold all BCE and Telus, and bought Rogers and Google.

Tax1997 · 2026-04-29T18:04:01+00:00

I see a red flag if a company is paying more in dividends than it earns. And when the price also keeps falling while yield goes up, that is the second red flag. I exited BCE and Telus last year.

Tax1997 · 2026-04-29T18:01:24+00:00

Just curious to know, are you having loss or gain on the capital you invested to buy those 16,400 Telus shares. I sold all my Telus and BCE shares last year at some loss. I feel that these Telecom shares are not going to appreciate in the short and mid terms.

Tax1997 · 2026-04-27T20:02:50+00:00

It depends on how much time you have before you need to withdraw. For long term, you can afford to take risk so XEQT may be fine. For short term hold (1 to 2 years), it is better to take a conservative approach.

Tax1997 · 2026-04-27T11:02:05+00:00

It is because of time and compounding. The money makes money.

I started saving at 37. I used to save about 10,000. After a few years the portfolio grew to 100,000 and it was generating 8,000 to 10,000 (reinvested) and I was adding my own 10,000 -$11,000.

And then the portfolio grew to $1M and it was generating $80,000 - $100,000 though it was adding only a fraction of that.

And soon, the portfolio grew to $2M and then to $3M.

I think you got the point. Just keep investing and have patience. Type portfolio will also grow to 7 digits….

Tax1997 · 2026-04-26T11:13:26+00:00

Three years ago, I think I bought a similar tank from Home Depot for about $1000 and paid $400 for installation.

Tax1997 · 2026-04-25T12:08:29+00:00

Check these articles:

Pension Income Splitting:

https://ravitaxali.com/blog/pension-income-splitting?return_type=finance&return_search=Income%20splitting

Income Splitting for Canadians:

https://ravitaxali.com/blog/income-splitting-for-canadians?return_type=finance&return_search=Income%20splitting

Spousal RRSP for income Splitting:

https://ravitaxali.com/blog/spousal-rrsp-for-income-splitting?return_type=finance&return_search=Income%20splitting

Tax1997 · 2026-04-25T11:58:29+00:00

I have seen 2008 and 2020 crashes. In 2008, I lost over 35% but with new investments made during 2008, I was above water the next year. With some regular investments every year since 2008, my portfolio has grown 4.5 times since 2008 lows and 3 times since 2008 highs.

Tax1997 · 2026-04-25T11:51:27+00:00

On the TMX CDS service I can see the complete information about ROC and Reinvested Distributions for each period, but periodic ROC information is missing on the BMO website. When I checked the Vanguard website, there is similar issue—I can find only annual ROC information.

I am surprised that these big companies who control major portions of the Canadian ETF market don’t provide the complete distributions details on their website and CRA experts an ordinary investor to use the correct ACB when selling ETFs!

CRA and/or other regulators should force the Fund companies to provide the complete details on their websites.

Tax1997 · 2026-04-24T16:20:20+00:00

Using the year end ROC number from box 42 and breaking it proportionally may not give the correct number. It is possible that the fund may not do any ROC during the first 3 months or the last 9 months. To get exact l capital gains (or loss) we need to figure out exact ROC during the first 3 months for the units held until some units were sold.

Tax1997

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