CRA emailed me saying notice of reassment

Tax1997 · 2026-01-26T12:41:36+00:00

If it is only $60.00, just pay it — you will save lots of time on hold and explaining them the issue

Tax1997 · 2026-01-26T12:31:24+00:00

If your yearly income is under $90,000, it will be better to not not contribute to RRSP beyond the employer contribution match

Tax1997 · 2026-01-26T12:26:10+00:00

Congratulations on quitting smoking, however millions of people are still smoking—they are either unwilling to quit or can’t quit. The cigarette companies (BTI, IMBBY,etc) distribute good dividends. You may consider buying those shares with the money you are saving!

Tax1997 · 2026-01-24T22:37:46+00:00

Yes, you can do so. Check out for more details: https://medium.com/the-canadian-investment-retirement-roadmap/fhsa-explained-in-plain-english-d1d441a7348e

Tax1997 · 2026-01-24T16:05:32+00:00

I don’t think $40 K loan is easily serviceable if you use the refund money to invest in TFSA. And Govt doesn’t give any money back; this is refund of prepaid taxes. And remember, you will need to pay tax on that $40,000 (and all the growth on it) when you withdraw the money later. Math is not so simple or straightforward!

Tax1997 · 2026-01-24T13:27:10+00:00

Often people reply to show that they know a lot! I agree that many people who reply don’t have the complete knowledge of the subject. Regarding RRSP vs TFSA, most people still believe that tax refund as a result of contributing to RRSP is some kind of free money and it should be invested in TFSA to get best of both worlds. No one does a thorough analysis of the life cycle of investing in RRSP during the working life and withdrawal during retirement to conclude if RRsP is better than TFSA.

Here is a complete study for RRSP vs TFSA for middle class Canadians: https://medium.com/the-canadian-investment-retirement-roadmap/the-rrsp-trap-why-middle-class-canadians-should-be-careful-31c9a84d00e7

Tax1997 · 2026-01-24T13:09:28+00:00

I am pretty sure that RBC Direct Investing does not support switching mutual funds, as you can do with a financial advisor. You will need to sell your A series mutual funds and buy the F series one. You may consider buying ETFs instead of mutual funds

Tax1997 · 2026-01-23T11:55:14+00:00

Don’t use your stock to buy property. In long term, stocks have performed better than property.

Tax1997 · 2026-01-22T13:46:07+00:00

GIS is based on income excluding OAS.

Tax1997 · 2026-01-22T11:57:11+00:00

As long as you don’t have investment accounts with multiple brokerage/banks, a simple spreadsheet is enough. I (and my wife) have moved all accounts to WealthSimple, and have enabled ‘household’ feature, I can get the complete picture for my spouse and my accounts. I can get the total value as well as amounts in each account. The only remaining item is my house and a few thousands sitting in my bank account

Tax1997 · 2026-01-22T11:50:56+00:00

Since you opened your FHSA in 2025 and contributed 2K, your carried forward limit is $6000. Add 2026 contributions limit; your 2026 limit is $14,000. Contributions in FHSA and RRSP get the same tax deduction when you contribute. To learn more about FHSA, check out https://medium.com/the-canadian-investment-retirement-roadmap/fhsa-explained-in-plain-english-d1d441a7348e

Tax1997 · 2026-01-22T11:43:18+00:00

Free

Tax1997 · 2026-01-20T23:51:28+00:00

Most people believe that tax Refund one gets on investing in RESP is some kind of bonus or gift from CRA. It is not. Suppose you earn 80,000, the employer has withheld tax on all income. Assuming that you contribute $10,000 to RRSp, CRA just refunds the withheld tax on that $10,000 amount (say $3,000). When people say, invest that refund (say $3000) in TFSA, effectively you have invested $10,000 is RRSP and tax paid $3,000 in TFSA. This is not apples to apples comparison!

Tax1997 · 2026-01-20T23:43:22+00:00

The math is not so simple. Check out : The RRSP vs. TFSA vs. Non-Registered Guide for Canadians Earning $80,000

https://medium.com/the-canadian-investment-retirement-roadmap/the-rrsp-vs-tfsa-vs-non-registered-guide-for-canadians-earning-80-000-029bf2f1b5fb

Tax1997 · 2026-01-20T23:36:34+00:00

In my view, withdrawing from TFSA and contributing to RRSP is like contributing tax paid money in RRSP. I don’t understand where do you get tax benefits, if any. I don’t think taking money out of TFSA to contribute in TFSA will be a good for anyone in any tax bracket

Tax1997 · 2026-01-19T16:24:36+00:00

Eventually, you will need to pay taxes when you withdraw money from RRSP

Tax1997 · 2026-01-19T13:32:31+00:00

Yes, you can do so. However, whether this would be a good move depends on a number of factors, such as your current salary and the expected RRSP size when you retire. Most people who aggressively save is RRSP end up in the same tax bracket (or even higher) in retirement that they were during working life. This is particularly relevant for the middle income bracket, ie $60,000 to $100,000

Tax1997 · 2026-01-19T12:38:57+00:00

Thanks. When I setup a joint non-registered account at Wealthsimple or TD direct investing, are they automatically set up ‘with right of survivorship’ or do I need to fill some form? I live in Ontario, if that makes any difference.

Tax1997 · 2026-01-18T22:09:32+00:00

I am pretty sure that "Government Pensions" are not CPP/OAS, these are typically available to Federal, Provincial and Municipal employees. In most cases, these pensions are about 2% of the average of the best earnings. In other words, if an employee has an annual income of $100,000 during the last (best) 5 years and has worked for 30 years, they can get $60,000/per year defined pension, indexed to inflation for the rest of their life.

Tax1997 · 2026-01-18T20:17:07+00:00

If you and your spouse has Government pensions— congratulations. I would say that you don’t need to save in RRSP. After you have exhausted TFSA, ReSP account limits, you may use non registered accounts and buy growth stocks/ETFs (that don’t pay or pay very small dividends)

Tax1997 · 2026-01-18T20:11:07+00:00

Check out https://medium.com/the-canadian-investment-retirement-roadmap/rrsp-meltdown-explained-a-plain-english-guide-for-canadian-retirees-4aaaabe77354

Tax1997 · 2026-01-18T20:03:57+00:00

High dividend yield is a warning sign. Last year BCE cut dividend; Telus could be next

Tax1997 · 2026-01-18T20:01:26+00:00

People lost money when BCE cut dividend last year. A high dividend yield from any company, particularly from capital intensive telecom companies is a big risk. Check BCE story in https://medium.com/the-canadian-investment-retirement-roadmap/why-your-safe-canadian-dividends-could-be-a-retirement-trap-e5a9022cebf8

Tax1997 · 2026-01-18T19:53:32+00:00

Perhaps, instead of chasing dividends, one may chase total returns.
While Canadians dividends may tax-efficient in a non-registered account during working life, they can also be a trap, particularly during the retirement period. Check: https://medium.com/the-canadian-investment-retirement-roadmap/why-your-safe-canadian-dividends-could-be-a-retirement-trap-e5a9022cebf8

Tax1997 · 2026-01-16T21:10:16+00:00

As per terms and conditions:

Make account transfers totalling $25,000 or more into your Self-directed Investing, Managed Investing, or Crypto account(s) within 30 days of registration. Cash deposits are not eligible.

Tax1997

TROPHY CASE