Already invested recommended contribution stated on notice of assessment last year. I have gross pay from last 2022 pay stub. How do I get up to date pension deduction since I haven't done taxes yet? Want to contribute early January instead of waiting.
I don't actually know of a way to find that information apart from reaching out to the finance department at your work. Sorry that's not overly helpful - Paul
@Avalon Accounting Thx for response anyway 👍 If not mistaken if u base contributions on notice of assessment u are a year behind. Calculation off last paycheck in Dec & contributing in January is better. Think read this in some really old Gordon Pape book. Not accountant. Maybe clueless lol 😆
the CRA has made that known since the beginning. Of course, since you're most likely going to LOSE money when day trading, the CRA probably won't bother you.
Hey there - I'm not sure about borrowing against your investments. Might be a question for a banker. There are specific government programs that let you borrow FROM your RRSP for specific purposes (buying a home or education). We explain it in our latest article here: www.avalonaccounting.ca/blog/rrsps-explained
Always good to revisit this whenever I'm doing some planning.
He is a Gem 🤝feels like one on one consultancy when watching the video, very clean and informative.
Thanks so much! Glad it was useful for you!
Thank you for explaining both options in a calm and understandable manner.
Thanks for this. By far the best explanation I've found. Do you have a video for Americans working in Canada?
Hey Richard! Glad you found it useful. I'm sorry to say we don't have any content like that on our channel.
@@AvalonAccounting no problem. Thanks for the content you do have! 👍🏾
Great video! Really helpful for me, you explain the two subjects really well. Thanks for taking the time.
Glad it was helpful, Maxim!
This is the best clear explanation about TFSA and RRSP among other you tube videos.
Great job brother!
Thanks a lot .
Thanks Juliya! So glad this video was helpful :)
So RRSP is relatively better suited for buying US/foreign dividend stocks than the TFSA?
yes. can't speak to places other than the USA but US dividends aren't subject to the withholding tax when held in your rsp account.
Already invested recommended contribution stated on notice of assessment last year. I have gross pay from last 2022 pay stub. How do I get up to date pension deduction since I haven't done taxes yet? Want to contribute early January instead of waiting.
I don't actually know of a way to find that information apart from reaching out to the finance department at your work.
Sorry that's not overly helpful - Paul
@Avalon Accounting Thx for response anyway 👍 If not mistaken if u base contributions on notice of assessment u are a year behind. Calculation off last paycheck in Dec & contributing in January is better. Think read this in some really old Gordon Pape book. Not accountant. Maybe clueless lol 😆
Great vid
Thanks Jean-Marc!
Did you hear that cra would apply a business income tax if you do day trading in tsfa account? It sounds unfair. Any advice ?
How is it unfair if you're treating it as a business?
the CRA has made that known since the beginning. Of course, since you're most likely going to LOSE money when day trading, the CRA probably won't bother you.
Can I borrow against the RRSP / TFSA instead of withdrawing from it? If yes, then is the borrowed money taxable that year?
Hey there - I'm not sure about borrowing against your investments. Might be a question for a banker.
There are specific government programs that let you borrow FROM your RRSP for specific purposes (buying a home or education). We explain it in our latest article here: www.avalonaccounting.ca/blog/rrsps-explained