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InvisibleShins
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Registered: 09/15/04
Posts: 16,337
New Canadian tax free savings account
    #9569030 - 01/08/09 03:06 AM (15 years, 2 months ago)

so obviously the government is trying to get people to invest their money in stocks and whatnot.

at first i thought it was great but then i realized;

now you'll lose 50% of your investment..... but it will be tax free!! yeah! ...?

the sad thing is, many people will probably fall for it.

I thought about buying gold stocks with it, but then i realized that Gold is tax free anyways :shrug: awesome.


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Edited by Shins (01/08/09 03:09 AM)

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OfflineRedstorm
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Re: New Canadian tax free savings account [Re: Shins]
    #9569360 - 01/08/09 07:09 AM (15 years, 2 months ago)

It's still a better alternative than putting your money under your mattress.

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InvisibleNoetical
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Registered: 11/28/04
Posts: 9,230
Re: New Canadian tax free savings account [Re: Redstorm]
    #9592373 - 01/11/09 11:01 PM (15 years, 2 months ago)

you know what the economist ran a pretty good piece (in cheek) about how you would end up being the same off over the last 25 yrs with that strategy (can't find the link)

anyways..... this was announced in the last budget (not before all the cracks, but before the huge ones) and was intended as an "oh fuck" here is something in exchange for taxing the income trusts....

and don't forget you can always use your tfsa for a guaranteed investment like a GIC or TD....

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Invisiblejohnm214
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Re: New Canadian tax free savings account [Re: Noetical]
    #9594813 - 01/12/09 01:15 PM (15 years, 2 months ago)

Quote:

Noetical said:
you know what the economist ran a pretty good piece (in cheek) about how you would end up being the same off over the last 25 yrs with that strategy (can't find the link)

anyways..... this was announced in the last budget (not before all the cracks, but before the huge ones) and was intended as an "oh fuck" here is something in exchange for taxing the income trusts....

and don't forget you can always use your tfsa for a guaranteed investment like a GIC or TD....




I'd be very interested to see the link.


My understanding was that by investing in large companies (SnP) and holding you do about 10% over time- far better than other methods- including professionally managed funds of whatever type.  If you don't have inside information it seems the way to go is large companies and hold- or luck.

That's my plan- when I get some cash.  I'm far from an expert so I'd appreciate something to shatter my reality if its out there.

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InvisibleNoetical
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Registered: 11/28/04
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Re: New Canadian tax free savings account [Re: johnm214]
    #9599011 - 01/13/09 12:35 AM (15 years, 2 months ago)

I've searched high and low but can't find it (It was a video link if that helps). If I do somehow stumble upon it I'll be sure to post it


So this is what the Toronto Stock Exchange has done over the last nine years:

Jan 1 2000 TSX - 8429
Jan 1 2009 TSX - 8793

HI - 14984
LOW - 5935


Now that is a medium term horizon and over 'that' frame you've maybe made what 0.25% a yr. Far cry from 10%.

That being said its not all doom and gloom.

Go after companies that have a tangible value if you want to dangle about. If you don't understand the business model don't sink your cash into them (Ol Buffy won't even throw a dime into microsoft because he can't understand how they generate revenue). If a guy that bright with his track record and level of expendable resources is being that prudent with his money, you or I should at least spend a bit of time interwebing and buy plays and not going off hunches.

Good luck

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InvisibleShins
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Re: New Canadian tax free savings account [Re: Noetical]
    #9680381 - 01/26/09 12:20 AM (15 years, 2 months ago)

so i was thinking about these accounts some more and i realized that this is probably a scheme to keep (or increase) the bank's reserves through the recession to prevent a collapse. (WOW! tax free account, run to the bank money in hand.) the increase in bank reserves would cause inflation as long as they're loaning out,  so you'd be getting your money tax-free, but it'd be worth less.


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InvisibleNoetical
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Registered: 11/28/04
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Re: New Canadian tax free savings account [Re: Shins]
    #9689189 - 01/27/09 02:51 PM (15 years, 2 months ago)

No scheme.

It was announced when the economy was in full bluster.

Political move for sure, but in the vote winning sense not the appease our secret conglomerate new world banker overloads one.


And the "savings" is just a name. This is a trading account (stocks and bonds, not held by banks), that grows tax free.


As to the inflation doomsday scenario, right now you are seeing banks hoarding tier 1 capital and deleveraging (increasing reserves, not lending). So what you should really be worried about is deflation because that makes that huge burden of debt that everyone is carrying around that much more expensive.

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OfflineRedDevil420
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Registered: 01/03/09
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Re: New Canadian tax free savings account [Re: Redstorm]
    #9691459 - 01/27/09 09:12 PM (15 years, 2 months ago)

Quote:

Redstorm said:
It's still a better alternative than putting your money under your mattress.




depends where that money came from


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