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gopher
Coffee Bean Extraordinaire



Registered: 11/22/17
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investments in canada
#27918285 - 08/25/22 02:51 PM (1 year, 5 months ago) |
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I have an inheritance I want to do something with, any suggestions as what to bring up to the financial advisor next week?
I heard GIC is cool, but I can't get the money while it is matueing if theres an emergency
-------------------- For most of the normies out there, an operating system is just a bootloader for Google Chrome. Since Disney has obtained tremendous value from the public domain, knows how important the public domain is, and is firmly determined to never contribute anything to it. My pronouns are He and Him, and my adjectives are Fat and Jazzy
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Ahab McBathsalts
OTD Windmill Administrator




Registered: 11/25/02
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Re: investments in canada [Re: gopher] 1
#27920527 - 08/26/22 11:56 PM (1 year, 4 months ago) |
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What's your timeline for using the money?
How much is the money?
What's your networth?
Do you have any TFSA room left? How about RRSP room? What was your taxable income last year?
Do you have an emergency fund of 3-6 months in a separate savings account already?
GICs are less than inflation. Typically short term bonds would be more liquid and give you a higher yield.
If you don't immediately need the money and have room available in your tax advantaged accounts generally the best thing you could do would be to throw it in a TFSA diversified TSX stock ETF like a VCN. Or a combination of the S&P500 SPY and Nasdaq QQQ in an RRSP. Just put it in and forget about it for the next 20 years.
Or go to the precious metals division of your bank and order a couple of ounce gold maple leafs and put them in a shoebox in your closet. An ounce of gold will always buy you a fine suit and is better than a GIC.
Lots of options, but generally pay off debt, invest in your career and then build wealth with diversified ETF investments is the fool proof way to do it. Or YOLO it all into Blackberry or whatever.
-------------------- "Nobody exists on purpose. Nobody belongs anywhere. Everybody's going to die."
Edited by Ahab McBathsalts (08/27/22 12:11 AM)
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gopher
Coffee Bean Extraordinaire



Registered: 11/22/17
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Last seen: 12 hours, 42 minutes
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I have 25k in a savings, no tfsa or anything
I'm on disability social assistance so my money is not taxed, I take home 1k a month, or 12k a year
I cant have more than 40k in the bank right now, till I find a job I can do forever and dont need the governments money
I was going to put 10k in a nonredeemable gic and 10 k in a redeemable one
And then I have 5 I could put into stocks zi guess
-------------------- For most of the normies out there, an operating system is just a bootloader for Google Chrome. Since Disney has obtained tremendous value from the public domain, knows how important the public domain is, and is firmly determined to never contribute anything to it. My pronouns are He and Him, and my adjectives are Fat and Jazzy
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Ahab McBathsalts
OTD Windmill Administrator




Registered: 11/25/02
Posts: 35,107
Loc: Wind Turbine, AB
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Re: investments in canada [Re: gopher]
#27921434 - 08/27/22 03:11 PM (1 year, 4 months ago) |
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Depending on the way disability social assistance works, you are only allowed so much in assets before it is penalized.
You could look into a Registered Disability Savings Plan RDSP. I think that generally skirts any of the asset rules. And the government might actually pay you a couple of extra hundred bucks a year into it once you open it.
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/registered-disability-savings-plan-rdsp/canada-disability-savings-grant-canada-disability-savings-bond.html
I'm not super familiar with it, but that's what I'd bring up with the investment advisor.
The investment advisor is going to try to push you into GICs and high fee mutual funds which is great for their commissions. Some of them aren't terrible, but you need to be asking "WHAT IS THE INVESTMENT FEES?, WHAT IS THE EXPENSE RATIO? HOW DO YOU EARN YOUR COMMISSION?
It's your fucking money, don't give them anything or sign anything until you feel comfortable.
-------------------- "Nobody exists on purpose. Nobody belongs anywhere. Everybody's going to die."
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Ahab McBathsalts
OTD Windmill Administrator




Registered: 11/25/02
Posts: 35,107
Loc: Wind Turbine, AB
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I don't know your whole life story, if family is helping you out or what, but use a chunk of that money to enjoy and set yourself up for your career or for your next job as well. Get some new tires, a new bicycle, take some classes, a new mattress, new clothes whatever you think Grandma would want you to have.
It don't matter how much money it is. All you can do with it is save it, spend it, or give it. And if you are on disability probably spending some to improve your life would be a wiser investment than keeping all of it locked up in the bank.
-------------------- "Nobody exists on purpose. Nobody belongs anywhere. Everybody's going to die."
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gopher
Coffee Bean Extraordinaire



Registered: 11/22/17
Posts: 12,990
Loc: Canada
Last seen: 12 hours, 42 minutes
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I got denied for the disability tax credit, which you need to open a rdsp
I'm in the process of applying again but I think they told me not to ally again lol
-------------------- For most of the normies out there, an operating system is just a bootloader for Google Chrome. Since Disney has obtained tremendous value from the public domain, knows how important the public domain is, and is firmly determined to never contribute anything to it. My pronouns are He and Him, and my adjectives are Fat and Jazzy
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gopher
Coffee Bean Extraordinaire



Registered: 11/22/17
Posts: 12,990
Loc: Canada
Last seen: 12 hours, 42 minutes
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I would spend money for school but thats it, I want to build the nest egg up to the limit which is 40k
-------------------- For most of the normies out there, an operating system is just a bootloader for Google Chrome. Since Disney has obtained tremendous value from the public domain, knows how important the public domain is, and is firmly determined to never contribute anything to it. My pronouns are He and Him, and my adjectives are Fat and Jazzy
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