Home | Community | Message Board


This site includes paid links. Please support our sponsors.


Welcome to the Shroomery Message Board! You are experiencing a small sample of what the site has to offer. Please login or register to post messages and view our exclusive members-only content. You'll gain access to additional forums, file attachments, board customizations, encrypted private messages, and much more!

Unfolding Nature Shop: Unfolding Nature: Being in the Implicate Order

Jump to first unread post Pages: 1
Offlinegopher
Coffee Bean Extraordinaire
I'm a teapot


Registered: 11/22/17
Posts: 12,990
Loc: Canada
Last seen: 12 hours, 42 minutes
investments in canada
    #27918285 - 08/25/22 02:51 PM (1 year, 5 months ago)

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

:kratom:


Extras: Filter Print Post Top
InvisibleAhab McBathsalts
OTD Windmill Administrator
Other User Gallery Ultimate Champion: Blackjack


Folding@home Statistics
Registered: 11/25/02
Posts: 35,107
Loc: Wind Turbine, AB Flag
Re: investments in canada [Re: gopher] * 1
    #27920527 - 08/26/22 11:56 PM (1 year, 4 months ago)

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)


Extras: Filter Print Post Top
Offlinegopher
Coffee Bean Extraordinaire
I'm a teapot


Registered: 11/22/17
Posts: 12,990
Loc: Canada
Last seen: 12 hours, 42 minutes
Re: investments in canada [Re: Ahab McBathsalts]
    #27920713 - 08/27/22 06:19 AM (1 year, 4 months ago)

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

:kratom:


Extras: Filter Print Post Top
InvisibleAhab McBathsalts
OTD Windmill Administrator
Other User Gallery Ultimate Champion: Blackjack


Folding@home Statistics
Registered: 11/25/02
Posts: 35,107
Loc: Wind Turbine, AB Flag
Re: investments in canada [Re: gopher]
    #27921434 - 08/27/22 03:11 PM (1 year, 4 months ago)

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."


Extras: Filter Print Post Top
InvisibleAhab McBathsalts
OTD Windmill Administrator
Other User Gallery Ultimate Champion: Blackjack


Folding@home Statistics
Registered: 11/25/02
Posts: 35,107
Loc: Wind Turbine, AB Flag
Re: investments in canada [Re: Ahab McBathsalts]
    #27921447 - 08/27/22 03:21 PM (1 year, 4 months ago)

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."


Extras: Filter Print Post Top
Offlinegopher
Coffee Bean Extraordinaire
I'm a teapot


Registered: 11/22/17
Posts: 12,990
Loc: Canada
Last seen: 12 hours, 42 minutes
Re: investments in canada [Re: Ahab McBathsalts]
    #27921494 - 08/27/22 04:00 PM (1 year, 4 months ago)

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

:kratom:


Extras: Filter Print Post Top
Offlinegopher
Coffee Bean Extraordinaire
I'm a teapot


Registered: 11/22/17
Posts: 12,990
Loc: Canada
Last seen: 12 hours, 42 minutes
Re: investments in canada [Re: Ahab McBathsalts]
    #27921497 - 08/27/22 04:01 PM (1 year, 4 months ago)

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

:kratom:


Extras: Filter Print Post Top
Jump to top Pages: 1

Unfolding Nature Shop: Unfolding Nature: Being in the Implicate Order


Similar ThreadsPosterViewsRepliesLast post
* Canadian Tax & Accounting - TFSAs and RRSPs Ahab McBathsalts 250 0 12/04/11 10:54 PM
by Ahab McBathsalts
* Canadian Stock Investors - The TFSA Ahab McBathsalts 339 1 01/25/13 11:40 AM
by klondike_bar
* RRSP'S ???? And investments The5thElement 856 8 09/26/13 12:42 PM
by The5thElement
* Savings vs RRSPs Horse_Meister 404 2 07/17/09 09:16 AM
by Noetical
* RRSP has turned around. PDU 449 3 01/24/14 10:52 AM
by Icelander
* rrsp deduction liimit SpencerPhillips 329 2 08/17/15 02:22 PM
by SpencerPhillips
* Freedom and Human development: Poverty in Canada Ahab McBathsalts 1,091 2 01/28/08 12:37 PM
by Ahab McBathsalts
* First time saving ... advice on GIC, TFSA's, and other investments PDU 634 2 04/22/12 03:44 PM
by Cannashroom

Extra information
You cannot start new topics / You cannot reply to topics
HTML is disabled / BBCode is enabled
Moderator: geokills, automan
283 topic views. 1 members, 2 guests and 2 web crawlers are browsing this forum.
[ Show Images Only | Sort by Score | Print Topic ]
Search this thread:

Copyright 1997-2024 Mind Media. Some rights reserved.

Generated in 0.024 seconds spending 0.004 seconds on 12 queries.