These money-saving strategies can help investors make the most of a very bad year PersonalFinance Investor
The past three years have been relatively good to investors, so many with non-registered investment accounts had capital gains over that time that can be offset with 2022 losses.
This rule is generally a punitive one meant to deny a taxpayer’s loss. If you sell an investment for a loss and you or your spouse buys that investment back within 30 days , the loss is generally denied. Their adjusted cost base then becomes your original cost, not the price at which they purchase the investment. You can use this to effectively transfer a loss to a spouse by selling an investment now at a loss and then having your spouse buy back the same investment.
As a very general guideline, I would probably not contribute to an RRSP if your taxable income is below about $50,000 unless you have an employer matching contribution. If your income is higher, especially if you expect to be in a lower tax bracket in retirement, consider using TFSA withdrawals to fund your RRSP.
Retirees with RRSPs and RRIFs should not necessarily base their retirement account withdrawals on the age 71 conversion deadline or the annual government RRIF minimums. Early withdrawals can allow one to take advantage of low tax brackets, smooth a retiree’s income in retirement and save tax on death.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
These money-saving strategies can help investors make the most of a very bad yearJason Heath: You can earn a guaranteed return on your investments whether markets rise or fall. Find out more.
Read more »
These money-saving strategies can help investors make the most of a very bad yearThese money-saving strategies can help investors make the most of a very bad year — via financialpost PersonalFinance Investor
Read more »
The gig is up: Alberta Premier Jason Kenney set to step down from top jobDon’t cry for me, Alberta, I was leaving anyway.
Read more »
The gig is up: Alberta Premier Jason Kenney set to step down from top jobEDMONTON — Don’t cry for me, Alberta, I was leaving anyway.
Read more »
The gig is up: Alberta Premier Jason Kenney set to step down from top job\u0027I was never intending to be in this gig for a long time,\u0027 Kenney told an audience earlier this month
Read more »
The gig is up: Alberta Premier Jason Kenney set to step down from top jobDon’t cry for me, Alberta, I was leaving anyway. It’s Premier Jason Kenney’s swan song message as he prepares to depart the province’s top job, forced out by the very United Conservative Party he willed into existence.
Read more »