tax return 2008 & RRSP


Jump to Page:
< Previous  [ 1 ]  [ 2 ]  [ 3 ]    Next >



Iceberg   
Member since: May 05
Posts: 919
Location: GTA and beyond

Post ID: #PID Posted on: 22-01-08 23:02:58

1. Open an account with a discount brokerage. Quest trade allows an RRSP account with no fees and no account closing fees also. These are self directed and if you are conservative invest into a GIC within a RRSP. You DO NOT need an agent to do all this. Open an account online - check TD Waterhouse, RBC Action direct, etc but they all have annual fees of about $25 to $100. stay away from Labour sponsored funds. I have not met anyone who has not lost money on them. If your horizon is long term there are quite a few stocks at bargain. Buy them and forget about them for a few years and you will see appreciation in your investments.

My advise is do it yourself. It is not rocket science.

Quote:
Originally posted by MeagainMe

Hi All,
I'm interested in investing in RRSP and as far as I know the deadline is 29th Feb 2008. I need the following info related to RRSP as well as tax return:

1) Should I go to the bank to invest in RRSP or there are other agents who can do it for me? Any difference between those two ways ? Would my money be locked for a specific time ?

2) Can I & my wife file a joint tax return or it should be separate & we can still transfer credit from each other ?

3) Are there any other investments, like RRSP, which can reduce my tax ?

4)Any Tax consultant in Markham ?




investpro   
Member since: Nov 06
Posts: 1628
Location: carl sagan's universe

Post ID: #PID Posted on: 23-01-08 11:15:24

Quote:
Originally posted by pratickm

. how much sleep would you lose if you investment lost 50% of its value overnight.




All but the few Bruce Willises and Slys and Arnies would lose a tremendous amount of sleep if they lost 50% overnight.






pratickm   
Member since: Feb 04
Posts: 2831
Location: Toronto

Post ID: #PID Posted on: 23-01-08 12:03:25

Quote:
Originally posted by investpro
All but the few Bruce Willises and Slys and Arnies would lose a tremendous amount of sleep if they lost 50% overnight.

Yet, it happens all the time.
Several indices have already lost 20% of its value just in the past few days.
Folks who bought tech stocks at the hight of the bubble in summer 2000 are still in red (if they haven't sold out already).

The 50% doesn't have to be a big amount - it could be a few thousand, or a few million.
The bigger your portfolio and the longer your time horizon is, the bigger your tolerance may be.

So you may not be worried at all when you lose 50%, or you may jump off the bridge.

To invest without considering the possibility of losses is foolishness.


-----------------------------------------------------------------
"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."

-- Rhett Butler in "Gone with the Wind"


investpro   
Member since: Nov 06
Posts: 1628
Location: carl sagan's universe

Post ID: #PID Posted on: 23-01-08 16:47:01

HI PratickM,

I guess I should have highlighted OVERNIGHT.

50% loss OVERNIGHT. Doesn't happen all the time, unless of course we have a different evaluation of OVERNIGHT.



investpro   
Member since: Nov 06
Posts: 1628
Location: carl sagan's universe

Post ID: #PID Posted on: 23-01-08 16:52:30

Quote:
Originally posted by pratickm

Several indices have already lost 20% of its value just in the past few days.
Folks who bought tech stocks at the hight of the bubble in summer 2000 are still in red (if they haven't sold out already).





And those who bought Japanese stocks in 89? when nikkei was near 40,000 and it is now 13,000. also was in the teens a few years from 89. they hurt bad and yet they bought into tech stocks in late 90s.

double ouch whammy.



investpro   
Member since: Nov 06
Posts: 1628
Location: carl sagan's universe

Post ID: #PID Posted on: 23-01-08 17:00:06

Quote:
Originally posted by nari

I have a question wrt to my wife is not under high tax bracket. Can i make contributions of RRSP under her name to take advantage of reaching 20000 maximum limit that we could withdraw under Home buyers plan. I have already reached 20000$ limit in my RRSP contributions towards previous years. This year i am eliglibe to invest about 10000$ under RRSP my question can i invest under my wifes name and cliam the deduction from my income.

Thanks



I am not sure I understand the question. You can definitely contribute to a spousal plan using your room.

However I am unclear about the 2nd part about claiming the deduction.



pratickm   
Member since: Feb 04
Posts: 2831
Location: Toronto

Post ID: #PID Posted on: 23-01-08 17:02:14

Quote:
Originally posted by investpro
50% loss OVERNIGHT. Doesn't happen all the time, unless of course we have a different evaluation of OVERNIGHT.

Sure, overnight i.e. in the course of 24 hrs. doesn't happen.
But you get my point.

I was cautioning the original poster that he/she must consider risk tolerance as an important part of investing.
Risk can be managed as well i.e. by adequate diversifying, both in asset classes as well as geographical/sector allocation.

I never meant that because stocks can fall sharply, one shouldn't invest in stocks.


-----------------------------------------------------------------
"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."

-- Rhett Butler in "Gone with the Wind"


Contributors: investpro(5) pratickm(3) MeagainMe(3) DP_gta(2) dp_jain(1) nari(1) Iceberg(1) chinai91(1) hem_13(1) santy4(1) Smiley(1) Kadambari(1)



Jump to Page: < Previous  [ 1 ]  [ 2 ]  [ 3 ]    Next >

Discussions similar to: tax return 2008 & RRSP

Topic Forum Views Replies
Saving / checking account
Financial Planning 2054 4
Looking for Discount Brokers
Financial Planning 1402 0
Bank Accounts
Just Landed 2026 4
Can I withdraw the RRSP amount? ( 1 2 )
Financial Planning 3711 8
Sticky: RRSP 101 (All RSP questions answered) ( 1 2 3 ... Last )
Tax benefits for Canadian Residents
Financial Planning 126955 122
Re: Question about RRSP ( 1 2 3 )
Financial Planning 4714 17
RRSP Mortgages ( 1 2 )
Real Estate & Mortgages 2724 9
Details about RRSP & Comparison with 401K plan
Accounting and Taxation 1536 1
Best Bank to deposit the travellers or Cashiers cheques ( 1 2 )
Moving Soon 1811 7
When you dont want to use RESP Agent/Financial Company
Registered Education Saving Plan 5383 5
Foreign Content in RRSP
Accounting and Taxation 1581 2
Investing RRSP in Indian stocks
Business 2216 1
tax return 2008 & RRSP ( 1 2 3 )
Accounting and Taxation 5092 20
RRSP deadline
Accounting and Taxation 1067 2
Needs to check credit to open new account with PC bank.....?? ( 1 2 )
General 3480 10
Buying Stocks
Business 2653 5
RRSP withdraw without physical presence ( 1 2 )
Financial Planning 4748 10
RRSP Question.. Please Reply
Financial Planning 4475 6
RRSP and RESP -- Can i contribute ?
Financial Planning 1582 2
TFSA vs. Saving A/c
Financial Planning 1721 1
Switching RRSP account from one bank to another
Financial Planning 2101 1
RRSP Deferred Sales Charge
Real Estate & Mortgages 1649 5
Withdrawing from RRSP account
Financial Planning 1635 3
can I have more then one RRSP account?
Accounting and Taxation 2175 2
Secure LOC - should i get it.
Financial Planning 1602 1
 


Share:
















Advertise Contact Us Privacy Policy and Terms of Usage FAQ
Canadian Desi
© 2001 Marg eSolutions


Site designed, developed and maintained by Marg eSolutions Inc.