Some great tax tips for Canadian investors!
Here is a brief introduction to the absolute basics of investing Canada. If you know this, you really just know the basics. If you do not know much about Mutual funds, Eligible dividends, income trusts, and deferring taxes owing then trust me, this is the tip of the iceberg. The Investment Fund Institute of Canada (IFIC) has a mutual fund course as probably does the Canadian Securities Institute (CSI). Both are sought after for entry into the financial sector.
At the very basic, here are the 2 main types of tax-sheltered investments you probably have heard about – RRSP or RRIF. In both cases, you put money away into these investments which are NOT taxed at year-end. you pay taxes when you withdraw or remove the funds after certain milestones, such as age 65.
Investments that generate capital gains or Canadian source dividends are taxed more favourable than interest income because interest income earned…
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