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Well, whatever else I was doing these last few days, dishes wasn't a… - Off the Cliff

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Tue Apr 14th, 2015


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10:33 pm
Well, whatever else I was doing these last few days, dishes wasn't a part of it. I collect china bowls (usually from the Front Lawn Dollar store) and have at least seven by now. This morning I had to eat my cereal out of one of the Japanese lacquer ones, because the others were piled in the sink. All is clean now, but times I wish I had a dishwasher.

The week so far has been virtuously devoted to accountants (my tax refund shrinks year by year, possibly because my stocks are making money or at least accumulating capital gains), dentists, and doctors. All of which am glad to have over with. Wandering relief workers return from their wanderings and I may be allowed to give my complaining lower back a rest for a while. Am ambivalent about that: spring melancholy bites hard in April and shrieking babies at least keep one distracted from it for a bit.

But I suppose it's time I started to deal with spring melancholy as well as everything else. Have joined a Buddhist seminar/ class that meets on Sundays and am endeavouring not to pre-judge (and dismiss) it just because I still haven't found a comfortable way to sit for extended periods with scoliosis, and the practices fail to entertain me. Patience is also a Buddhist virtue.

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Comments:


[User Picture]
From:petronia
Date:April 20th, 2015 03:28 pm (UTC)
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I hope you're moving all you can into a TFSA! It cuts down on the paperwork, too, since you don't even need to declare what happens to the stocks in there -- it's like they don't exist for tax purposes.
[User Picture]
From:flemmings
Date:April 20th, 2015 03:37 pm (UTC)
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Can stocks in a TFSA still be managed by my advisor? What if the capital gains exceeds the year's limit of donations?
[User Picture]
From:petronia
Date:April 23rd, 2015 03:05 pm (UTC)
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Advisor: I don't see why not?

If you have a lot of investments today, you won't be able to move them into a TFSA all at once -- there's a $10K limit per year as of 2015 if you've had none before. So every year you move $10K worth of stock or bonds into the TFSA until you have none on the outside. That's at fair market value so it takes into account capital gains since you bought them. Once it's in there, it "disappears" for tax purposes -- you're not taxed on dividends/interest/capital gains on those investments, nor do you get the normal dividend tax credit or foreign shares tax credit, nor can you claim a capital loss against any capital gains from other investments outside the TFSA for tax purposes.

As far as I'm concerned, the TFSA is worthwhile just to cut down on the paperwork, since I do my own taxes by hand. XD But the other aspect of this is that you should max out your RRSP first; it's still more advantageous to do that.

(Without knowing all the details of your financial situation, of course, if you're constantly taking a tax hit from capital gains, I'd suspect your advisor is doing a lot of buying and selling to lock in the gains. You're not taxed on capital gains *until* you sell the shares. If you buy Bell Canada shares in 1970 and held onto them until now, their market value will have gone up by, idk, tenfold, but you won't be taxed on that. You'll only be taxed on the dividends issued by Bell, which granted can be in the thousands of dollars. So the other possibility is that you're holding a lot of dividend-paying stock.)
[User Picture]
From:flemmings
Date:April 24th, 2015 02:45 am (UTC)
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Thank you for the information. My mind's a sieve, but I seem to recall him (investment advisor) mentioning this possibility in one of his quarterly reports. Put the idea from me because it meant Talking To My Investment Advisor, and I need a translator when people start talking finance. Sometimes I need a translator for the translator, as when my bro paraphrases my s-i-l's explanation of my portfolio.

I assure you, none of my stocks yield me thousands in dividends. ^_^ My capital losses usually offset my gains, since I regularly dip into my portfolio to, like, pay my property taxes.

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