Investing Basics
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Presentation Transcript
Investing Basics A lot of this presentation was taken from https://youtu.be/6B6UkD3inaA Diagnostic Imaging
High Interest savings Bank account Non- registered investment RRSP TFSA
Bank account For day to day banking It is not earning any significant interest for you
High Interest savings accounts Accounts are safe Interest is still kind of low Accessible Short term savings goals like for a vacation or car
Non- registered investment RRSP TFSA
Stock Cash Ca$h Fund Bond Investment Account Bank Account
Non registered account This is an account you open at a bank, online brokerage or investment firm You transfer money from a bank account into this basket The money sits there until it is invested You invest in a stock/bond/fund It hopefully makes money over time You are taxed on that money
RRSP Very popular Great deal for Canadian investors You put money in an RRSP and you get a tax deduction, If you earn $60,0000 this year and put $10,000 of that in an RRSP You only pay tax on $50,000 That is a difference in taxes of several thousand dollars You receive a tax refund The investments in here grow TAX FREE while in the RRSP basket You can reinvest that money in more stocks BUT once you take money out you get taxed on it
RRSP There is an upper limit on what you can contribute per year You are forced to start taking money out at age 71
TFSA You put money in your TFSA now The money you put in is AFTER tax money no tax refunds here! You don t pay tax on any money in the account or when you withdraw There is again a cap on what you can contribute per year
What to use? Better to try at least something!
Financial Advisor/Planner Ask them their certification and how long it took Ask them their fiduciary obligations Ask them their T-REX score
You Invest: $100 Annual Rate of Return: 8% Annual Fee: 2%
References and links https://youtu.be/6B6UkD3inaA https://larrybates.ca/t-rex-score/ https://larrybates.ca/what-does-my-t-rex-score-mean/ https://larrybates.ca/t-rex-math/
