Stock Market

inertia said

Yep, fire extra into TFSA (tax free savings account) and profits are nontaxable.
Good choice.

Click to expand...

I'm trying to drain our RSP's before we hit 71 and have to convert them to RIF's and be mandated on withdrawals, all while paying less than 13% tax while doing so as we have no "income". Issue is... our funds don't seem to deplete, but I guess that's a good thing! LOL

The real goal is, if I we both kick the bucket in an airplane the "kids" will lose at minimum 52% to the grim reaper in Ottawa when they have to cash out our RSP accounts. Been there with my Mother and it wasn't pretty. I've been converting it to cars and paying the bills. The kids get the cars for a dollar and other valuable consideration with no tax ramifications if I get them in their names before the big day comes!

As for a TFSA, interest rates have sucked so much for years we never bothered.. since neither of us have had a pay cheque since 2006. Wife just filled Her's up last week, 95K at 5.25% in a GIC.