Canadian Trust Funds
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Travis Said:
Daughter, a minor, has trust fund set up by estate. who pays the tax/ daughter, parent? Canadian taxes?We Answered:
In general, it is the the trust that pays the taxes, unless it elects to distributes its income to your daughter (as a beneficiary) to pay the tax.In certain "tax avoidance" cases, the daughter's income may be attributed to the parent if the parent has transferred property into the trust benefitting a minor child.
Roy Said:
Canadian RRSP information... do you have a good website?We Answered:
I don't know what your 'company RRSP' is. An RRSP which invests in shares of your company? If it is, that may offer additional benefits, such as automatic reinvestment. The drawback is the 'all my eggs in one basket', since your job and your future retirement both rely upon the success of your company. nevertheless, if you think the company is solid, with good potetnial for growth, it can make sense.As for fixed savings vs mutual funds, I would always go with mutuals at your age. You have many many years for your funds to grow, and you can easily wait out the ups and downs of the stock markets. Historically, that is the smart choice, investment in stocks will grow much faster than fixed income.
Don't fret the day to day swings in the market, or even the longer term ups and downs. For instance, my own portfolio got savaged last fall. But while I'm a lot older than you, I knew it would bounce back. I didn't sell, except a few stocks where i saw an opportunity to sell and buy back lower, and today, I'm back above where I was in Oct. Buy solid companies, hold them. That's the way to long term gains.
Sit down with one of TD's financial advisors (or any other, I only mention TD because that's the company you mentioned), and work out your 'risk profile', how much risk you're willing to take, which should be high at your age. The more risk you can handle, the more you can ignore the ups and downs, the better you'll probably do in the long term .
As your portfolio grows, make sure you review your choices periodically, to make sure they still match what you want/need.
Jose Said:
How long do you think the U.S. and Canadian govts should own car company GM?? (2014?, 2018?)?We Answered:
Dont care I will never do business with with GM or Chrysler again I am a Ford customer from now no, on welfare trash cars for me.Cody Said:
How can I buy the Canadian petroleum trust fund? PTF?We Answered:
it has merged with PennWest .....ticker symbol PWESamuel Said:
Do you think the U.S./Canadian govt. should own GM until 2018 if necessary (that's the "plan")?We Answered:
Buy a Ford.