RBC Dominion’s Reasonable Stance on RRSP Swaps
July 24, 2011 by Laura Reveley · Leave a Comment
While disallowing swaps in RRSPs for now, RBC Dominion Securities is taking a reasonable stance that they will work with CRA to find a way to continue to offer swaps within the parameters of the Budget 2011, which only penalizes RRSP swap transactions that result in a “tax advantage”. .
Our Tax Advisory Group is working closely with the Canada Revenue Agency to determine the exact impact of the new rule, which affects clients in every financial institution. We are working with the CRA in hopes of finding a solution that may enable us to continue to offer swaps to our clients within the parameters of the new legislation.
Until we have confirmation from CRA, we will take a prudent approach and help our clients reduce the risk of being subject to the 100% tax rate. Effective July 1, 2011, similar to other financial institutions, RBC Dominion Securities will not allow swap transactions involving RRSP/RRIFs and other non-registered accounts until we receive more guidance from CRA. Transfers from RRSP/RRIFs to other RRSPs/RRIFs of the annuitant will still be allowed.
The Investing Pyramid
July 23, 2011 by Hudson Watts · Leave a Comment
There are three major areas when it comes to real estate investing. Each of these can be seen as the corner of a triangle as shown here.
It’s important to understand these three major areas and the relationship among them.
The first corner of real estate investing is called creating cash. This is where you use real estate to generate chunks of cash or regular cash flow from your income property.
Chunks of cash represent the type of profit made when assigning a contract to another investor or fixing and flipping a property for a larger profit. Depending on the price point of the properties you’re assigning or flipping, you can earn some good money in a relatively short period of time. This often makes for great supplementary income.
In fact, some investors make a living doing nothing more than using real estate to create chunks of cash. Creating cash in this manner is great, but it rarely leads to true wealth; that is, building up your net worth.
This is where the second corner comes in – accumulate wealth. T
Turning the Corner with a Side Business
July 23, 2011 by Charlie Stedman · Leave a Comment
A few weeks ago, I put out a call on Twitter and on Facebook for detailed posts that people would like to see. I got enough great responses that I’m going to fill the entire month of July – one post per day – addressing these ideas.
Tammy on Facebook wants to know about “How to know when your part-time small business can transition into your full-time income.”
This is an experience I went through in 2007 and 2008 and an experience I’ve discussed privately with several other small business owners. It’s a scary transition indeed.
For me, there were five real factors I looked at before deciding to make the transition.
First, could I do the work consistently over a long period of time? In other words, would I still want to be doing this in, say, five years? I asked myself this question in 2007 and it’s now 2011, so I think I got the answer here right.
This is basically a passion gut check. It takes… something to be able to write two personal finance articles a day every day for years. Whatever it is th
Moroccan real estate market stalls
July 22, 2011 by Charlie Stedman · Leave a Comment
The market for holiday properties in Morocco is struggling, according to one sector commentator. David Le Bail, director of consulting at DTZ, stated that “the second home market collapsed totally” following the bombing of a Moroccan cafe in April this year. This compounded the effects of the financial crisis and uprisings in other Arab nations which had already slowed the real estate sector in the country. The National cited figures from CB Richard Ellis, showing that housing prices in the nation declined by 50 per cent between 2008 and 2010. Meanwhile, it also noted that half of the available housing stock in Morocco last year was vacant. However, property investment firm Immobiliertanger commented that it believes certain areas of the country could offer growth in the future. Last month, the company stated that villas in Tangier could offer good returns due to the increase in tourist arrivals in the city, which may boost the holiday homes rental market.
Atlanta CPA…Looking for Fast Efficient CPA Services?
July 22, 2011 by Charlie Stedman · Leave a Comment
Looking for Tax Help in All the Wrong Places?
Looking for Fast Efficient CPA Services?
Looking for a CPA who can Turn You Work Around Quickly?
Need to Get CPA Work Done by a CPA who is Technically Proficient?
What Clients of John Dillard CPA of His CPA PC Have to Say…
“My husband and I discovered John late March and we thought it would be too late to work with John. Surprisingly, he was willing to work with us and do everything possible to help us transition our records, fill in the missing pieces and actually file on time! We