Toronto Escorts

Cash business and Investing

kilroyjones

Member
Feb 13, 2012
162
0
16
Toronto
Hello,
Here's a question:
I just started a career switch from IT to trades, which is mainly a cash business.
Any great investment advice? I like to utilize my TFSA as much as possible, but I'm not a big player in the stock market. I'm kind of embrassased that I don't know more about investing. :(
Any advice?
Kilroy
 

havanabanana

New member
Feb 5, 2012
1
0
0
If you put anything into an investment account, bank account, etc, Revenue Canada knows about it (especially registered accounts like a TSFA). That means you better be prepared to explain where the cash came from.

Just use your cash to pay for as much living expenses as possible. Find other ways to invest, like private mortgages.
 

39ajaxmale

New member
Jan 13, 2012
632
1
0
If you put anything into an investment account, bank account, etc, Revenue Canada knows about it (especially registered accounts like a TSFA). That means you better be prepared to explain where the cash came from.

Just use your cash to pay for as much living expenses as possible. Find other ways to invest, like private mortgages.
You automatically assume that he earned his money from illegal activities? Seriously? The guy just said he was in IT, and last I checked, that was a legal profession.

Kilroy, depending on your risk tolerance and when you require this money back, especially with the volatility in the markets right now, you're better off with an advisor. If you're planning on making a profession of this, start with www.csi.ca and spend some time researching a career that is interesting to you.
 

needinit

New member
Jan 19, 2004
1,193
1
0
Hello,
Here's a question:
I just started a career switch from IT to trades, which is mainly a cash business.
Any great investment advice? I like to utilize my TFSA as much as possible, but I'm not a big player in the stock market. I'm kind of embrassased that I don't know more about investing. :(
Any advice?
Kilroy

Why is the fact you are now in a mostly cash business create a different way to invest - are you saying you are NOT declaring some income and want to know where to stash it?

If you are doing a trade you still need to pay income tax!

Otherwise the investment advice is the same whether you are PAYE IT guy or Mr tradesman!! Depends on risk tolerance etc.
 

kilroyjones

Member
Feb 13, 2012
162
0
16
Toronto
Well, I'm not going to claim it all. Maybe 1/2.
I guess I ask the question here because I was curious what a SP would do.

Side note, anyone got a couple good ETFs to recommend?
 
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