CongratsI'm over $23,000 now. Oil stocks leading the way
$18K profit so far
- Thread starter Phil C. McNasty
- Start date
Congrats. Just a beginner in stocks but in simple terms, if you sold that right now how much of the 23k can you put into your bank account?
Not the OP but I will answer it. Capital gains are tax exempt for 50% of the amount and rest of the amount is taxed at the marginal tax rate for the individual
Nice but as you know they're not realized gains until you actually sell. Just saying its best to hold off the celebrations till then.
TFSA's are the best no tax at all while RRSP's are often the worst because the gains are taxed at your income tax rate. But of course the benefit is that this doesn't happen until the year you withdraw the funds from your RRSP as opposed to gains made in your cash account which have to be declared the same year they occur.
Tax on $23,000 capital gain, rounded to the nearest 100.
If income is 0
$0 TSFA
$0 Cash account (non rounded; $36)
$3,200 RRSP
If income is $50,000
$0 TSFA
$3,400 Cash account
$7,400 RRSP
If income is $100,000
$0 TSFA
$5,000 Cash account
$10,000 RRSP
Income is $200,000
$0 TSFA
$5,800 Cash account
$11,600 RRSP
Very true.
And after you've cashed out, the minute you put that money into a TSFA you start losing money again because of inflation, which means you then have to reinvest that money again and so the vicious cycle continues
I think the stock markets will crash sometimes soon perhaps in this year (2021) similar to the crash in the last quarter of 2008 and the first two quarters of 2009 because the stock markets have been up and up for very long time.. I think you should sell in the next three to six months and cash out the awesome profits before it's too late.
This is just a semantic. If you sell them and buy them back again, you can say that you have realised your gains and decided to invest in stocks again. Kind of pointless but if it is something required to start celebration, so be it
. I would rather save on transaction fees and buy something useful instead.Very nice. I was up 20k, but the recent sell off drove it down to 15k. I'm writing covered calls on some of my holdings to squeeze a few hundred premium here and there. Even if the calls get assign, my strike price is still way above my acb. I'm making money still.
bank stocks are at all time highs(canada), which is ridiculous since they are not cranking out the profit that would reasonably explain the high per share cost. I would agree that cashing out would be ideal atm; however, Im a long term dividend investor. I invest monthly and catch the peaks and valleys between several different companies. during the drop last march I cut my monthly investing contribution to half just to have a cushion.
when there is another drop Ill nut up and buy more for the next drop
Except banks are doing just that. During recessions houses and other real estate properties can be bought up at bargain prices.
So the rich buy as much real estate as they can, and the banks profit immensely from that.
Thats why you're currently seeing the high CDN bank stocks
Started playing the penny stocks back in December. Sold some at profit. Reinvested in others.
Started with 25k. Was up well over 500k at one point. Currently at about 350k.
I've already taken out 5 times my original investment. Going to let these 3 ride.
Started with 25k. Was up well over 500k at one point. Currently at about 350k.
I've already taken out 5 times my original investment. Going to let these 3 ride.
Bought 2 NFT stocks yesterday.
$500 of CWRK:OTCQB and another $500 of ZKIN:NASDAQ
$500 of CWRK:OTCQB and another $500 of ZKIN:NASDAQ
I recently bough Facedrive Inc. (FD.V) TSX-V, I hoping it goes to $30 before I dump it. Learning this stock game so just trying to do pump and dumps with low amounts. Nothing to big - need to save for my hobby.
