April 22, 2011

  • "Get Rich" Department:

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    Step One: Open an investment account.

    Step Two:  Use the investment account as a business.

    Step Three: Record all transaction commission fees as 'bank fees' on the income tax professional business form.

    Step Four: Any profit from the investment account is applied to the (RRSP) Registered Retirement Savings Plan and the (TFSA) Tax-Free Savings Plan.

    Note: Three investment accounts might be too much to handle.  They allow a tax savings while playing the Canadian stock market. Can't comment on the U.S. equivalent.

     

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