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Rekening Tabungan Bebas Pajak - TFSA DEFINISI Rekening Tabungan Bebas Pajak - TFSA Akun yang tidak membebankan pajak atas kontribusi, bunga yang diterima, dividen atau keuntungan modal. Dan bisa ditarik bebas pajaknya. Rekening tabungan bebas pajak diperkenalkan di Kanada pada tahun 2009 dengan batas 5.000 per tahun, yang diindeks untuk tahun-tahun berikutnya. Pada tahun 2013, batas kontribusi meningkat menjadi 5.500 per tahun Kontribusinya tidak dapat dikurangkan dari pajak dan ruangan yang tidak terpakai dapat dibawa ke depan. Tabungan ini tersedia bagi individu berusia 18 dan lebih tua dan dapat digunakan untuk tujuan apapun. BREAKING DOWN Rekening Tabungan Bebas Pajak - TFSA Manfaat TFSA berasal dari pembebasan pajak atas penghasilan yang diperoleh dari investasi. Untuk menggambarkan hal ini, mari kita mengambil dua penabung: Joe dan Jane. Joe memasukkan uangnya ke dalam investasi yang membuatnya 7 per tahun, Jane melakukan hal yang sama namun dalam TFSA. Jika kedua Jane dan Joe menghasilkan 5.000 investasi sekaligus, masing-masing akan memiliki 5.350 pada akhir tahun. Jane akan bisa menarik semua 5.350 tanpa penalti, sedangkan Joe akan dikenakan pajak atas 350 yang dia dapatkan. Rekening tabungan pensiun yang terdaftar (RRSP) adalah untuk masa pensiun, sementara TFSA dapat digunakan untuk menyimpan barang lain. Rekening tabungan bebas pajak berbeda dari rekening pensiun yang terdaftar dengan dua cara utama: 1. Simpanan dalam program pensiun yang terdaftar dikurangkan dari penghasilan kena pajak Anda. Simpanan ke TFSA tidak dapat dikurangkan dari pajak. Penarikan dana dari rencana pensiun akan dikenakan pajak penuh sesuai dengan penghasilan tahun tersebut. Penarikan dari TFSA tidak dikenakan pajak. TSFA menangani beberapa kekurangan yang banyak dipercaya ada dalam program RRSP, termasuk kemampuan untuk mengembalikan penarikan ke TFSA di kemudian hari tanpa mengurangi ruang kontribusi yang tidak terpakai. Prediksi kebenaran REVORE Tiga bulan yang lalu, Scott Bowers mendapat kejutan yang mengerikan. Barrie berusia 34 tahun, Ont. Penduduk menerima surat dari petugas pajak yang mengatakan bahwa dia berutang tambahan 214. Apa yang dia lakukan salah Menurut Badan Pendapatan Kanada, dia telah memberikan lebih banyak kontribusi pada Rekening Tangguhan Bebas Pajak (TFSA). Ternyata, dia bukan satu-satunya. Sebanyak 70.000 orang menerima pemberitahuan pemerintah yang memarahi mereka karena menyekop terlalu banyak uang ke dalam TFSA mereka. Banyak yang harus membayar pajak penalti, dan banyak orang lain mendapati diri mereka menghabiskan waktu berjam-jam di telepon untuk menjelaskan keadaan mereka kepada staf CRA yang tidak membantu, atau mengisi rim dokumen. Ketika Rekening Tabungan Bebas Pajak pertama kali diperkenalkan pada bulan Januari 2009, orang-orang Kanada mencintai mereka semua, uang Anda bisa tumbuh lebih cepat dan tidak ada hukuman untuk penarikan. Tapi menggunakan mereka dengan benar bisa menjadi rumit, dan bahkan beberapa pro bingung. Kami mendengar beberapa cerita tentang penasihat keuangan yang memberi saran kepada TFSA kepada klien mereka yang membingungkan, menyesatkan, atau salah. Ini memalukan, karena TFSAs dapat menghemat banyak uang jika Anda menggunakannya dengan benar. Bagaimana Anda bisa menghindari kontribusi yang berlebihan dan memaksimalkan TFSA Anda secara Sederhana. Uji pengetahuan Anda dengan pernyataan benar atau salah yang mengikutinya, dan biarkan MoneySense mengubah Anda menjadi pakar TFSA hanya dalam waktu 15 menit. TFSA adalah jenis rekening tabungan dengan bunga tinggi, benar atau palsu Salah. Sementara lembaga keuangan menjalankan kampanye yang mendorong orang untuk membuka rekening tabungan dengan kepentingan tinggi TFSA, itu bukan satu-satunya pilihan Anda. Kesalahpahaman ini berasal dari nama produkTax-Free Savings Account, kata Gordon Pape, penulis The Ultimate TFSA Guide. Anda dapat membuka TFSA dalam bentuk rekening tabungan dengan bunga tinggi, namun jika Anda membuka TFSA melalui broker diskon Anda, Anda dapat memperoleh investasi yang Anda inginkan di dalamnya: GIC, saham, obligasi, reksa dana dan pertukaran- Dana yang diperdagangkan (ETFs). Seperti RRSP, akun TFSA bukan jenis produk investasi, akunnya dengan properti pajak tertentu yang terdaftar di CRA. Anda mendapatkan pengembalian pajak bila Anda berkontribusi pada TFSA, benar atau salah palsu. Tidak seperti RRSP, Anda harus membayar pajak penghasilan atas uang yang Anda setorkan ke akun TFSA Anda. Penghematan pajak berasal dari pertumbuhan investasi Anda jika Anda menerima bunga atau dividen dari investasi di dalam TFSA, Anda harus membayar pajak atas pendapatan itu. Anda juga tidak harus membayar pajak atas keuntungan modal di dalam rekening Anda. Anda dapat berkontribusi hingga 5.000 per tahun untuk TFSA, benar atau salah Benar. Selama Anda seorang warga Kanada berusia di atas 18 tahun, Anda dapat berkontribusi hingga 5.000 setahun. Jika Anda tidak menggunakan ruang kontribusi Anda tahun ini, Anda bisa menggunakannya tahun depan, benar atau salah Benar. Ruang kontribusi yang tidak terpakai untuk rekening tabungan bebas pajak Anda terakumulasi dan Anda dapat menggunakannya di tahun-tahun depan. Anda harus membayar pajak atas uang yang Anda tarik dari TFSA, benar atau salah palsu. Ini membantu memikirkan TFSA sebagai citra cermin RRSP. Dengan RRSP Anda tidak membayar pajak atas uang yang masuk, tapi Anda membayar pajak atas uang yang keluar. Dengan TFSA, Anda membayar pajak atas uang yang masuk, tapi Anda tidak membayar pajak saat keluar. Anda dapat mengambil uang dari TFSA dan memasukkannya kembali ke masa lalu, benar atau salah Benar. Tapi pastikan kamu tahu aturannya. Jika Anda menarik uang, Anda bisa memberikannya kembali, tapi tidak pada tahun kalender yang sama. Seperti banyak jiwa sial yang ditemukan, jika kontribusi Anda melampaui batas Anda untuk tahun ini, Anda akan dikenai pajak 1 setiap bulan dengan jumlah kontribusi berlebihan. Ini berlaku bahkan jika Anda melakukan penarikan dari akun tersebut sepanjang tahun. Misalnya, katakanlah batas kontribusi TFSA Anda untuk tahun ini adalah 5.000. Jika Anda memasukkan 5.000 ke akun Anda, kemudian menarik 2.000, kemudian pada tahun yang sama, Anda memasukkan 2.000 lagi, maka Anda akan berusia 2.000 di atas batas. Pada akhir Juni, Menteri Keuangan Jim Flaherty mengeluarkan sebuah pernyataan yang mengakui bahwa telah terjadi banyak kebingungan seputar masalah ini. Orang-orang yang telah menerima surat dari CRA mengatakan bahwa mereka telah menyumbang lebih banyak diberi tahu bahwa mereka mungkin menghindari membayar pajak jika mereka memberi CRA lebih banyak informasi mengenai keadaan mereka pada tanggal 3 Agustus. CRA sekarang meninjau kembali informasi ini dan akan membuat keputusan mengenai Dasar individu. Jika Anda menerima surat kelebihan-kontribusi dan Anda tidak menanggapi, tidak terlambat. Meskipun batas waktu 3 Agustus telah berlalu, CRA mengatakan bahwa Anda masih harus menanggapi, baik dengan membayar pajak atau mengirim lebih banyak informasi untuk membantah pajak tersebut. CRA juga menyarankan agar siapa saja yang memiliki lebih banyak kontribusi terhadap TFSA mereka di tahun 2010 untuk menarik dana kelebihan sesegera mungkin untuk mengurangi hukuman di masa depan. Jika investasi Anda menurun nilainya, Anda bisa menambahkan lebih banyak uang ke akun tersebut, benar salah atau salah. Anda hanya bisa memasukkan jumlah ke ruang kontribusi akumulasi Anda, terlepas dari kinerja investasi Anda. Jadi, jika stok Anda terkulai, Anda harus menunggu sampai tahun depan untuk mengisi akun jika Anda tidak memiliki ruang kontribusi yang tidak terpakai. Badan Pendapatan Kanada akan memberi Anda pernyataan tahunan yang menunjukkan seberapa banyak Anda dapat berkontribusi pada TFSA Anda, benar atau salah Benar. Pemberitahuan penilaian Anda menunjukkan berapa banyak ruang kontribusi TFSA yang Anda miliki di awal tahun pajak berikutnya. Ini berarti bahwa Pemberitahuan Penilaian 2010 Anda akan menunjukkan seberapa banyak Anda dapat berkontribusi pada tanggal 1 Januari 2011. Anda hanya dapat memiliki satu akun TFSA, benar atau salah Salah. Anda bisa membuka sebanyak mungkin akun TFSA yang Anda suka, tapi hati-hati. Anda diperbolehkan untuk membagi ruang kontribusi Anda antara dua atau lebih akun TFSA di berbagai institusi, namun kontribusi gabungan harus ditambahkan hingga kurang dari batas tahunan Anda. Anda juga harus berhati-hati saat mentransfer uang dari satu TFSA ke yang lain. Jika Anda hanya menarik uang dari TFSA lama Anda dan menyimpannya dengan yang baru, uang itu bisa dihitung sebagai kontribusi baru dan mungkin akan membuat Anda melewati batas Anda. Sebagai gantinya, mintalah lembaga keuangan baru Anda mentransfer isi TFSA lama Anda. Anda tidak akan mengalami masalah jika melakukannya seperti itu, kata Gordon Pape. TFSA adalah cara terbaik untuk menghemat tabungan jangka pendek seperti membeli mobil baru, benar atau salah Benar. Pada awalnya, TFSAs sering digunakan sebagai rekening tabungan darurat, yang merupakan ide bagus. Dengan kontribusi Anda dibatasi hanya 10.000 sampai saat ini, sulit untuk menggunakannya untuk hal lain. Tapi karena jumlah yang dapat Anda tahan di TFSA Anda tumbuh, itu bisa digunakan untuk tujuan yang lebih ambisius. Anda dapat menggunakan TFSA Anda untuk mengumpulkan uang untuk hal-hal seperti perjalanan keliling dunia atau mobil baru. Tidak seperti RRSP, Anda tidak dikenai pajak saat mengambil uang, dan uang Anda akan terakumulasi lebih cepat daripada akun biasa karena pertumbuhan bebas pajak. TFSA adalah cara terbaik untuk menabung untuk masa pensiun, benar atau salah Salah. Ada pengecualian, tapi bagi kebanyakan orang, RRSP masih menjadi pilihan pertama untuk membangun sarang telur pensiun Anda. Saya telah menjalankan perhitungan untuk banyak klien berbeda, dan hampir di semua orang, sangat masuk akal untuk menggunakan RRSP, kata Karin Mizgala, perencana keuangan berbasis biaya di British Columbia. Itu karena dengan RRSP, Anda mendapatkan pajak penghasilan kembali pada uang yang Anda kontribusikan. Ketika Anda mendapatkan pengembalian dana Anda, itu dapat diinvestasikan segera. Dan saat Anda mengeluarkan RRSPs Anda di tahun emas Anda, mungkin Anda akan berada di kelompok berpenghasilan rendah, jadi Anda akan membayar pajak lebih sedikit daripada yang akan Anda bayar saat memasukkan uang. Karena itu, TFSA lebih baik digunakan setelah Anda memaksimalkannya. RRSPs Anda, atau jika Anda ingin menginvestasikan uang yang akan Anda belanjakan sebelum pensiun. Satu pengecualian adalah jika Anda pikir Anda mungkin menghasilkan lebih banyak uang setelah Anda pensiun daripada saat Anda bekerja. Jika Anda menghasilkan kurang dari 35.000 setahun ketika Anda bekerja, misalnya, ini kemungkinan besar berkat manfaat pensiun pemerintah, jadi mungkin Anda lebih baik menabung di TFSA. Dan jika Anda berencana untuk pensiun di yurisdiksi dengan tarif pajak yang lebih tinggi, atau Anda akan menerima pensiun yang murah hati saat bekerja di pekerjaan lain saat pensiun, Anda mungkin juga ingin menggunakan TFSA untuk sebagian dari tabungan masa pensiun Anda. Anda bisa menggunakan TFSA Anda sebagai jaminan pinjaman, benar atau salah Benar. Anda tidak diperbolehkan menggunakan aset di dalam RRSP sebagai jaminan atas pinjaman, namun Anda dapat menggunakan Rekening Tabungan Bebas Pajak untuk menghentikan pinjaman Anda. Ini bisa berguna dalam skenario di mana Anda memerlukan uang muka untuk menghadapi keadaan darurat, tapi uang Anda diikat di dalam GIC terkunci di TFSA Anda. Anda juga dapat meminjam uang untuk berinvestasi di TFSA Anda, meskipun Anda tidak dapat menghapus bunga sebagai potongan pajak. Anda bisa membuang saham yang kalah ke TFSA Anda untuk mengklaim kehilangan modal, benar atau salah palsu. Untuk sementara, blog keuangan berdengung dengan apa yang tampak seperti metode cerdik untuk memicu kehilangan modal tanpa menjual saham. Tapi ternyata petugas pajak tidak memperbolehkannya. Beginilah cara kerja skema itu: katakanlah Anda memiliki beberapa keuntungan modal yang mengesankan dalam portofolio saham Anda satu tahun, dan Anda mencari beberapa kerugian modal untuk mengimbanginya, sehingga Anda bisa membayar lebih sedikit pajak. Biasanya, satu-satunya cara untuk memicu kerugian tersebut adalah menjual saham yang telah kehilangan nilainya. Rumor yang beredar adalah bahwa jika Anda tidak ingin menjual saham yang hilang (karena, katakanlah, Anda pikir akan kembali pada tahun depan), Anda malah bisa membuangnya ke TFSA Anda, yang memungkinkan Anda menyatakan kerugiannya, Meskipun Anda masih memegang sahamnya. Secara teoritis, seharusnya bekerja seperti itu, karena ketika Anda mentransfer saham pemenang ke TFSA Anda, itu memang akan memicu kenaikan modal kena pajak. Tapi tidak adil karena kedengarannya, Badan Pendapatan Kanada tidak mengizinkan Anda untuk mengklaim kerugian modal atas kontribusi TFSA. Anda bisa menjual sahamnya, tunggu 30 hari, dan kemudian membelinya kembali di dalam akun TFSA Anda, tapi periksa aturan kerugian dangkal terlebih dahulu. Anda harus memegang ikatan dan GIC di dalam TFSA Anda, karena bunga yang mereka hasilkan biasanya dikenakan pajak dengan tingkat yang lebih tinggi daripada pendapatan investasi lainnya, benar atau salah Benar. Bunga dari rekening tabungan, obligasi dan GIC dikenai pajak lebih tinggi daripada dividen atau capital gain, jadi Anda lebih diuntungkan dengan mempertahankannya di TFSA. Namun, Gordon Pape mencatat bahwa tingkat suku bunga rendah saat ini, jadi Anda mungkin akan mendapatkan kenaikan yang lebih baik untuk setiap investasi senilai dolar dengan menyimpan saham, ETF atau reksadana di rekening tabungan bebas pajak Anda. Meskipun 50 dari capital gain sudah bebas pajak, 50 lainnya dikenakan pajak. Jika Anda menghasilkan keuntungan modal yang signifikan, Anda akan bisa menjaga semuanya, kata Pape. Yang juga penting untuk diingat bahwa Anda sebaiknya tidak membiarkan masalah pajak tersebut mendikte jenis investasi yang Anda beli di tempat pertama. Faktor lain, seperti toleransi risiko dan cakrawala waktu Anda, lebih diutamakan. Jika Anda menabung untuk membeli mobil dalam jangka pendek, misalnya, Anda harus pergi dengan rekening tabungan dengan bunga tinggi atau GIC yang dapat ditukarkan. Namun, jika Anda berinvestasi untuk jangka panjang dan bisa mengatasi ayunan pasar, saham, reksa dana atau ETF akan menjadi taruhan yang lebih baik. Anda bisa memegang portofolio Couch Potato di dalam TFSA, benar atau salah Benar. Tapi batas kontribusi TFSA akan mempengaruhi bagaimana Anda mengaturnya. Pada tahun ini, jumlah maksimum ruang kontribusi yang bisa Anda dapatkan adalah 10.000 (batas Anda akan mencapai 15.000 di tahun 2011). Dengan portofolio ukuran ini, Anda ingin menyiapkan Portofolio Kentang Couch Anda dengan menggunakan reksa dana indeks, seperti dana TDs e-Series, bukan dana yang diperdagangkan di bursa (ETF). Secara umum, kata kolumnis investasi MoneySense Dan Bortolotti, jika Anda memiliki kurang dari 30.000 portofolio Anda, dana Seri E lebih hemat biaya daripada ETF. (Untuk informasi lebih lanjut, lihat Menjadi investor Couch Potato dengan jumlah kurang dari 5.000.) Anda harus menunjuk pasangan Anda sebagai penerima manfaat, benar atau salah Salah. Jika Anda ingin pasangan atau mitra hukum Anda memiliki akses ke akun Anda setelah kematian Anda, dia harus ditunjuk sebagai pemegang penerus. Dengan cara itu pasangan Anda akan secara otomatis mengendalikan akun setelah kematian Anda, yang berarti bahwa dia akan dapat menarik uang bebas pajak atau menyimpan investasi di akun. (Perhatikan bahwa itu bekerja berbeda di Quebec). Jika Anda ingin aset di akun Anda masuk ke seseorang selain anak pasangan Anda, teman atau badan amal, Anda bisa menamai mereka sebagai penerima manfaat dari TFSA Anda. Mereka akan menerima aset bebas pajak, tapi akunnya akan ditutup, dan mereka harus membayar pajak atas keuntungan yang diperoleh setelah kematian Anda dan sebelum akun ditutup. Sebenarnya, Anda bisa memberi nama baik pemegang pengganti dan penerima manfaat misalnya, seorang pria bisa menamai istrinya sebagai pengganti dan anaknya sebagai penerima manfaat, yang berarti istrinya akan mendapatkan uang itu setelah kematiannya. Setelah kematian wifes, selama dia tidak mengubah penerima manfaat, dana kemudian akan diteruskan ke anak tersebut. TFSA dapat digunakan untuk memotong pajak pengenaan pajak atas warisan, benar atau salah Benar. TFSA adalah cara terbaik untuk menyampaikan kekayaan kepada ahli waris Anda dalam manuver yang hemat pajak hanya akankah mereka menghindari membayar pajak keuntungan modal atas pertumbuhan investasi Anda sebelum kematian Anda, tetapi jika Anda menunjuk mereka sebagai penerima manfaat, uang tersebut akan memotong kehendak Anda . Ini berarti tidak dikenai pajak pengenaan pajak, kata Allison Marshall, konsultan penasihat keuangan dengan RBC Dominion Securities. Sayangnya, masih banyak kebingungan mengenai peraturan waris, bahkan di kalangan profesional keuangan. Hal ini sebagian karena peraturan provinsi tentang TFSA lamban untuk diluncurkan. Jika Anda menyiapkan TFSA sejak awal, Anda mungkin ingin kembali ke lembaga keuangan Anda dan memastikan bahwa Anda telah menyelesaikan semua dokumen dengan benar. Anda bisa menggunakan TFSA untuk membagi pendapatan antar pasangan, benar atau salah Benar. Biasanya, pendapatan investasi dan keuntungan modal dikenakan pajak atas nama siapa pun yang mendapatkan uang yang digunakan untuk membeli investasi tersebut. Tapi untuk investasi di dalam TFSA, itu bukan keputusan karena pendapatan dan capital gain sama sekali tidak dikenakan pajak. Dengan demikian, pencari nafkah utama dalam pasangan bisa membuka akun TFSA dengan nama pasangannya, lalu memberi uang pasangan untuk diperhitungkan, jelas Karin Mizgala. Dengan memiliki dua TFSA, Anda akan melipatgandakan ruang kontribusi Anda, dan jika pencari berpenghasilan lebih tinggi memberikan kontribusi efektif untuk kedua akun, selama bertahun-tahun ini dapat menghasilkan pengurangan tagihan pajak pasangan yang cukup besar. Penarikan dari TFSA Anda akan menghasilkan pertengkaran dari keuntungan pemerintah seperti Jaminan Hari Tua, benar atau salah Salah. Salah satu hal hebat tentang TFSA adalah ketika Anda mengeluarkan uang, itu tidak dihitung sebagai pendapatan. Itu berarti Anda tidak membayar pajak untuk itu, hal itu tidak akan mempengaruhi kredit GST atau Asuransi Ketenagakerjaan Anda, dan Anda tidak akan menghadapi uang muka dengan Suplemen Penghasilan yang Dijamin atau Jaminan Hari Tua Anda. Alasan lain mengapa orang yang berpenghasilan rendah lebih baik menabung di dalam TFSA daripada RRSP. 141 comments on ldquo TFSA kebenaran amp rumor rdquo Juga banyak orang berpikir jika mereka tidak membuka TFSA tahun lalu di tahun 2009, mereka telah kehilangan roon untuk 5000 untuk tahun itu. Faktanya adalah bahwa meskipun Anda tidak membuka TFSA tahun lalu (dengan asumsi Anda memenuhi syarat untuk membukanya dengan usia 18 tahun), ruangan untuk tahun 2009 masih berlaku. Jadi kamar Anda untuk tahun 2010, terlepas dari kapan Anda membuka TFSA adalah 10.000, jika Anda berumur 18 tahun atau lebih di tahun 2009. Andy pada tanggal 5 Oktober 2010 pukul 11:38 am Grandaughter saya berusia 18 pada bulan Juni tahun ini. Apakah dia mengizinkan ruang kontribusi 5000.00 untuk membuka akun TFSA, katakanlah, pada bulan Desember tahun ini Gerald Chip pada 9 Oktober 2010 pukul 10:59 pm Jika Anda masih berada di pagar: ambil earphone favorit Anda, pergilah ke Best Buy Dan mintalah untuk memasukkannya ke Zune lalu iPod dan melihat yang mana yang terdengar lebih baik untuk Anda, dan antarmuka mana yang membuat Anda tersenyum lebih banyak. Anda akan tahu mana yang tepat untuk Anda. Pos bagus Saya sedang mengecek terus-menerus blog ini dan saya terkesan Informasi sangat berguna terutama bagian terakhir yang saya minati seperti info banyak. Saya sedang mencari informasi tertentu ini untuk waktu yang sangat lama. Terima kasih dan semoga sukses. Delilah pada 22 Maret 2011 jam 8:56 pagi Ini bisa jadi pertanyaan yang saya makan dengan gairah yang bertahan lama. Saya atas kebanyakan orang hari ini meninggalkan betapa pentingnya masalah ini. Saya kira di sini adalah fondasi di mana penyelam hebat dijadikan tempat lain untuk membuktikan bahwa kita melakukan tindakan yang memalukan ini, ada banyak konsekuensi mengerikan dalam takdir tak terpisahkan. Oleh karena itu, kita harus berhati-hati dan hati-hati tentang bagaimana kita ingin mendekati topik ini. Saya menyalahkan paragraf setelah memberikan pembacaan imajiner yang tertuju ke arah itu. Gadis thai cam pada tanggal 4 April 2011 jam 3:47 am Yah, itu bagus, tapi pikirkan pilihan tambahan yang ada di sini. Anda keberatan membuat artikel lain tentang mereka juga Terima kasih Menemukan ceruk kecil yang hebat ini melalui keajaiban Google. Saya seorang investor yang sangat konservatif dan membaca beberapa buku perbankan investasi (terutama Liar8217s Poker dan The Big Short) 8211 hal menarik tapi saya tidak berani memasukkan uang saya ke aset berisiko atau obligasi sampah. Lihat apa yang terjadi pada Milken 8211 ke penjara. Saya sangat merekomendasikan membaca artikel pemenang penghargaan ini yang ditulis oleh Delos Chang tentang SampP 500. Ini sangat bagus dengan Random Walk Down Wall Street dan benar-benar dapat memberi Anda beberapa petunjuk yang bagus untuk Anda. Karir investasi Sekali lagi, saya tidak punya pedagang hari ini dan saya tidak memiliki keuntungan informasi mengenai siapa pun 8211 tapi saya yakin sekali saya ingin menghasilkan uang yang layak dengan uang yang saya masukkan ke pasar. Dengan semua perang obat bius terjadi, siapa tahu kapan bisa menghilang, saya terdiam. Ini adalah blog yang sangat bagus dan sangat menarik juga. Lukisan-lukisan besar yang tidak begitu banyak berasal dari penerbit amatir seperti saya, tapi pasti bisa saya katakan setelah menyelam ke dalam posting Anda. Tata bahasa dan kosa kata yang bagus. Sekarang tidak seperti blog lain. Anda sebenarnya menyadari apa yang Anda bicarakan juga. Begitu banyak sehingga Anda hanya membuat saya perlu untuk mengeksplorasi lebih. Blog Anda telah berubah menjadi batu loncatan untuk saya, teman saya. Teller masa depan pada 18 April 2011 jam 2:23 am Halo, saya bekerja dengan berbagai pedagang dan calon pembeli di area wealth management. Bisa benar-benar mengonfirmasi artikel ini. Ditulis dengan baik juga Saya lebih suka menambahkan pengungkapan adil dari pengalaman jika Anda mengizinkan saya. Biasanya, saya tidak mempertimbangkan waktu saya untuk melakukannya, jadi ini dianggap keluar dengan norma untuk saya. Panduan investasi reguler berjalan: Kecuali tentu saja Anda benar-benar mengerti apa yang sedang Anda lakukan dan saya menyiratkan BENAR-BENAR tahu bahwa Anda harus benar-benar pergi bersama dengan dana indeks SampP 500 (lihat pos NOVA oleh Delos Chang mengenai analisis teknis). Poster di sini memiliki banyak data dan persepsi yang bagus, namun kita semua hanyalah orang-orang biasa, kita lebih yakin memastikan kembalinya yang pasti pada Nasib yang diberikan Nenek kepada kita alih-alih membuang semuanya ke dalam ikatan sampah. Lihat apa yang sebenarnya terjadi pada Milken. Saya bekerja dengan Morgan Stanley dan saya berbicara dengan beberapa orang di bisnis hedge fund dan hampir semua mungkin setuju. Jika Anda menginginkan lebih banyak rincian, saya akan melanjutkan untuk melihat artikel NOVA Delos Chang yang saya tawarkan di atas atau A Random Walk Down Wall Street. Keduanya mengajukan argumen yang persis sama 8211 berdoa yang meyakinkan Anda Renita Gear pada 18 April 2011 jam 8:13 pm Saya merasa itu mungkin aspek yang menarik, hal itu membuat saya mengira sedikit. Terima kasih telah memicu topi yang saya pertimbangkan. Kadang-kadang saya mendapatkan begitu banyak dalam sebuah kebiasaan sehingga saya benar-benar merasa seperti sebuah rekaman. Beli wig Lace pada tanggal 19 April 2011 jam 2:51 am Terima kasih atas petunjuk ini. Satu hal yang saya juga harus percaya adalah fakta kartu kredit yang menampilkan tingkat 0 sering memancing konsumen dalam tingkat bunga nol, penerimaan instan dan transfer on-line keseimbangan yang mudah, namun waspadalah terhadap faktor utama yang mungkin akan membatalkan jalan mudah Anda saat ini. Persentase tingkat ditambah melemparkan Anda ke rumah buruk dengan cepat. desktop yang pada 19 April 2011 di 15:13 149.214.971.497 15121510149715141497 150014921502150014971509 150.014.991.501 15.061.500 148.815.141.512 150014891504149714971514 149515001493150414931514. 14891495149315021512 148815001493150214971504149714931501 8211 1495149315021512 1488149715141503. 1506150214971491. 149.315.001.488 15021495150014971491. Fantastis blog Apakah Anda memiliki tips dan petunjuk untuk penulis bercita-cita I8217m berencana untuk memulai blog saya sendiri Tak lama kemudian, aku sedikit tersesat dalam segala hal. Maukah Anda menyarankan memulai dengan platform gratis seperti WordPress atau mencari opsi berbayar Ada begitu banyak pilihan di luar sana yang benar-benar membingungkan. Setiap tip Menghargainya Untuk mulai, saya menikmati paragraf pertama yang membuat saya ketagihan sampai batas tertentu sehingga saya benar-benar menghubungkan halaman ini ke situs saya. Silakan lihat: deloschangdelos-chang-sites-love Melanjutkan dengan apa yang harus saya katakan: Saya mempelajari beberapa artikel di situs Anda sekarang, dan saya benar-benar menyukai gaya blogging Anda. Saya menambahkannya ke catatan situs web favorit saya dan akan segera memeriksa kembali. Pastikan Anda melihat situs web saya juga dan biarkan saya tahu apa yang Anda percaya. Rufus Nepa pada 20 April 2011 pukul 5:29 am Barang yang fantastis dari Anda, man. Saya telah memahami barang-barang Anda sebelumnya dan Anda hanya sangat luar biasa. Saya sangat menyukai apa yang telah Anda dapatkan di sini, tentu seperti yang Anda katakan dan cara Anda mengatakannya. Anda membuatnya menyenangkan dan Anda tetap berkepentingan agar tetap masuk akal. Saya tidak sabar untuk membaca lebih banyak dari Anda. Ini sebenarnya adalah situs yang bagus. Saya kebetulan menulis untuk membuat Anda menyadari betapa hebatnya pengalaman yang dialami anak sepupu saya dengan menggunakan halaman web Anda. Dia mengambil banyak masalah, terutama bagaimana rasanya memiliki karakter pembinaan yang ideal agar orang lain benar-benar mengerti materi pelajaran kompleks yang ditentukan. Anda benar-benar melampaui hasil yang diharapkan. Saya menghargai Anda karena mengaduk-aduk hal-hal penting, dapat dipercaya, memperbaiki namun tidak lagi memberikan tip mudah mengenai topik ini kepada Janet. Hebat blog Apakah Anda memiliki saran untuk calon penulis I8217m berencana untuk memulai situs web saya sendiri segera tapi saya sedikit tersesat dalam segala hal. Apakah Anda sarankan memulai dengan platform gratis seperti WordPress atau mencari opsi berbayar Ada begitu banyak pilihan di luar sana yang benar-benar membingungkan. Setiap tip Banyak terima kasih halo di sana dan terima kasih atas informasinya, saya pasti telah mengambil sesuatu yang baru dari sini. Namun saya berhasil mengemas beberapa poin teknis menggunakan situs ini, karena saya sering memuat ulang situs web berkali-kali sebelumnya agar bisa memuatnya dengan benar. Saya telah bertanya-tanya apakah web hosting Anda OK Bukan berarti saya mengeluh, tapi contoh pemuatan yang lambat akan sangat sering mempengaruhi penempatan Anda di google dan dapat merusak skor kualitas tinggi Anda jika iklan dan pemasaran dengan Adwords. Baiklah saya menambahkan RSS ini ke e-mail saya dan dapat melihat lebih banyak konten menarik Anda. Pastikan Anda mengupdate ini lagi segera .. escort ilford pada 21 April 2011 jam 5:13 pm Saya justru sangat ingin mengucapkan terima kasih sekali lagi. Saya tidak tahu hal-hal yang mungkin bisa saya alami tanpa jenis informasi yang diungkapkan oleh Anda atas kekhawatiran semacam itu. Bagaimanapun, ini adalah masalah yang mengintimidasi dalam posisi saya. Melihat strategi terampil yang Anda hadapi dengan masalah ini membuat saya melompat dengan kebahagiaan. Saya lebih bahagia untuk layanan ini dan percayalah bahwa Anda tahu betapa hebatnya pekerjaan Anda saat mengajar banyak orang melalui situs web Anda. Mungkin Anda tidak pernah mengenal kami semua. Hei saya hanya ingin bertanya apakah Anda pernah memiliki masalah dengan hacker Blog terakhir saya (wordpress) telah diretas dan akhirnya saya kehilangan beberapa bulan kerja keras karena tidak ada back up. Apakah Anda memiliki metode untuk melindungi terhadap hacker halo di sana dan terima kasih atas informasi Anda, saya pasti telah mengambil sesuatu yang baru dari sini. Namun saya mengetahui beberapa masalah teknis yang menggunakan situs ini, karena saya pernah memuat ulang situs berkali-kali sebelumnya agar bisa memuatnya dengan benar. Saya telah bertanya-tanya apakah web hosting Anda OK Bukan berarti saya mengeluh, tapi kasus pembebanan yang lambat terkadang akan mempengaruhi penempatan Anda di google dan dapat merusak nilai kualitas Anda jika beriklan dan pemasaran dengan Adwords. Nah saya menambahkan RSS ini ke email saya dan bisa melihat lebih banyak konten menarik Anda. Pastikan Anda memperbarui ini lagi segera .. Saya terus belajar melalui Anda, karena saya memperbaiki diri saya secara pribadi. Saya pasti suka membaca semua yang tercipta di situs web Anda. Buatlah rekomendasi yang datang. Aku benar-benar menyukainya 1513150014931501 150014991500 1492149014931500151314971501 15121510149715141497 150014921502150014971509 150014991501 15061500 1495148915121492 150214931502149514971514 150014991500 14921504149314901506 1500150215061512149914931514 14971495150514971501 149214911493151114931514 15061501 150215061512149914931514 1489150415111488149714931514 14921502150514971497150614931514 15001511148915001514 148814971513149315121497 15021513149915041514148814931514 1511150014971501 1493150214921497151214971501 149314921513150015021514 150215131499150415141488 148915001488 150514971512148914931500 149314921502151415041492 150214971493151415121514. Selamat siang, saya tidak percaya sejumlah situs web saya telah Dibawa dari stumblupon. Saya mencoba melewati beberapa menit yang membosankan, ketika stumbleupon membawa saya ke sini. Betapa halaman luar biasa yang Anda miliki. Saya sangat senang telah menemukannya. Baru saja saya melewati 20 menit sebelumnya yang berjalan melalui beberapa artikel dan ulasan Anda, dan juga menandai beberapa dari mereka. Dengan menantang saya akan kembali untuk belajar sedikit lagi ketika saya memiliki lebih sedikit waktu lagi. Carmine April pada tanggal 25 April 2011 di 17:55 1513150014931501 15.121.489 15121510149715141497 150014921502150014971509 150.014.991.501 15.061.500 148.815.141.512 15.061.501 1502149714911506 14891514149514931501 149515001493150414931514 14891500149014971501, 148815001493150214971504149714931501 149315141512149715051497 14901500149715001492 1495151315021500149714971501. 1489148815141512 1502149714911506 148915001497149314931497 151415021493150414931514 149315021490149314931503 14911497151214931514 150014911493149015021488 149215061493151314931514 15131497150214931513 148915021493151015121497 1492148815001493150214971504149714931501 149215041500. BANYAK ORANG BERPIKIR BAHWA MANUSIA BERKONTRIBUSI UNTUK PEMANASAN GLOBAL MEREKA DON8217t. Pemanasan global disebabkan oleh alam, gunung berapi contibute secara signifikan lebih terhadap pemanasan global daripada yang manusia lakukan dan dekomposisi daun memberi kontribusi lebih dari gunung berapi. Manusia hanya mencemari atmosfer yang berarti bahwa itu hanya najis tapi tidak akan berkontribusi terhadap pemanasan global. Pemanasan global akan menyebabkan zaman es karena dengan tutupan es kutub mencair dan kenaikan permukaan air laut yang menyebabkan pendinginan global yang pada gilirannya menyebabkan zaman es. Ini bisa berlangsung sekitar kira-kira. 2 abad di mana tidak ada teknologi modern yang akan bertahan, meski orang akan melakukannya. Phil Aicklen pada 28 April 2011 jam 6:12 am Hei aku benar-benar menikmati editorial Anda dan telah begitu hebat sehingga saya akan bookmark itu. Satu hal untuk mengatakan penelitian yang luar biasa yang telah Anda lakukan pasti sangat luar biasa. Siapa yang pergi mil ekstra akhir-akhir ini Bravo. Juga saran lain kepada Anda adalah bahwa Anda pasti bisa mendapatkan beberapa Translator untuk Pembaca Global Anda Saya menikmati Anda karena semua kerja keras Anda di situs ini. Betty sangat suka mengerjakan penelitian dan sangat jelas mengapa. Pasangan saya dan saya mempelajari semua hal yang berkaitan dengan metode hidup Anda membuat tip dan petunjuk bermanfaat melalui situs web ini dan juga menyebabkan tanggapan dari orang lain pada konten itu sementara anak kami sendiri selalu menjadi terdidik. Manfaatkan porsi sisa tahun baru. Anda telah melakukan pekerjaan yang menyilaukan. Ide sortie pada 29 April 2011 di 06:32 1513150014931501 15001499149315001501. 148915121510149315041497 1500151315141507 14881493151414991501 15.061.500 1495148915121492 150014971497151014931512 150214961489149514971501 1496149314891492 1493150014921512149914891514 150214961489149514971501 148914891506149715101493148914971501 150615141497151114971501. 1500150815041497 149.915.021.492 1497150214971501 15001489150514931507 14921489149714881493 15.001.497 14.881.514 14921502149614891495 151.315.001.497. Saya hanya mencari informasi ini untuk sementara waktu. Setelah enam jam terus menerus melakukan Googleing, akhirnya saya mendapatkannya di website anda. Saya bertanya-tanya apa yang menjadi masalah Google8217 yang tidak memberi peringkat pada situs web informatif semacam ini lebih dekat ke puncak. Biasanya situs-situs top penuh dengan sampah. Apa yang saya tidak mengerti sebenarnya adalah bagaimana Anda sebenarnya tidak jauh lebih dihargai daripada Anda sekarang. Kamu sangat cerdas Anda sudah tahu karena secara signifikan berkaitan dengan topik ini, membuat saya menurut pendapat saya percaya dari begitu banyak berbagai sudut. Seperti wanita dan pria yang tidak tertarik kecuali yang ada hubungannya dengan Girl gaga barang-barang pribadi Anda hebat. Sepanjang waktu mengurusnya Anak saya baru saja meninggal dunia dan meninggalkan saldo TFSA 1.200 dolar Kanada di TD Bank dengan nama saya sebagai perusahaan dermawan. Namun, dia juga memiliki saldo kartu kredit sebesar 1.200 - Canadian Dollars Plus di TD Bank. Staf bank mengatakan kepada saya bahwa semua tabungannya di TFSA akan dihapusbukukan untuk pembayaran kartu kreditnya. Do anybody know that whether the bank can hold the deceased039s TFSA money to pay off the debt in his Credit Card payment under this situation If the deceased has some other debts in the other banks, will they draw the money out from TFSA to cover his credit card payment even the deceased already designated somebody as his beneficiay Alice on April 25, 2013 at 1:26 am It depends8230 if the TFSA was part of his estate, then yes, it would go towards settling any debts his estate left behind. I think the only way you would get the money is if he left it to you as part of a life insurance policy. Speak with an accountant to be sure. I039m not 100 certain. Horstradamus on May 1, 2013 at 12:12 am Great information here reference TFSA8217s. But I would recommend to anyone who has somewhat of a delicate question that they contact their Governmental Department for advice that they know will be absolutely explained correctly so that a complete understanding may be achieved. John Sullivan on February 27, 2016 at 3:20 pm I have the fullest amount in my TFSA account as of 2016. Currently, I purchases a US stock and sold it after 15 profit earned in 2 months. How complicated it is to calculate the tax for the profit earned. The tax people and the financial advisor did not seem to have the same answer. Can somebody help me please Tim Howan on September 11, 2016 at 5:51 pmIncome Tax Folio S3-F10-C1, Qualified Investments RRSPs, RESPs, RRIFs, RDSPs and TFSAs Series 3: Property, Investments and Savings Plans Folio 10: Registered Plans for Individuals Chapter 1: Qualified Investments160 RRSPs, RESPs, RRIFs, RDSPs and TFSA Registered retirement savings plans (RRSPs), registered education savings plans (RESPs), registered retirement income funds (RRIFs), registered disability savings plans (RDSPs), and tax-free savings accounts (TFSAs) are required to limit their investments to qualified investments . This Chapter discusses the most common types of property that constitute a qualified investment, as well as the tax consequences of acquiring, holding and disposing of a non-qualified investment. It also discusses the tax consequences of a registered plan carrying on a business or borrowing money. 160 This Chapter does not discuss the anti-avoidance rules for prohibited investments or advantages that apply to RRSPs, RRIFs and TFSAs. The prohibited investment rules are discussed in Income Tax Folio S3-F10-C2, Prohibited Investments - RRSPs, RRIFs and TFSAs and the advantage rules will be discussed in a separate Chapter to be released later. 160 The CRA issues income tax folios to provide technical interpretations and positions regarding certain provisions contained in income tax law. Due to their technical nature, folios are used primarily by tax specialists and other individuals who have an interest in tax matters. While the comments in a particular paragraph in a folio may relate to provisions of the law in force at the time they were made, such comments are not a substitute for the law. The reader should, therefore, consider such comments in light of the relevant provisions of the law in force for the particular tax year being considered. Discussion and interpretation Overview of qualified investments 1.1 This section is intended to give the reader an overview of the qualified investment rules for RRSPs, RESPs, RRIFs, RDSPs and TFSAs. It is not intended as a substitute for the more detailed and comprehensive discussion that follows it, which will be primarily of interest to financial institutions, brokerage firms, tax specialists and others who are involved in plan administration. 1.2 The qualified investment rules apply to registered plans that are set up as a trust. Trusteed plans that allow investors to choose a wide variety of investments are often referred to as a self-directed plan. Trusteed plans also include plans that restrict investments to mutual funds and other investment products issued by the firm that administers the plan. 1.3 Registered plans that take the form of a deposit or insurance contract, such as a registered guaranteed investment certificate (GIC) or registered annuity, are not subject to the qualified investment rules. The plan itself is the eligible investment. 1.4 The following are common types of qualified investments: money, GICs and other deposits most securities listed on a designated stock exchange, such as shares of corporations, warrants and options, and units of exchange-traded funds and real estate investment trusts mutual funds and segregated funds Canada Savings Bonds and provincial savings bonds debt obligations of a corporation listed on a designated stock exchange debt obligations that have an investment grade rating and insured mortgages or hypothecs. 1.5 While the Act and Regulations set out the types of investments that are qualified investments, many firms have internal policies that further limit the types of qualified investments that may be held by the registered plans they administer. The legislation does not prohibit them from having such policies, which reflect the business decisions of the firm. 1.6 Given the numerous and wide variety of investments that exist, the CRA does not maintain a master list of specific investments that are qualified investments, nor does it make determinations as to whether a specific investment qualifies except in the context of an advance income tax ruling or audit. 1.7 Registered plan trustees are responsible for monitoring investments to minimize the possibility of a plan holding a non-qualified investment. 1.8 If a registered plan acquires a non-qualified investment or an existing investment becomes non-qualified. significant adverse tax consequences apply. In the case of an RRSP, RRIF, TFSA or RDSP, the annuitant or holder of the plan is subject to a 50 tax that is refundable in certain circumstances and is required to file a special tax return and remit the tax. In addition, the plan is taxable on any income earned on non-qualified investments. In the case of an RESP, the plan is subject to a 1 monthly tax and its registration may be revoked. The trustee of the plan is required to file a tax return and remit the tax on behalf of the plan. References to various terms 1.9 The following terms are used throughout this Chapter: A trust governed by an RRSP, RESP, RRIF, RDSP or TFSA is referred to individually as an RRSP, RESP, RRIF, RDSP or TFSA, respectively, and collectively as a registered plan . A reference to the trustee of a registered plan means the issuer of a trust governed by an RRSP, RDSP or TFSA, the carrier of a trust governed by a RRIF or the trustee of a trust governed by an RESP. A bond, debenture, note or similar obligation is referred to as a debt obligation . A connected person for the purposes of interpretation of the regulations regarding qualified investments is defined in subsection 4901(2) of the Regulations as a person who is the annuitant under an RRSP or RRIF, the beneficiary or subscriber under an RESP, the beneficiary or holder under an RDSP or the holder of a TFSA. It also includes any other person who does not deal at arms length with that person. For a discussion on the criteria used to determine whether persons deal with each other at arms length, refer to Income Tax Folio S1-F5-C1, Related Persons and Dealing at Arms Length . Types of qualified investments 1.10 The types of property that constitute a qualified investment for an RRSP, RESP, RRIF, RDSP and TFSA are described in the respective definitions of qualified investment in subsections 146(1). 146.1(1), 146.3(1), 205(1) and 207.01(1). Those definitions also include by reference certain property described in the definition of qualified investment in section 204. In addition, investments prescribed by section 4900 of the Regulations are qualified investments. It is possible for an investment to qualify under more than one provision. The list of qualified investments is generally the same for all five registered plans. Where there are differences, this has been noted in the description of the particular investment. The table in 1.100 lists the specific statutory or regulatory authority for each type of qualified investment described in the Chapter. 1.11 Generally, the conditions that must be met for an investment to be a qualified investment apply on an on-going basis. However, several provisions contain conditions that apply only at a point in time, typically on acquisition of the investment by the registered plan. Where this is the case, it has been noted in the section of the Chapter describing that investment. Money and deposits 1.12 Money is a qualified investment whether denominated in Canadian or foreign currency, provided its fair market value does not exceed its stated value as legal tender in the country of issuance. Rare coins and other forms of money held for collectible value are not a qualified investment. Digital currencies, such as Bitcoins, are not considered to be money issued by a government of a country and are not qualified investments. Foreign exchange contracts do not constitute money and are generally not qualified investments (see 1.46 ). 1.13 A deposit with a Canadian branch of a bank, a deposit with a Canadian trust company, or any other deposit within the meaning assigned by the Canada Deposit Insurance Corporation Act is a qualified investment. This accommodates guaranteed investment certificates, term deposits and other forms of deposits of money. Because the definition of deposit under that Act excludes foreign-denominated deposits and deposits with a maturity of longer than five years, such deposits will qualify only if the deposit is with a Canadian branch of a bank or a Canadian trust company. 1.14 A deposit with a credit union is a qualified investment. However, the deposit will not be a qualified investment for a registered plan in a calendar year if the credit union has at any time during the year granted or extended any benefit or privilege to a connected person under the plan as a result of the plan (or a registered investment in which it has invested) having invested in a share, obligation or deposit issued by the credit union. This restriction does not apply to RESPs. 1.15 With some transactions involving securities, a registered plan may be required to leave cash on deposit with a broker. While such a deposit is generally not a qualified investment, the CRA will not apply the adverse income tax consequences described in 1.69 - 1.80 if the deposit is left with the broker for no more than a few days. Listed securities 1.16 Except for certain derivatives, any security that is listed on a designated stock exchange (as described in 1.17) is a qualified investment. This accommodates a wide range of listed securities, including: shares of corporations put and call options warrants debt obligations units of exchange-traded funds units of real estate investment trusts units of royalty trusts and units of limited partnerships. Futures contracts and other derivative instruments in respect of which the holders risk of loss may exceed the holders cost are not qualified investments. The fact that a broker may be willing to put in place an arrangement to close out a futures contract so as to minimize the possibility of the registered plan going into a loss position does not overcome this restriction. Designated stock exchanges 1.17 A designated stock exchange is defined as a stock exchange, or a part of a stock exchange, for which a designation by the Minister of Finance under section 262 is in effect. The list of designated stock exchanges is published on the Department of Finance Canada website. 1.18 Over-the-counter (OTC) quotation systems, such as the OTC Bulletin Board and OTC Link ATS (formerly Pink Sheets) in the United States, are not designated stock exchanges. As a result, securities that trade on OTC markets are generally not qualified investments. However, OTC securities can still qualify if they are cross-listed on a designated stock exchange or if the securities meet other qualification conditions such as those that apply to certain Canadian small businesses (see 1.55 - 1.66). 1.19 Many stock exchanges in the European Union (EU) operate two market segments, an official EU-regulated market and an unofficial market that is regulated by the exchange itself. The latter markets include the Alternative Investment Market (AIM) of the London Stock Exchange, Alternext operated by the various stock exchanges that comprise Euronext and the Open Market of the Frankfurt Stock Exchange. Only the official, EU-regulated markets qualify as a designated stock exchange provided the stock exchange is included on the Department of Finance list. The unofficial, exchange-regulated markets do not qualify as they are not recognized as an official market under European Union law, nor are they subject to stringent transparency requirements and investor protection regulations. It follows then that a listing on an unofficial, exchange-regulated market is not a basis for a registered plan trustee to confirm qualified investment status of a particular security. Conditional listing 1.20 In a new public issue of securities, the listing of the securities may be delayed for a short period of time pending fulfillment of certain conditions. A security that is approved for listing or that has a conditional approval for listing is not at that time considered to be listed on a designated stock exchange. In order for a security to qualify, the listing must be full and unconditional. Suspended from trading or de-listed 1.21 Shares of a corporation resident in Canada that were listed on a designated stock exchange in Canada but that have been suspended from trading or delisted will generally retain their qualified investment status on the basis that such a corporation continues to be a public corporation. As discussed in 1.23, shares of a public corporation are qualified investments. Qualified investment status could be lost, however, if the corporation elected (or was designated) not to be a public corporation. In most other situations, the suspension or delisting of a security will result in loss of qualified investment status, unless the security also qualifies under another provision. American Depositary Receipts 1.22 An American Depositary Receipt is a qualified investment, provided that the property represented by the receipt (generally a share of a company listed on a stock exchange outside the United States) is listed on a designated stock exchange. Many American Depositary Receipts are themselves listed on a designated stock exchange and thus also qualify on the basis of being a listed security, as discussed in 1.16 . Public corporations 1.23 A share or debt obligation of a public corporation is a qualified investment, except as discussed in 1.29. For comments on the meaning of public corporation . see Interpretation Bulletin IT-391R, Status of Corporations . 1.24 The post-amble of the public corporation definition in subsection 89(1) allows a new corporation to elect to be deemed to have been a public corporation since its date of incorporation. To qualify, the corporation must become a public corporation on or before the time it must file the T2 return for its first tax year and it must file the election with that return. The retroactive effect of this election also applies for the purposes of the qualified investment rules. By filing a valid election, any otherwise non-qualifying shares or debt obligations of the new corporation acquired by a registered plan between the date of incorporation and the time at which the corporation becomes a public corporation will be a qualified investment from the time they are so acquired. Accordingly, any non-qualified investment taxes that would otherwise apply would be rendered inapplicable. Investment funds 1.25 A unit of a mutual fund trust (as defined in subsection 132(6) ) is a qualified investment. 1.26 A share of a mutual fund corporation is generally a qualified investment. Mutual fund corporation is defined in subsection 131(8) as a corporation that either satisfies the conditions in paragraphs 131(8)(a) to (c) or qualifies as a prescribed labour-sponsored venture capital corporation. Any corporation that is a mutual fund corporation under the first approach is by definition a public corporation and therefore its shares are qualified investments (as discussed in 1.23 ). A prescribed labour-sponsored venture capital corporation is generally not by definition a public corporation and is therefore precluded from qualifying on this basis. However, its shares may still qualify for an RESP, RRSP, RRIF or TFSA where the conditions discussed in 1.63 are met. 1.27 A share or unit of a corporation or trust that is a registered investment (RI) (as defined in subsection 204.4(1) ) is a qualified investment. If a registered plan acquires such shares or units before the corporation or trust becomes an RI, the shares or units can still qualify retroactive to the time of acquisition if the corporation or trust is registered as an RI before the end of the calendar year in which the shares or units are acquired. Note that the registration of an RI cannot have retroactive effect any earlier than the beginning of the calendar year in which application for registration is made. Also, if a corporation or trust loses its status as an RI, its shares or units will maintain their qualified investment status until the end of the calendar year immediately following the year in which the deregistration occurred. 1.28 Certain types of RIs (those described in paragraph 204.4(2)(b). (d) or (f)) are required to limit their investments to qualified investments. Where such an RI acquires a non-qualified investment, the RI will be subject to a special tax under subsection 204.6(1). This will not affect the status of the RI itself as a qualified investment for registered plans. 1.29 A share of a mortgage investment corporation (MIC) is a qualified investment for a particular registered plan provided the MIC does not hold any debt of a connected person under the plan. The term MIC is defined in subsection 130.1(6). Although a MIC is deemed to be a public corporation . shares and debt obligations of a MIC are expressly excluded from qualifying on this basis. Debt obligations 1.30 Some of the more common debt obligations that are qualified investments are: a debt obligation issued or guaranteed by the Government of Canada (for example, Canada Savings Bonds) a debt obligation issued by a province or municipality in Canada or a federal or provincial Crown corporation a debt obligation issued by a corporation, mutual fund trust or limited partnership the shares or units of which are listed on a designated stock exchange in Canada a debt obligation issued by a corporation the shares of which are listed on a designated stock exchange outside Canada a debt obligation that is listed on a designated stock exchange (see 1.16 ) a bankers acceptance of a Canadian corporation, provided the corporation is not a connected person under the registered plan a debt obligation issued by an authorized foreign bank and payable at a Canadian branch of the bank a debt obligation that has, or had at the time of purchase, an investment grade rating (generally BBB o r higher) with a prescribed credit rating agency (see 1.31) and was issued as part of a single issue, or under a continuous issuance program, of debt of at least 25 million a mortgage-backed security (generally an undivided interest or undivided right in a pool of mortgages or hypothecary claims) if it: has an investment grade rating with a prescribed credit rating agency at the time it is acquired by the registered plan is issued as part of a minimum 25 million issuance and derives all or substantially all of its fair market value from debt obligations that are secured by a mortgage or hypothec on real or immovable property situated in Canada and certain other mortgages or hypothecary claims discussed in 1.32 - 1.36. Prescribed credit rating agencies 1.31 For the purposes of the types of debt obligations described in 1.30(h) and (i), the following are prescribed credit rating agencies: A.M. Best Company, Inc. DBRS Limited Fitch, Inc. Moodys Investors Service, Inc. and Standard amp Poors Financial Services LLC. In some cases, a debt rating may be provided by a subsidiary or affiliate of one of these listed rating agencies. Where the facts, corporate structure and legal relationship make it clear that a listed rating agency recognizes and would stand by the rating given by its subsidiary or affiliate, then the condition that the rating be with a prescribed credit rating agency would be satisfied. Arms length and non-arms length mortgages and hypothecs 1.32 In addition to mortgage-backed securities (see 1.30(i)), there are two other types of mortgage or hypothecary investments that are qualified investments. These are commonly referred to in the investment industry as arms length mortgages (discussed in 1.33 - 1.35) and non-arms length mortgages (discussed in 1.36 ). There is no income tax requirement that such mortgages be a first mortgage or a residential mortgage. 1.33 A debt obligation that is fully secured by a mortgage or hypothec on real or immovable property situated in Canada is a qualified investment for a registered plan, provided the borrower is not a connected person under the registered plan. In general, a debt obligation would be considered to be fully secured if the value of the real or immovable property pledged by the borrower to the lender in the event of default is sufficient to cover the full amount of the principal and interest outstanding on the loan. For this purpose, any decline in the fair market value of the property after the debt obligation was issued can be ignored. 1.34 Real or immovable property is not a qualified investment for a registered plan. However, a registered plan might acquire real or immovable property in order to protect a mortgage or hypothecary investment that is in default. In this case, the CRA will not apply any adverse tax consequences (as described in 1.69 - 1.80) provided the property is offered for sale under reasonable conditions and sold within one year. A longer time frame might be possible in unusual circumstances. Any legal fees incurred for foreclosure, power of sale or other proceedings necessary to protect the investment are expenses of, and must be paid by, the registered plan. If the expenses are paid by the annuitant, holder or subscriber of the plan or by someone else, they would be treated as a contribution or gift to the plan and could give rise to adverse tax consequences. All the funds or property recovered from these proceedings should be deposited into the registered plan. Any amount not deposited into the registered plan would be considered a withdrawal from the plan and taxed accordingly. 1.35 Where a mortgage or hypothec is in default and the registered plan trustee fails to take appropriate proceedings to protect its investment (or requires authorization from the annuitant, holder or subscriber of the plan before taking such action), this is an indicator that the borrower may not be dealing at arms length with the annuitant, holder or subscriber. If this is the case, because the borrower would be a connected person. the investment would no longer be, or possibly may never have been, a qualified investment. This determination would require a review of the specific facts. 1.36 A debt obligation secured by a mortgage or hypothec on real or immovable property situated in Canada is a qualified investment if it is administered by an approved lender under the National Housing Act and insured by the Canada Mortgage and Housing Corporation (CMHC) or by an approved private insurer of mortgages. The list of approved lenders is available on the CMHC website. The interest rate and other terms must reflect normal commercial practice and the mortgage or hypothec must be administered by the approved lender in the same manner as a mortgage or hypothec on property owned by a stranger. Failure to do so may result in adverse tax consequences. Strip bonds 1.37 A strip bond is created when a regular bond is separated into its interest and principal payment components for resale as individual investments. Provided the original bond is a qualified investment, both the interest-paying portion and the principal portion of the bond (often referred to as the coupon and the residual, respectively) will also be qualified investments. An undivided interest in a right to receive such coupon or residual payments will also qualify. Warrants and options 1.38 In addition to listed warrants and options (see 1.16 ), certain unlisted rights are eligible for investment by registered plans. A warrant, option or similar right is a qualified investment for a registered plan if it gives the holder the immediate or future right to acquire property that is a qualified investment for the plan. The underlying property must be: a share, unit or debt of the issuer of the right (or of a person or partnership that does not deal at arms length with the issuer) or a warrant issued by the issuer (or by a non-arms length party) that gives the holder the right to acquire such a share, unit or debt. In addition, the issuer must not be a connected person under the registered plan. The right may also provide for it to be cash settled in lieu of actual delivery of the property. 1.39 The qualification conditions for the underlying property might include a condition relating to the annuitant, holder or other connected person under the registered plan (such as a maximum ownership threshold). In this case, it is necessary to assume that the registered plan has exercised the right and acquired the underlying property. In 2012, Kenjii bought 5 of the common shares of ABC Company and acquired another 4 in his RRSP. ABC Company is a specified small business corporation. The shares are a qualified investment for the RRSP solely on the basis of subsection 4900(14) of the Regulations. Kenjii deals at arms length with ABC Company. Recently Kenjiis RRSP bought warrants that give the RRSP the right to acquire an additional 3 of ABCs common shares. The warrants are not listed on a designated stock exchange. For the warrants to be a qualified investment for Kenjiis RRSP, the underlying shares must satisfy the qualified investment test. As described in 1.56 - 1.60, one of the conditions for a share of a specified small business corporation to be a qualified investment is that the share not be a prohibited investment for the plan when acquired. In this situation, it is assumed that the RRSP has exercised the warrants. This means Kenjii would hold 12 of ABCs common shares and would have a significant interest in ABC Company. Accordingly, the underlying shares would be a prohibited investment for the RRSP. As a result, the warrants are not a qualified investment. The fact that the shares currently held by the RRSP are qualified investments is not relevant to this determination. Option writing 1.40 When writing put and call options (sometimes referred to as selling), no property is actually acquired by the option writer at the time the option is sold besides the option premium. The option writer merely accepts the obligation to sell or buy the underlying property at the agreed upon price should the option holder exercise their right. Therefore, option writing, in and of itself, is generally not subject to the qualified investment rules. However, several other income tax rules may restrict the ability of a registered plan to engage in option writing strategies (discussed in 1.41 - 1.44). 1.41 As discussed in 1.86. an RRSP, RRIF, RDSP or TFSA is generally taxable on its business income. If an RESP is found to carry on a business, the registration of the plan may be revoked. A registered plan that engages in option writing strategies that are speculative in nature may be considered to be carrying on a business. It would therefore be taxable on any premiums or other income earned in connection with such activities (or be revocable in the case of an RESP). Whether a taxpayer carries on a business can only be determined following a review of all of the facts relating to the taxpayers particular circumstances. The CRAs view is that the writing of a covered call option, whereby a registered plan sells a call option in respect of an underlying property which it already owns, does not result, in and of itself, in the registered plan being considered to be carrying on a business. In contrast, the writing of an uncovered call option, or the writing of a put option, whether alone or in combination with other positions, may result in the registered plan being considered to be carrying on a business. 1.42 A registered plan is generally prohibited from borrowing money. Depending on the circumstances, the writing of an option may result in the writer having to borrow funds to cover their obligation under the option agreement. If a registered plan were to borrow money, the adverse tax consequences discussed in 1.83 would apply. 1.43 It is common practice for brokerage firms to impose margin requirements in connection with various options strategies. For example, an option writer may be required to deposit cash with their brokerage firm to cover their obligation under the option agreement. As noted in 1.15. if the deposit is left with the broker for longer than a few days, the deposit would not be a qualified investment. The qualified investment rules may also apply where the option premium is paid in non-cash form or in the case of a non-cash settled option. Any property acquired by a registered plan must be a qualified investment in order to avoid adverse tax consequences. 1.44 The advantage tax in section 207.05 could apply if an RRSP, RRIF or TFSA trust were to engage in certain option transactions. For example, this would be the case where: the counterparty to the option contract does not deal at arms length with the annuitant or holder, or the contract does not reflect commercial terms, which serves to artificially shift value into or out of the registered plan. Foreign exchange trading 1.45 Foreign exchange trading, also referred to as Forex trading, encompasses a number of financial instruments or transactions. These can range from simply holding foreign currency to entering into various foreign exchange contracts such as spots, futures, forwards, swaps and options. The ability for registered plans to engage in foreign exchange trading is severely restricted, as discussed in 1.46. 1.46 Foreign currency is generally a qualified investment, as discussed in 1.12. Foreign exchange contracts that are listed on a designated stock exchange are also qualified investments if the holders risk of loss does not exceed the holders cost (see 1.16 ). This would include, for example, foreign currency options. Most other listed foreign exchange contracts, such as foreign currency futures contracts, are not qualified investments because the risk of loss exceeds the cost of the contract. Foreign exchange contracts that trade on the over-the-counter (OTC) markets, such as swap or forward contracts, are not qualified investments. These contracts do not constitute money, nor is the OTC market a designated stock exchange. As with option writing, a registered plan that engages in foreign exchange trading may be considered to be carrying on a business and be subject to adverse tax consequences. Such a determination is a question of fact. Similarly, if a registered plan were to borrow money to cover its obligation under a foreign exchange contract, adverse tax consequences would apply. See 1.83 and 1.86 for more details. Annuity contracts 1.47 Several types of annuity contracts are qualified investments, although some are eligible only for certain plans. A qualification condition common to each annuity contract is that it be issued by a person licensed under Canadian or provincial law to carry on an annuities business. the registered plan is the only person entitled to any annuity payments under the contract (disregarding any subsequent transfer of the contract by the registered plan), and the holder of the contract may surrender the contract at any time for an amount that is approximately equal to its fair market value (ignoring reasonable sales and administration fees). This includes, for example, a segregated fund annuity. 1.49 An annuity payable to the annuitant at the maturity of an RRSP is a qualified investment for the RRSP if the annuity is described in the definition of retirement income in subsection 146(1) . 1.50 An annuity is a qualified investment for an RRSP, RRIF or RDSP if the annuity is similar to an annuity described in 1.49, except that the annuity payments can be made to the RRSP, RRIF or RDSP before the maturity date of the plan. Also, the conditions applicable to RDSP annuities differ slightly to reflect certain attributes particular to RDSPs. Gold and silver 1.51 Subject to certain conditions, investments in gold and silver bullion coins, bars and certificates are qualified investments. The CRA would anticipate that the registered plan trustee would exercise due diligence in using a custodial trustee for such bullion. 1.52 A legal tender gold or silver bullion coin produced by the Royal Canadian Mint with a minimum purity of 99.5 for gold and 99.9 for silver is a qualified investment. To ensure that the coin is not held for its collectible value, the fair market value of the coin may not exceed 110 of the fair market value of its gold or silver content. In addition, the coin must be purchased directly from the Mint or from a Canadian-resident corporation that is a bank, trust company, credit union, insurance company or registered securities dealer whose business activities are regulated by the Superintendent of Financial Institutions or a similar provincial authority (referred to in 1.53 and 1.54 as a specified corporation ). 1.53 A gold or silver bullion bar, ingot or wafer produced by a metal refiner accredited by the London Bullion Market Association and with the same purity standards that apply for coins (described in 1.52) is a qualified investment if it bears a hallmark identifying the refiner, purity and weight. In addition, the bullion must be purchased directly from the refiner or from a specified corporation. 1.54 A gold or silver certificate issued by the Royal Canadian Mint or a specified corporation is a qualified investment if the bullion represented by the certificate satisfies the conditions described in 1.52 or 1.53. In addition, the certificate must be purchased directly from the issuer or from a specified corporation. Small business investments 1.55 Certain small business investments are qualified investments for RRSPs, RRIFs, RESPs and TFSAs, as discussed in 1.56 - 1.66. None of these investments are eligible for RDSPs and only those described in 1.56 - 1.59, 1.63 and 1.64 are eligible for TFSAs (unless they qualify on another basis). Small business corporations 1.56 A share of a specified small business corporation is a qualified investment for an RRSP, RRIF or TFSA if the share is not a prohibited investment for the plan, as discussed in 1.57 - 1.60. For RRSPs and RRIFs, these rules apply only to investments acquired after March 22, 2011. Investments acquired on or before that date are subject to the rules discussed in 1.61 and 1.62 for RESPs. 1.57 A specified small business corporation is defined in subsection 4901(2) of the Regulations by reference to the definition of small business corporation in subsection 248(1) but with certain modifications. In general, a specified small business corporation is a Canadian corporation (as defined in subsection 89(1) but not including a corporation controlled, directly or indirectly in any manner whatever, by one or more non-resident persons) all or substantially all of the fair market value of the assets of which is attributable to assets that are: used principally in an active business carried on primarily in Canada by the corporation or by a corporation related to it shares or debt of connected small business corporations or a combination of the above two. To qualify as a specified small business corporation at a particular time, a corporation must satisfy these conditions either at that time or at the end of the corporations preceding tax year. Active business is defined in subsection 248(1) as any business that is carried on by a taxpayer resident in Canada other than a specified investment business or a personal services business. For more information, see Interpretation Bulletin IT-73R6, The Small Business Deduction . 1.58 A cooperative corporation is expressly excluded from being a specified small business corporation. However, shares of certain cooperative corporations may be qualified investments as discussed in 1.64 . 1.59 The term prohibited investment is defined in subsection 207.01(1) and is generally an investment of an RRSP, RRIF or TFSA to which the annuitant or holder of the plan is closely connected. More specifically, a share of a corporation is a prohibited investment for an RRSP, RRIF or TFSA if the annuitant or holder of the plan: is a specified shareholder of the corporation (generally a taxpayer who owns directly or indirectly 10 or more of any class of shares of the corporation, taking into account non-arms length and certain other holdings) or does not deal at arms length with the corporation. 1.60 The conditions that the corporation be a specified small business corporation. and that the shares not be a prohibited investment. need only be satisfied at the time the RRSP, RRIF or TFSA acquires the shares. This means that, should these conditions later not be met, the shares will not cease to be a qualified investment. It also means that the trustee of the RRSP, RRIF or TFSA is required to confirm qualified investment status for such shares only once at the time of acquisition. However, the annuitant or holder would nonetheless be subject to adverse tax consequences in the event these conditions are no longer met because the shares would be a prohibited investment. See Income Tax Folio S3-F10-C2 for more detail. 1.61 A share of a specified small business corporation may also be a qualified investment for an RESP, subject to rules that are nearly identical to those discussed in 1.56 - 1.60. The difference is that the prohibited investment test is replaced by a requirement that neither the beneficiary nor the subscriber of the RESP be a connected shareholder of the specified small business corporation immediately after the shares are acquired by the RESP. For this purpose, a connected shareholder of a corporation is generally a person who owns, directly or indirectly, at that time, 10 or more of the shares of any class of shares of the corporation or of any other corporation related to the corporation. The term is defined in subsection 4901(2) of the Regulations and is subject to various rules in the definition itself and in subsections 4901(2.1) and (2.2) of the Regulations that either serve to narrow or expand the definitions scope beyond the general description provided above. 1.62 RESP investments in specified small business corporations are also subject to subsection 4900(13) of the Regulations. This anti-avoidance rule addresses schemes that are designed to artificially divert otherwise taxable income into the shelter of the RESP or to circumvent the RESP contribution limit. It provides that a share of a specified small business corporation will cease to be a qualified investment for an RESP if the return from that investment can reasonably be considered to be: payment for services rendered by an individual to the share issuer or to a person related to the issuer or payment for goods or services provided to an individual by the share issuer or by a person related to the issuer. Although investments by RRSPs, RRIFs and TFSAs in specified small business corporations are not subject to subsection 4900(13). such schemes would generally give rise to advantage tax under section 207.05 if they were to occur in the context of these plans. Venture capital corporations 1.63 A share of a venture capital corporation described in any of sections 6700. 6700.1 or 6700.2 of the Regulations is a qualified investment for an RRSP, RRIF, TFSA or RESP. The same conditions applicable to specified small business corporations discussed in 1.56 and 1.60 - 1.62 apply to these venture capital investments. In other words, for RRSPs, RRIFs and TFSAs, the shares cannot be a prohibited investment. For RESPs, the beneficiary and subscriber cannot be a connected shareholder and the anti-avoidance rule in subsection 4900(13) applies. Cooperative corporations 1.64 A qualifying share of a specified cooperative corporation is a qualified investment for an RRSP, RRIF, TFSA or RESP. The terms qualifying share and specified cooperative corporation are defined in subsection 4901(2) of the Regulations. In addition, the same conditions applicable to specified small business corporations discussed in 1.56 and 1.60 - 1.62 apply to these co-op investments. In other words, for RRSPs, RRIFs and TFSAs, the shares cannot be a prohibited investment. For RESPs, the beneficiary and subscriber cannot be a connected shareholder and the anti-avoidance rule in subsection 4900(13) applies. Limited partnerships and trusts 1.65 Subject to subsections 4900(8) and (9) of the Regulations, a limited partnership interest in a small business investment limited partnership and an interest in a small business investment trust are qualified investments for RRSPs, RRIFs and RESPs. These terms are defined in subsections 5102(1) and 5103(1) of the Regulations respectively. An interest in a general partnership is not a qualified investment for any registered plan. Eligible corporations 1.66 A share of an eligible corporation (as defined in subsection 5100(1) of the Regulations) is a qualified investment for an RRSP, RRIF or RESP, if certain conditions are met. The conditions are comparable to those described in 1.56 - 1.62 for specified small business corporations, except that they must be satisfied not only at the time of acquisition but throughout the entire period during which the shares are held by the RRSP, RRIF or RESP. Because the requirements for eligible corporations are viewed as being more onerous than those for specified small business corporations, the latter provisions are normally looked at first in order to obtain qualified investment status for small business shares. Instalment receipts 1.67 An instalment receipt reflects a partial payment on property and gives the owner an interest (or for civil law, a right) in that property. If the receipt reflects a partial payment on, for example, a share listed on a designated stock exchange, the interest or right in that share will constitute a qualified investment for the registered plan. For example, a corporation may have an arrangement to sell shares on an instalment basis, where the shares are sold at a predetermined price with a portion of the sale price payable at the time of sale and the balance to be paid at some future date. The purchase and ownership of the shares are evidenced by the instalment receipt issued to the purchaser at the time of the initial payment. Escrow agreement 1.68 The fact that a security may be subject to an escrow agreement will not in and of itself cause it to be a non-qualified investment for a registered plan, provided that: the security has been issued to and not simply allotted to the registered plan the holder of the security has all the rights of ownership that every other holder has in relation to the issuer and securities that are not subject to an escrow agreement, but which are identical to the escrowed security, are a qualified investment. Tax consequences non-qualified investments 1.69 Adverse tax consequences apply when an RRSP, RRIF, TFSA, RDSP or RESP holds a non-qualified investment. Specifically: the annuitant or holder of an RRSP, RRIF, TFSA or RDSP is subject to a 50 tax that is refundable in certain circumstances an RRSP, RRIF, TFSA or RDSP is taxable on any income earned on non-qualified investments an RESP is subject to a 1 monthly tax and the registration of an RESP may be revoked. These consequences are discussed in more detail in 1.72 - 1.80. 1.70 In addition, the annuitant or holder of an RRSP, RRIF or TFSA may be subject to the 100 advantage tax on specified non-qualified investment income (generally subsequent generation income earned on income previously taxed in the plan). The advantage tax rules will be discussed in a future Chapter. 1.71 If an investment is both a non-qualified investment and a prohibited investment. subsection 207.04(3) deems the investment to be a prohibited investment only. See Income Tax Folio S3-F10-C2 for more detail. RRSPs, RRIFs, TFSAs and RDSPs 1.72 If an RRSP, RRIF, TFSA or RDSP acquires a non-qualified investment or an existing investment becomes non-qualified. the annuitant or holder of the plan is subject to a tax equal to 50 of the fair market value of the property at the time it is acquired or becomes non-qualified. The tax is imposed under section 207.04 for RRSPs, RRIFs and TFSAs and under section 206.1 for RDSPs. If the 50 tax is owing for any calendar year: the annuitant of an RRSP or RRIF must file Form RC339, Individual Return for Certain Taxes for RRSPs or RRIFs with a payment for any balance due no later than June 30th of the following year the holder of a TFSA must file Form RC243, Tax-Free Savings Account (TFSA) Return with a payment for any balance due no later than June 30th of the following year and the holder of an RDSP must file Form RC4532, Individual Tax Return for Registered Disability Savings Plan (RDSP) with a payment for any balance due no later than 90 days following the end of the year. In the case of RRSPs and RRIFs, the 50 tax applies to investments acquired after March 22, 2011. The tax also applies to investments acquired before March 23, 2011 that first became non-qualified after March 22, 2011. An investment that was non-qualified before March 23, 2011 will continue to be subject to the former rules in sections 146. 146.3 and 207.1 that provided for either an income inclusion with an offsetting deduction or a 1 monthly tax. 1.73 The 50 tax on non-qualified investments is refundable in certain circumstances. To qualify for the refund, the investment must be disposed of before the end of the calendar year after the year in which the tax arose (or such later time as is permitted by the Minister of National Revenue). However, no refund is available if it is reasonable to consider that the annuitant or holder knew or ought to have known that the investment was or would become non-qualified. In the case of an RDSP, the refund is limited to the proceeds of disposition of the property if the proceeds are less than the amount of the tax imposed. The forms referred to in 1.72 explain how to claim the refund. 1.74 If a non-qualified investment becomes qualified while being held by an RRSP, RRIF or TFSA, subsection 207.01(6) deems the investment to have been disposed of and reacquired by the plan. This might happen when a delisted security is relisted. Subsection 206.1(6) provides a similar rule for RDSPs. This ensures that a refund is available in this situation, provided the conditions described in 1.73 are met. 1.75 Section 206.4 and subsection 207.06(2) give the Minister authority to cancel or waive all or part of the 50 tax on non-qualified investments in appropriate circumstances, taking into account such factors as reasonable error. The forms referred to in 1.72 explain how to apply for this relief. Trust taxable on non-qualified investment income 1.76 A trust governed by an RRSP, TFSA, RRIF or RDSP is taxable under Part I on any income it earns in a tax year from non-qualified investments in accordance with subsection 146(10.1). 146.2(6) or 146.3(9) or paragraph 146.4(5)(b). Masing-masing. For this purpose, income tax is payable on the trusts adjusted taxable income which is calculated using only the income or loss from non-qualified investments and the full capital gain or capital loss from the disposition of non-qualified investments. The adjusted taxable income also includes capital dividends described in section 83 . 1.77 Subsection 207.01(6) provides a special rule that applies when an investment becomes or ceases to be a non-qualified investment while being held by an RRSP, RRIF or TFSA. Paragraph 206.1(2)(b) provides a similar rule for RDSPs. The rules deem the investment to have been: disposed of immediately before that time for proceeds of disposition equal to its fair market value, and re-acquired for the same amount at the same time. This ensures that only the portion of the capital gain or capital loss that accrues during the period in which the investment was non-qualified is taken into account in determining the trusts adjusted taxable income. Marcs RRSP buys 4,000 worth of shares of Red White and Blue, a company whose shares are listed on a designated stock exchange in the United States. The shares are later delisted and become a non-qualified investment. The shares are only worth 500 when they are delisted. Subsection 207.01(6) deems the RRSP to dispose of the shares for 500 and to re-acquire them at this same 500 cost. Several months later the RRSP sells the shares for 2,500, resulting in an overall loss in value on the shares of 1,500 (4,000 - 2,500). However, the RRSP trustee would calculate the RRSPs Part I tax payable under subsection 146(10.1) based on the capital gain of 2,000 (2,500 - 500) that accrued during the period the shares were non-qualified . 1.78 The trustee must file a T3RET, T3 Trust Income Tax and Information Return for the trust with a payment for any balance due no later than 90 days following the end of the calendar year. 1 monthly tax 1.79 A trust governed by an RESP is subject to a tax under subsection 207.1(3) in respect of each month in a calendar year that it holds a non-qualified investment. The tax is equal to 1 of the fair market value at the time of acquisition of all property that the trust holds at the end of the month that is a non-qualified investment. The RESP trustee must file Form T3GR, Group Income Tax and Information Return for RRSP, RRIF, RESP, or RDSP Trusts for the trust with a payment for any balance due no later than 90 days after the end of the year. RESP is revocable 1.80 If an RESP acquires a non-qualified investment, or an existing investment becomes non-qualified and is not disposed of within 60 days. subsection 146.1(2.1) provides that the RESP is revocable. As a result, the Minister may revoke the plans registration under the Act pursuant to subsections 146.1(12.1) to (13). In such a case, the trust will be subject to tax under Part I on its taxable income for the entire calendar year that includes the date of revocation (not just on its taxable income earned after the date of revocation) because of subsection 146.1(11). The 1 monthly tax would not apply. Removal of non-qualified investment 1.81 The advantage tax rules effectively prohibit most transfers of property between an RRSP, RRIF or TFSA and its annuitant or holder (or a person with whom they do not deal at arms length). These transfers, which are referred to as swap transactions . are treated as an advantage and give rise to advantage tax under section 207.05. There are, however, two exceptions from these rules that facilitate the removal of a non-qualified investment recognizing that in many cases it may not be possible or desirable to sell the investment to an arms length party. 1.82 The swap transaction rules permit a non-qualified investment to be sold to the plans annuitant or holder (or a person with whom they do not deal at arms length), provided that the annuitant or holder is entitled to a refund of the 50 non-qualified investment tax in respect of the investment (see 1.73 ). The removal can also be accomplished by making an in-kind distribution of the non-qualified investment to the annuitant or holder. The distribution is treated as a regular withdrawal and therefore, in the case of an RRSP or RRIF, is included in the income of the annuitant. To avoid imposition of advantage tax, these transactions must occur at fair market value. Although the prohibition on swap transactions does not apply to RDSPs or RESPs, these transactions must nonetheless occur at fair market value to avoid adverse tax consequences. Tax consequences borrowing 1.83 Adverse tax consequences apply to deter registered plans from borrowing money. If an RRSP, RRIF or RDSP has borrowed money in a year (or in a previous year and has not repaid it before the beginning of the year), it is required to pay Part I tax on its taxable income for the year in accordance with paragraph 146(4)(a). subsection 146.3(3) or paragraph 146.4(5)(a). Masing-masing. In this case, the RRSP, RRIF or RDSP must file a T3 return for the year, as discussed in 1.78. If an RESP borrows money, paragraph 146.1(2.1)(d) provides that the RESP is revocable, subject to certain conditions that accommodate short-term borrowing. If a TFSA borrows money or any other property contrary to paragraph 146.2(2)(f). paragraph 146.2(5)(c) provides that the arrangement automatically ceases to be a TFSA effective at the time the borrowing occurs. As a result, the arrangement will lose its tax-exempt status from that time forward. 1.84 The CRA will not apply the adverse income tax consequences described in 1.83 to an overdraft in a registered plan if it: is temporary in nature and covered without undue delay arises as a result of (i) a mismatch of cash flow due to differences in standard settlement cycles for securities, (ii) a reasonable error, or (iii) an unintended infrequent event and does not have the character of leveraged investing. This administrative position is intended to accommodate certain overdrafts of very short duration that are quickly or naturally reversed or that are infrequent and inadvertent. This position does not apply to borrowing that arises in connection with a cashless exercise of warrants or a margin account. 1.85 The borrowing restrictions discussed in 1.83 do not apply where a registered plan acquires a qualified investment that is payable on an instalment basis (see 1.67 ). This is because an obligation to pay instalments does not constitute borrowed money as there is no relationship of lender and borrower between the parties. Tax consequences carrying on a business 1.86 Adverse tax consequences also apply to deter registered plans from carrying on a business in certain situations. An RRSP, TFSA, RRIF or RDSP is generally taxable under Part I on any income it earns in a year from carrying on a business in accordance with paragraph 146(4)(b). subsections 146.2(6) or 146.3(3) or paragraph 146.4(5)(b). Masing-masing. The RRSP, TFSA, RRIF or RSDP must file a T3 return for the year, as discussed in 1.78. An RESP is revocable pursuant to paragraph 146.1(2.1)(c) if it begins carrying on a business. 1.87 The determination of whether a particular taxpayer carries on a business is a question of fact that can only be determined following a review of the taxpayers particular circumstances. Interpretation Bulletin IT-479R, Transactions in Securities. sets out factors developed by the courts that are relevant in determining whether transactions in securities constitute carrying on a business. While there is nothing unique in applying these general principles to securities trading that occurs within a registered plan, several exceptions apply so that certain business activities will not give rise to adverse tax consequences. 1.88 Section 253.1 provides, in part, that an RESP, RDSP or TFSA will not, solely because it acquires and holds an interest in a limited partnership as a limited partner, be considered to carry on the business carried on by the partnership. Consequently, the provisions referred to in 1.86 will generally not apply where an RESP, RDSP or TFSA invests in a limited partnership. 1.89 In the case of an RRSP or RRIF, the rules in paragraphs 146(4)(b) and 146.3(3)(e) for calculating the amount of business income that is taxable to the RRSP or RRIF specifically exclude any business income from, or from the disposition of, qualified investments. This exclusion serves a similar purpose to the rule in section 253.1 in that it ensures that RRSPs and RRIFs are not subject to adverse tax consequences where they make eligible investments in limited partnerships. However, the exclusion is broader in that it applies not just to limited partnership investments, but to any investment of the RRSP or RRIF provided it is a qualified investment. This means, for example, that if an RRSP or RRIF were to engage in the business of day trading of various securities, it would not be taxable on the income derived from that business provided that the trading activities were limited to the buying and selling of qualified investments. 1.90 As discussed in 1.41 and 1.46. where a registered plan engages in certain option writing strategies or foreign exchange trading, it may be considered to be carrying on a business. The same result may arise where a registered plan engages in short selling (which is where an investor sells property they do not own) or securities lending. Note that, because the restriction on borrowing for TFSAs (discussed in 1.83 ) applies to any property not just money, a short sale within a TFSA is effectively prohibited. 1.91 The decision in Prochuk v The Queen. 2014 TCC 17, 2014 DTC 1050 held that trading in a registered plan is not a relevant factor in determining whether a taxpayer is carrying on a trading business outside of the plan. This decision does not stand for the proposition that the trading of securities in a registered plan will not in any circumstance be considered to be carrying on a business by the plan. Obligations of registered plan trustees 1.92 Responsibility for compliance with the qualified investment rules generally lies with the trustee of the registered plan. In the case of RESPs, responsibility may be shared between the trustee and the promoter. In some cases, the trustee may require the annuitant, holder or subscriber of the registered plan to provide the trustee with evidence for the purpose of determining qualified investment status. In these cases, the trustee must exercise due diligence in satisfying itself that the documentation provided is sufficient. The CRA may ask the registered plan trustee to demonstrate how it determined that a particular property was a qualified investment. 1.93 Subsection 207.01(5) requires the trustee of an RRSP, RRIF or TFSA to exercise the care, diligence and skill of a reasonably prudent person to minimize the possibility of the plan holding a non-qualified investment. Paragraph 146.4(13)(d) imposes a similar obligation on the trustee of an RDSP. If a trustee fails to comply with this obligation, the trustee is liable to a penalty under subsection 162(7) . 1.94 The trustee of a registered plan is required to file the tax returns referred to 1.78 and 1.79 on behalf of the trust and remit any balance due. If the registered plan trust does not have sufficient assets to pay any taxes owing (for example, because of a withdrawal or transfer of assets to another institution), the trustee may be held responsible for the tax pursuant to section 159 . 1.95 The trustee of an RRSP, RRIF or TFSA is also required to report information to the CRA and the annuitant or holder if the RRSP, RRIF or TFSA begins or ceases to hold a non-qualified investment in a year. For information on these reporting obligations, refer to: 1.96 The Act requires that all contributions, acquisitions and dispositions of property, distributions, and any other transactions involving a registered plan occur at fair market value. Otherwise, adverse tax consequences will arise. While the term fair market value is not defined in the Act, it generally is considered to mean the highest price expressed in terms of money that can be obtained in an open and unrestricted market between informed and prudent parties, who are dealing at arms length and under no compulsion to buy or sell. The determination of fair market value is a question of fact. 1.97 It is the responsibility of the registered plan trustee to determine the fair market value of property involved in a transaction. In the case of RESPs, responsibility may be shared between the trustee and the promoter. In some cases, the trustee may require the annuitant, holder or subscriber of the registered plan to provide evidence to determine the propertys fair market value. In these cases, the trustee must exercise due diligence in satisfying itself that the documentation provided is sufficient. The CRA may ask the registered plan trustee to demonstrate how the fair market value of a particular property was determined. 1.98 Except for RESPs, it is common for registered plan trustees to have an agreement with an agent, such as an investment broker, that allows the agent to provide the trustee with certain administrative and investment functions. However, the ultimate responsibility for ensuring that a registered plan complies with the qualified investment rules always remains with the trustee. 1.99 All qualified investments of a registered plan must be held by the trustee of the registered plan and not by the annuitant, beneficiary, holder or subscriber under the registered plan. In the case of a share or other security, registration of the security in the name of the trustee demonstrates holding by the trustee. However, there are situations where a security may be considered a qualified investment for a registered plan even though the trustee is not the registered holder of the security. This can happen, for example, where a security dealer holds the qualified investments of the registered plan as the agent for the trustee and it is necessary to register the investments in the dealers name. It can also happen where securities are issued and processed through a central depository for securities, such as CDS Clearing and Depository Services Inc. Where the registration and trading of a security is maintained by a central depository for securities and the security is otherwise a qualified investment, the security will be a qualified investment for a registered plan if the security is held for the registered plan. Statutory or regulatory authority 1.100 The following table lists the specific statutory or regulatory authority for each type of qualified investment described in the Chapter. Specific statutory or regulatory authority for each type of qualified investment Application This Chapter, which may be referenced as S3-F10-C1. is effective September 2, 2016 and replaces and cancels Interpretation Bulletin IT-320R3. Qualified Investments Trusts Governed by Registered Retirement Savings Plans, Registered Education Savings Plans and Registered Retirement Income Funds . Any technical updates from the cancelled interpretation bulletin can be viewed in the Chapter History page. Except as otherwise noted, all statutory references in this Chapter are references to the provisions of the Income Tax Act . R.S.C. 1985, c.1 (5th Supp.). as amended and all references to a Regulation are to the Income Tax Regulations . C.R.C. 1978, c. 945. as amended. Links to jurisprudence are provided through CanLII. Income tax folios are available in electronic format only. Sections 146, 146.1, 146.2, 146.3, 146.4, 204, 205, 206.1, 207.01, 207.04 and 207.1, and section 4900 of the Regulations. 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