Weekend Reading – killing the Home Buyers’ Plan, top stocks for 2019, cycle of wealth and more #moneystuff
Welcome to my latest Weekend Reading edition where I share some of my favourite articles from the week that was across the personal finance and investing blogosphere.
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I got around to posting two articles this week:
This was our latest dividend income update – inching closer to $19,000 earned later this year within key accounts. Onwards and upwards!
I interviewed a fan of this site, and new author Henry Mah about his book Your Ever Growing Income. Make sure you check out his answers to my questions and enter the giveaway to win a copy of his book!
Enjoy some other articles below and see you here next week. I have a post planned about millennial struggles with housing.
Back to Rob’s article, some interesting stats:
“RateSpy quotes CRA data for the 2015 tax year showing that 42 per cent of the 91,000 people who withdrew money from the RRSPs under the HBP did not report an RRSP repayment. This suggests the money that should have gone back into their retirement savings instead got added to their income.”
Great to see P&G increase their dividend again this year – more income to flow from the RRSP – for doing nothing:
What I consider low-hanging-fruit and what we do:
- Keep a no-fee banking account (I can’t remember the last time I paid banking fees).
- Get rewarded for credit card spending (we use a cash back credit card from this page here = 4% cash back on gas and groceries with every purchase).
- We look for deals when travelling although we also enjoy some small luxuries when we do travel. You can read about how we save and splurge on vacation here, including renting a Cadillac for a wine tour.
In the coming months, we’ll be going down to one car which should save us about $300 per month or nearly $4,000 per year in current car maintenance, insurance and operational costs.
Tawcan shared his March 2019 dividend income update – well done! Like Bob, we strive to be tax-efficient with our investing:
- We only keep U.S. dividend paying stocks and ETFs inside our RRSP accounts.
- We keep any Canadian REITs (Real Estate Investment Trusts) that pay out a mixture of interest, distributions and deliver capital gains over time inside our TFSAs and RRSPs.
- We only put Canadian dividend paying stocks that pay out eligible dividends inside my non-registered account.
Over time, I will likely try and move as much non-registered money into my TFSA as possible. I might even do that when 2020 contribution room opens up. We’ll see! You can read up on this reader question related to that and the tax considerations I shared here: should I transfer my stocks into my TFSA?
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Happy investing and see you in the comments section!