Today ushered in the best weather since landfall in Canada. Although the absolute temperature is still around freezing, the dazzling sunlight shines on the snow that has not yet melted, bringing the happiness of the warm winter sun.
The weather in Canada is fickle, and when it is exaggerated, it has the feeling of four seasons in one day. It is rare to see sunshine that lasts for a long time like today. Nor has there ever been a clear sky here, and the clouds always seem to dominate the sky. But today, white clouds like naughty children, jumping on the blue canvas, add a bit of life to the silent winter day. The usually quiet streets are also filled with more pedestrians, so I don't want to waste such good weather.
At this time, I was tapping on the text, and whenever the sun outside the window brightened, my heart was a little happy, and I began to look forward to the good mountains and rivers of Canada. After all, the mountains and rivers are so boring, and we have only experienced boredom this month.
After gossiping, let's talk about the idea of making money here. For a person like me who has almost no knowledge of English, it is still very difficult to make money here, and I don't have a clue yet, so I can only say that I have a little idea to see if I can start verifying the feasibility.
If you can't get the money, then let's get enough wool first. Recently, I met a bank manager through a friend, who serves the bank's high-net-worth customers, a native of Wenzhou, Zhejiang, who is very friendly and professional. After chatting for more than 2 hours in the office, I still got a lot of valuable information. Today, it will be released as the first article to explore making money.
There are two things Americans can't live without in their lives – death and paying taxes. As a backyard, Canada is not lagging behind in taxation and is known as the country of ten thousand taxes. The shopping here is all marked with provincial and federal taxes, and a minimum 15% tip, which is very painful. After so many taxes, the corresponding is of course some benefits. It is taken for the people, and of course many of them are used for refugees. Canadian Prime Minister Justin Trudeau was also scolded for this.
Let's talk about a few account benefits.
1. RESP is Registered Education S**ings Plans, which translates to Registered Education Funding Plans. Education in Canada has been free from kindergarten to high school at age 4,** and this special account was set up to be used in a special account for fear that some families would not be able to afford their children's college attendance. It is a benefit for eligible parents (Canadian residents) to open an account at a relevant financial institution, deposit funds and then receive a subsidy. Deposit $2,500 per year, ** subsidy capped at $500. The maximum lifetime deposit is 50,000 Canadian dollars, and the beneficiary is the child who has received higher education, when receiving this part of the money including the principal + ** subsidy + investment income, because they have low income or no income, this is tax-free income in disguise. Here are three tips: 1. If you meet the conditions for opening an RSP account, you can make additional contributions to receive a **subsidy of 500 Canadian dollars, but you can make up for it for up to 1 year;2. Because the upper limit is 50,000 Canadian dollars, many people like me, although they have permanent resident status, but because of the late past, children can only receive 50,000 Canadian dollars until they are 17 years old. This part of the amount can be deposited and invested according to the situation, and the child can withdraw it tax-free3. There is also an additional subsidy for children from low-income families, 100 Canadian dollars per year, and a benefit of 2000 Canadian dollars for life. If you are interested, you can search for CLB Eligibility.
2. TFSA, Tax Free S**ing Account. This is a tax-advantaged account set up by the Canada Revenue Agency in 2009 for residents aged 18 and over after the 2008 global financial crisis. Investment income, including capital gains and dividends, incurred in a TFSA is not subject to tax. Of course, this account also has a contribution room limit, which is $6,500 CAD in 2023.
3. RRSP, Registered Retirement S**ings Plan. This is a benefit measure that the Canada Revenue Agency has been implementing since 1957. The requirement is to have active income, which simply means that capital appreciation is not counted. It calculates the amount based on 18% of your income last year, and the maximum contribution amount for 2023 is $30,780 CAD. This account has several important benefits: 1. It can reduce the total taxable amount of the year, the contribution part is tax-free, and it can also start the tax bracket down. Canada, like China, has just reached a critical point in the tiered tax rate, and the difference is very large, and this RRSP can be used to reduce the tax burden, 2. Deferred tax growth. This account, only when you withdraw money, you need to pay taxes, you can deposit when you make the most money and pay the heaviest taxes, and take it out when you retire, you can also save a lot of taxes, 3, a very important benefit, creditor protection. creditor protection。When you are in debt for some reason, if you have other assets, you need to sell them for compensation, but the money in the RRSP cannot be taken by others, and it is protected.
The content of these benefits is very simple, and it can only be regarded as a brick throw, because the content is still very professional, and it also involves a lot of detailed rules, such as the amount between husband and wife, Canada's tax verification value, etc. But if you are eligible, you must not forget to find a professional to understand these accounts.
Interestingly, in the course of the exchange, the bank's investment managers repeatedly emphasized that the ** they recommended would never involve Chinese concept stocks. The performance of big A and Chinese concept stocks in recent years is really a bit avoidable. In addition to the first-mover advantage, the global optimal allocation of the first industry is also a highlight. Next, do more homework, and try to configure a little, and then communicate later.
Of course, I will also try to engage in active income, and I do not rule out serving dishes and being a tally clerk. I hope to rely on the environment to force my language ability. This is my greatest wish besides making money. If there is substantial progress, it will be shared with everyone. Canada