May 022012
 

If you work in the financial services industry then April was probably a busy month for you because this is when taxes are due. According to a recent survey by BMO Nesbitt Burns, many people are unaware of the tax implications of investment income. The poll of 1,500 Canadians, conducted by Leger Marketing, showed that 58% do not know how capital gains are taxed, and 63% do not know how dividend income is taxed. This is surprisingly low to me. Does that mean 37% of people know that the maximum tax rate on their non-eligible dividends is about 33% if they live in Ontario? Even I had to look that up.

With Europe’s fiscal situation still uncertain, China’s growth slowing down and a mix of other good and bad economic news from the US and around the world, our Canadian stocks stayed pretty much flat in April.

*Side Income:
  • Part-Time Work = $900
  • Dividends = $500

*Discretionary Spending:

  • Eating Out = $0
  • Others = $0
*Net Worth: (MoM)

  • Assets:
  • Cash = $3,000 (-$900)
  • Stocks = $69,700 (-$500)
  • RRSP = $21,700 (Unch)
  • Home  = $248,000
  • Liabilities:
  • Mortgage = $207,200 (-$300)
  • Margin Loan = $18,700 (Unch)
  • Bank Loans = $400 (-$2,200)

*Total Net Worth = $116,100 (+0.96%

I am back in the black. But not by much. The extra money I made from my second job and the savings from my no spend challenge were pretty much wiped out by a special levy, lol.  More details on that later this month. I didn’t make any new investments in April, however I deposited some money into my brokerage account because I’m anticipating to buy some stocks for my buy and hold portfolio soon. I don’t believe in the saying “sell in May and go away,” because perhaps buying when others are selling might not be a bad idea. I’m not sure yet. Just waiting on the sidelines for now.

* Numbers are rounded to the nearest $100.

 

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8 Comments on "Fiscal Update – Apr 2012"

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Steve@The Loonie Bin
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Steve@The Loonie Bin

Ahh special levies, I do not miss living in a condo one bit! Congrats on being back in the black as well. I too am waiting to add to my portfolio but I’m not sure which stock to nab.

Liquid
Admin

So many good companies to choose from. I may add more of the same stocks I have already.

MyMoneyDesign
Guest

That’s a hella-lot in dividends to take in one month. What is the dividend yield of your portfolio?

Liquid
Admin

My non-registered portfolio is yielding about 3.8% right now. I usually try to keep it above 4% but I’ve been buying a lot of growth stocks recently with low or even no dividends.

TB at BlueCollarWorkman
Guest

Welll look at that net worth! Way to go!!

Liquid
Admin

Thanks, just taking it one step at a time.

Financial Samurai
Guest

I like that part-time $900 income! What was that for, or did I miss it?

Love these Net Worth charts! Rocket ships!

Liquid
Admin

Thanks, my part-time money is was from teaching and tutoring at a couple of different private colleges.

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