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Wednesday, July 10, 2013

Me on Monday

I wrote the following post this past Monday, but I never took time to complete it, so I am just posting now. Enjoy!

My non-registered portfolio is at a good $118 862.84. Things are slowly getting better on the stock market. I was quite happy with the numbers of today. Very soon, some stocks of mine will be transfer over my TFSA, so my non-registered won't be at the value that I am use too. However, this is a very small inconvenience to be able to earn more than $400 free of tax.

We don't get tax that much on dividend income here in Canada. However, with an income of 50k last year, I had paid extra in taxes. Any ways to save on taxes are welcome, including the TFSA.

Monday is always always the hardest day of the week. But today, it was my day. Should I really write about this or not... Too late, here it goes.

The following might be a lesson to all retail investors out there: don't trade and don't perform any kind of operations while being busy at other things. I was looking under my transfer to see how much  I own on my credit line. I withdraw money from my TD credit line occasionally. And with the summer in, I withdraw more than usual. So I was at work thinking that I may haven't transferred money from my margin account to my credit line... So I quickly gave it a check online, but I look too quickly into it. What I taught that was my credit line was actually my RRSP banking account. I taught I was paying my credit line but I was in fact transferring money in my RRSP account... I notice at the step 3... Do I ever make mistakes like that? No, but this time I did.

So I immediately gave TD Waterhouse a call. While waiting and waiting online, I ran to the TD Waterhouse office and someone I knew was there and available and remember my name (I don't know if its a good or bad thing but hey)... And it was fixed in a matter of a few minutes.

That was my Monday funny story.

Oh lala, it was a short one. I took advantage of the situation and I requested the transfer of the money sleeping in the RRSP banking account. So I will have a $500 to play with soon and maybe I will have a bit more money to invest in August. Because for July, forget about it.


Anonymous said...

you need to transfer money from your tdwaterhouse margin account to pay off your td line of credit, is that correct??? you are living life dangerously... you are basically playing musical chair with your high level of debt... transferring from one place to another place... margin call trouble looming...

Anonymous said...

well you wouldn't have to think about this if you have so much credit cards and line of credit and on top margin account. debt is added stress on top of market fluctuations. sell your losers and pay off all those debts and then you will worry way less... you are just a market crash (real crash = 20%+ down = bear market) away from total disaster.

Anonymous said...

If you transfer money out of a RRSP account, you will have to pay taxes on that withdrawal


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