Getting ready for my 2010 tax declaration

I now have all the papers needed to do my 2010 tax declaration. I had worked quite a lot in 2010. Before deduction, I earn 49 398.99$ in work income + 4 112.42$ in dividend earning + 100$ or so in capital gains + around 300$ or so in online money. I didn’t trade that much in 2010. I mostly buy and hold. Overall, that makes more than 50k in income. Could seem great, but that 50k in salary include I don’t know how many hours working at 3 different jobs... Anyhow, if I calculate after all deductions, it makes something like 43 838.03$. This includes the 30% taxable dividend income.

For 2010, I made a RRSP contribution of 7 048$. 43 838.03$ - 7 048$ = 36 789.41$. My taxable income is of 36 789.41$. I use MorningStar Marginal Tax Calculator to see if I already pay enough in taxes. According to the Marginal Tax Calculator, I have 3 308$ in Federal tax and 4 206$ in Quebec provincial tax, for a total of 7 513$.

I know it’s not like this I should calculate it, but: 49 398.99$ - 43 838.03$ = 5 560.96$ (suppose this is the amount I pay in taxes for 2010...)

7 513$ - 5 560.96$ = 1 952.04$

Does it mean I will have to pay 1 952.04$ in taxes?

I don’t think so. It will be less than 1 952.04$, but I may have a little extra to pay in taxes. For 2010, I had gain about the same salary and had made a 10 000$ RRSP contribution. At that time, I had paid something around 500$ extra in taxes.

10 000$ = 500$
7 000$ = ?

7 000$ x 500$ / 10 000$ = 350$ + 500$ = 850$

850$ makes a bit more sense but even here, I know my way of calculating it is far of being accurate... Anyhow, I need to have at least a 1 000$ ready in safe in case I need to pay extra in taxes...

This calculation do not include my tax credit for around 4 months of public transportation (from January to March or April 2009 – after what, I gave up on metro pass and only use my 2 feet to go everywhere...), my student loan, tax credit for dividend and other tax credit for investment loan. I am not exactly sure of what is eligible regarding all of the money I borrowed for investment. But once I find out, it will make a great post idea.

In other words: more money, more problems.

Recent trading and other events

Today was my first day back at work after spending 2 weeks away, partly in New Brunswick and another part in Montreal. It actually feels like I had been gone away for a month! I had slept a lot. I think I was emotionally and physically burn out at a point and I wasn’t even aware.

And it seemed like my colleagues love my new hair. It doesn’t take much for a little improvement, a little bit of makeup, coloration, a hair cut... But as for myself, while dealing with work, my investment and so on, well, I can easily neglect myself. There are many things in life I really don’t care about and my appearance well, is unfortunately one of those things lol... I personally prefer to focus on what really matter. But fact is, just a bit of makeup make on me all of the difference in the world.

I am back to work and it’s not as bad as I expected it to be. But I now have a lot to take care of. I really hope to be able to relocate in New Brunswick. When I was home in New Brunswick, I notice the time speed was lower, there was no stress, and everything was more relaxed. Of course, it’s because I was at home but still, I could feel a difference. I wasn’t in Montreal anymore and my soul was able to feel it. Fact is, I don’t belong to Montreal.

Lately, I try very hard to make money out of the stock market and just the fact of trying that much completely exhausted me. But did the effort worth it? Let’s see a few of our most recent trades:

Investment made: 470 stocks of Sprott Physical Silver (PHS.U) at 14.88$
Investment cost: 6 993.60$ + 9.99$ in commission fee = 7 003.59$
Sell at 15.67$, but cost of currency was of 4.15%.
Profit made after sell commission fee: +46.09$

Investment made: 100 stocks of K-Bro Linen Inc. (KBL) at 20.25$
Investment cost: 2 025$ + 9.99$ in commission fee = 2 034.99$
Current investment value: 2 069$
Profit made after sell commission fee: +34.01$
(I still hold KBL)

Investment made: 200 stocks of Westshore Terminals Invest Corp (WTE.UN) at 23.11$
Investment cost: 4 622$ + 9.99$ in commission fee = 4 631.99$
Current investment value: 4 804$
Profit made after sell commission fee: +162.02$
(I still hold WTE.UN)

Investment made: 200 stocks of Superior Plus Corp. (SPB) at 11.98$
Investment cost: 2 396$ + 9.99$ in commission fee = 2 405.99$
I had sold the 200 stocks at 11.31$: 2 262$
Profit made after sell commission fee: -153.98$
(I no longer hold SPB)


Investment made: 600 stocks of Data Group Income Fund (DGI.UN) at 6.66$
Investment cost: 3 996$ + 9.99$ in commission fee = 4 005.99$
Current investment value: 3 846$
Profit made after sell commission fee: -169.98$
(I still hold DGI.UN)

Investment made: 25 stocks of TD at 79.04$
Investment cost: 1 976$ + 9.99$ in commission fee = 1 985.99$
Current investment value: 2 072$
Profit made after sell commission fee: +76.02$
(I still hold TD)

Investment made: 100 stocks of Canfor Pulp Products Inc. (CFX) at 14.70$
Investment cost: 1 470$ + 9.99$ in commission fee = 1 479.99$
Current investment value: 1 684$
Profit made after sell commission fee: +194.02$
(I still hold CFX)

Investment made: 100 stocks of TMX Group Inc. (X) at 41.97$
Investment cost: 4 197$ + 9.99$ in commission fee = 4 206.99$
Current investment value: 3 977$
Profit made after sell commission fee: - 239.98$
(I still hold X)

OVERALL: +101.22$

Conclusion: yes, the effort worth it. I mess up with PHS.U and SPB, but the overall portfolio gain exceeds the lost. I was hoping for better results coming out of the TMX Group, but I guess I got excited too soon regarding the merger project with London. Anyhow, X should go up again, eventually.

But continuing this way could be dangerous because I am currently trading using margin money. The stock market is not the safest place to be, especially now. It could crash again, because of many factors currently playing at this time. In order words: better play safe.

Once I sell my units of HZU, the money will go and remain on the margin account.

Welcome Horizons BetaPro COMEX Silver Bull Plus ETF, 150 units of HZU in my portfolio

Ok, so here I am: I just buy 150 units of Horizons BetaPro COMEX Silver Bull Plus ETF (HZU) at 33.20$. I place a sell order at 34.70$... Will I be able to finally make a little profit out of the silver with HZU? That's what we are going to find out! It's going to be easier with this one. PHS.U was too much difficult with his American currency affair.

Going back to work after a 2 crazy weeks of so call "vacation" lol... but it was nice.

Remember and focus: we are going to make a 150$ cash out of the silver - I hope for this week.