11-06-2013, 07:37 PM
Being a Canadian our accounts are different. We have:
With ShareOwners Investment Inc. a discount broker. Their main advantage is that they automatically re-invest all dividends, regardless the amount and purchase shares to 4 decimals.
1. A RRIF account (registered retirement income account. All activities are tax free, but I am required to withdraw a % each year and claim it as taxable income. The % increases each till it reaches 20%).
2. A TFSA (tax free savings account where all interest, dividends and capital gains are tax free). Max contribution $5,500 per account each yr.
3. A taxable account.
4. We also have DRIP accounts where the company stocks allow Optional Share Purchase at no cost.
With ShareOwners Investment Inc. a discount broker. Their main advantage is that they automatically re-invest all dividends, regardless the amount and purchase shares to 4 decimals.
1. A RRIF account (registered retirement income account. All activities are tax free, but I am required to withdraw a % each year and claim it as taxable income. The % increases each till it reaches 20%).
2. A TFSA (tax free savings account where all interest, dividends and capital gains are tax free). Max contribution $5,500 per account each yr.
3. A taxable account.
4. We also have DRIP accounts where the company stocks allow Optional Share Purchase at no cost.