Friday, June 18, 2010

Short Takes: TFSA Fiasco, Grow-Op Mortgage, and more

1. Over 70,000 Canadians were hit with taxes for over-contributing to their TFSAs. Here is a selection of articles on the subject:

Canadian Tax Resource: Letter To Jim Flaherty on TFSA Over-contribution Penalties
Canadian Capitalist: Apply for waiver of TFSA over-contribution penalties
Rob Carrick: Taxman may forgive TFSA rule breakers
Ellen Roseman: Lisa’s story: Charged $1,240 for TFSA over-contribution
Michael James on Money: TFSA over-Contribution Tax can Apply to an Empty Account

2. Royal Bank and BMO lent money to a grow-op. Oops.

3. Thicken My Wallet has some sound advice for the self-employed with 10 things he wishes someone had told him when he started a business.

4. Larry MacDonald reports on the problem at the US Securities and Exchange Commission (SEC) where employment is a revolving door of employees who jump to the industry the SEC is supposed to regulate.

5. Preet interviewed Mark T. Williams, author of Uncontrolled Risk.

6. Big Cajun Man makes the case for paying yourself first using an automatic bill payment system.

7. Frugal Trader updates the state of his Smith Manoeuvre Portfolio and includes a disclaimer that should scare most investors away from trying this manoeuvre.

8. Mr. Cheap argues the merits of “under promise and over deliver”. Makes sense to me.

7 comments:

  1. Thanks for the mention Michael. The Smith Manoeuvre isn't all that popular now. But you can bet that it will be if the markets keep rising for a few years in a row.

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  2. Thanks for the link. Mark is a nice guy, and I imagine I'll have him on again in the future. He has lots to say, and is clearly very knowledgeable.

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  3. Thanks for the link, automation of tasks we dislike is a step in the right direction, but it's always important to watch them too.

    Have a fine weekend.

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  4. Good round-up of TFSA pieces - - let's me get up to speed quickly

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  5. Thanks for the link. Have a good weekend.

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  6. I assume the RBC and BMO bankers saw "Grow op" on the mortgage application and read it as "Growth opportunity". Bankers aren't hip like you and me and your groovy readers.

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  7. @Gene: Maybe the RBC and BMO bankers were too young to pick up the lingo.

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