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Yeah the fee at 1% is pretty high considering they just plain old hold the crypto lol. Nothing complicated! But it's beneficial for Tax Free Savings accounts. I recently took advantage of the recent dip, to converted some of my crypto holdings to these ETFs and taking advantage of my TFSA here in Canada. Any gains, with total holdings below 75k is tax free! Since ETFs are available in RSP as well it may be possible to convert mining income to crypto ETFs in an RSP. Even more tax savings! So from a tax perspective these ETFs could be very helpful, especially for those of us making some mad gains.
Yeah, and RSP track record shows that hes a shady, shady man too. Scandals with money laundering, currently profiting from government resources that "dissapear" when Banco Azteca gets involved, etc Definitely not the kind of financial institution you wanna put your money in
I sounds great on paper but you gotta have context about the people involved in this case RSP is looking for ways to give the middle finger to AMLO, Mexico's current president, and find ways to offshore his taxes plus money laundering. Last year he got under huge pressure to pay an outstanding debt to the Mexican Treasury, and hes the kind of guy who's really to hold a grudge.
PSA for Canadians - you can buy Bitcoin or ethereum ETFs in a TFSA/RSP and take advantage of the tax benefits.
tldr; More TD Canada Trust customers are accusing the bank of losing tens of thousands of dollars in Retirement Savings Plan contributions they deposited with the financial institution in the 1990s. The customers, Bhupendra Narsey and his wife Alina Narsey, said they contributed about $10,000 to their RSPs through Canada Trust in 1994. The couple paid little attention to the RSP accounts after they left Canada in 1996 and moved to New Zealand. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
SPY and RSP was around that. Plus ARKK but then Cathie woods decided to make some terrible decisions and lost a lot of those gains. Glad I got out of that investment
Income tax sheltering (RSP) and TFSA for capital gains being waived.
An ETF can be held in a tax free account which means no captial gain taxes on profit. An ETF can also be held in a retirement savings account which provides you an annual income tax shelter...and it provides a much longer investmemt horizon. Also when you think about, the extra money you get from income tax refund...you put back into the ETF (Great for a DCA + hodl mentality.) You don't have to worry about pass phrases or keys because the Custodian is usually a third party billionaire dollar outfit with a reputation to maintain...so peace of mind from your mind. And my most recent favourite example... BTC dropped by thousands of dollars Sunday and recovered a bit going into yesterday but at opening bell my shares only dropped by $1.13 which allowed me pick up even more shares on the "dip". (This one is more your mental stamina for volatility...I'm 44 with 12ish years left to retirement so I while I think I could handle that type of drop, realistically I've been investing for 24 years so my brain is mostly "old money ways") For me it's all about tax savings. Yes you can certainly invest 54000 today and it turns into 100000 by the end of the year but then when you need that money...that 46000 profit will get reduced via capital gains tax so my logic is wait a little longer and keep the tax dollars in your wallet vs the government's. Disclaimer: once/if my country (Canada) allows actual coins to held in a TFSA/RSP I will certainly allocate a small sum to play with alt coins, but for now I'm just interest in the big boys to align with my investment horizon. Good luck.
There’s a reasonable chance the bottom is in according to the Reddspark Panic indicator. For those of you that aren’t aware of the RSP indicator , it’s one that has an uncanny ability at predicting peaks and troughs. Basically whenever I, Reddspark, panic buy or panic sell, the market does the opposite , in at least 95% of the time. Well 20 minutes ago I panic sold some of my portfolio and as you can see the market immediately started to rebound. Does this mean we have reached the bottom? Well I was very week tempted to sell all my portfolio , so that a strong indication that perhaps we are.
For sure. I got some stocks, TFSA & RSP. I'll admin though I've almost completely liquidated my TFSA for crypto though.
Throw in that the Canadian ETF's can be held in tax free / retirement accounts, there will be a constant flow of retail/institutional purchasing dollars to keep buying available coins and locking them away because the investment firm doesn't own the coins...us shareholders. I've set up a recurring deposit to both my TFSA and RSP specifically for these ETF's and I've got at least 12 years before I can retire with full pension benefits. I'm confident that I'm not the only one thinking long term on BTC when it comes to retirement planning so the money is just going to keep coming in. Now imagine what happens when the US finally catches up.
The only reason I'm not investing directly in coin is because of tax implications (and transaction fees). Thankfully, Canada gave me a TFSA/RSP eligible ETF to invest some long term funds in.
Good point. Canadian here. We've invested in BITC.UN in my RSP and TFSA. We also just had a couple of new bitcoin ETFs come live this week.
Sounds like a good way to get some crypto into a TFSA/RSP. Still don't like not owning the keys...
I just bought BITC.UN a Cdn ETF. I've read the prospectus and it appears that they actually hold bitcoin. I bought this ETF because the MER is 0.70, quick liquidity and can be held in an RSP or TFSA