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Hamilton Spectator
2 hours ago
- Hamilton Spectator
Want to invest but need ready access to cash? A TFSA might be your best bet — but there are rules
Looking for an investment vehicle flexible enough to get your hands on your money quickly? A tax-free savings account might just be the answer. But experts warn there are mistakes you need to avoid to steer clear of penalties. A common gaffe is accidentally over-contributing to your TFSA, says Jason Heath, managing director at Objective Financial Partners in Toronto. The TFSA annual limit for 2025 is $7,000. If you've never contributed to a TFSA before and turned 18 before 2009, you would have a maximum lifetime TFSA contribution of $102,000 as of Jan. 1, 2025. Over-contributions are subject to a one per cent penalty for every month the excess amount remains in your TFSA. The CRA tracks your TFSA contributions across institutions and updates your contribution limit in the first few months of every calendar year. While the CRA had some issues with their TFSA reporting this year, Heath says the agency's reporting is generally reliable. 'Be careful about taking withdrawals and then contributing in the same year, especially using the TFSA like a savings account,' says Heath. When you withdraw from your TFSA, you regain your contribution room — but not until the following January. For example, if you withdrew $1,000 from your TFSA in March 2025, that additional $1,000 in contribution room will not be applied to your TFSA until January 2026. You can also accidentally overcontribute when transferring a TFSA from one financial institution to another, specifically by liquidating the funds and then recontributing them yourself, says Aldo Lopez-Gil, a Toronto-based financial adviser with Edward Jones. While it's true that you can choose what you put in your TFSA — ETFs, GICs, stocks, bonds and cash — and withdraw it tax-free, there are exceptions. For instance, U.S. stocks that pay out dividends in your TFSA are typically subject to a 15 per cent non-resident withholding tax, points out Lopez-Gil. For investors who want to be strategic, Lopez-Gil says it's usually more favourable to hold a U.S. stock in an RRSP, where it won't be subject to the withholding tax. That said, Heath points out that the withholding tax alone isn't a reason to exclude U.S. stocks from your TFSA. The dividend yield for the S&P 500 is about 1.3 per cent, so a 15 per cent withholding tax amounts to a mere one-third of a per cent, he points out. ' Sometimes there's a small cost to a potential benefit.' One of the main advantages of a TFSA is that any interest, dividends and capital gains earned in your TFSA can grow tax-free. Sometimes TFSAs are marketed as savings accounts, offering promotional rates to customers, points out Lopez-Gil. 'Bank-branch advisers are limited to bank-branded mutual funds, GICs or savings accounts as TFSA investments. A frequent road tripper and financial planner points to credit card offers, loyalty programs and For this reason, people may miss out on investing the assets in the TFSAs in stocks, bonds and ETFs, which are investment vehicles that tend to have higher growth opportunity.' At the same time, be careful about investing in an 'overly speculative fashion,' says Heath. 'Obviously, you want to earn high returns, and a tax-free environment is good for that. But if you're taking risks and you lose money, that's not good either because you don't get that TFSA room back.' 'If you lose $10,000 in a TFSA, that $10,000 is gone forever.'
New York Post
3 hours ago
- New York Post
NYC voters torn over Zohran Mamdani's big plans to hike taxes on wealthy, corporations: poll
Democratic mayoral nominee Zohran Mamdani's plans to hike taxes on corporations and wealthy New Yorkers has general election voters split, a new poll showed. Some 48% of voters were in favor of increasing the corporate tax on Big Apple-based companies to pay for free public transit and affordable housing — while 42% were in favor of upping taxes on the five boroughs' wealthiest residents, according to the poll by Honan Strategy Group. But support for corporate taxes plunged to 36% when voters were asked if they'd support a higher corporate tax if it meant chasing businesses out of Gotham. 4 New Yorkers are split on Democratic mayoral candidate Zohran Mamdani's plans to raise taxes on the rich and corporations, according to a new poll. AFP via Getty Images 'Should the city consider increasing the corporate tax for NYC-based companies to finance affordable housing and free public transit?' participants were asked initially. While 48% said yes, 42% said no, according to the poll. The poll also asked, 'Would you support free public buses if funded by a wealth tax?' Only 42% said yes, while 47% were opposed and 11% were unsure, the poll found. Slightly more than half — 53% — backed Mamdani's proposal for city-run grocery stores aimed at lowering food prices, even if that requires moderate tax increases on high earners, according to the poll. But 35% were opposed to the government-run stores while another 12% said they were unsure, the poll said. 4 A Mamdani supporter holding a sign calling him a 'champion' for working people at a rally on July 2, 2025. Photo by Michael M. Santiago/Getty Images Meanwhile, 51% supported a rent-freeze on rent-stabilized apartments even if it meant increased taxes on millionaires, while 28% opposed the proposal and 20% are unsure, according to the poll. Mamdani has proposed a new 2% tax on millionaires, and shifting the property tax burden to wealthier, 'whiter' neighborhoods. But voters are divided when asked what is the single most important issue facing today: 21% cite housing affordability, while another 21% say crime and violence. Another 14% of respondents cited Donald Trump, 8% said corruption and 7% said quality-of-life issues. As the Democratic nominee, Mamdani is considered the frontrunner in the mayor's race in deeply blue New York. He'll be facing incumbent Eric Adams and ex-Gov. Andrew Cuomo — both running on independent ballot lines — as well as Republican nominee Curtis Sliwa and independent Jim Walden. 'While there is consensus about some of the financial burdens that New Yorkers are feeling, opinions are more mixed and divided about some of the proposed policy solutions,' pollster Bradley Honan said. Mamdani's tax-the-rich proposals that would require approval in Albany and Gov. Kathy Hochul has so far seemed unwilling to support the measures. Still, voters overwhelmingly agree that the Big Apple is too expensive a place to live, according to the survey. For example, 93% of respondents said the city is having an affordability crisis and 80% agreed with the statement that New York City is increasingly only affordable for the rich people of Manhattan. 4 Mamdani supporters with 'Freeze the Rent' signs in Coney Island on June 21, 2025. Michael Nagle The poll also found that 72% agree their family is struggling to achieve the American Dream despite their hard work and effort and 61% agree that their personal income has stagnated and are not sure whether they can get ahead or not, while 56% say they are struggling every month to pay their rent/mortgage. Nearly two-thirds of voters said inflation had caused them moderate or significant hardship in the past year, while 25% said no hardship and 10% weren't unsure. Many voters are concerned about the city's condition. 4 The Post's cover on Mamdani's plan to give 'white neighborhoods' higher property taxes. Only 15% believe that the city is heading in the right direction, while 53% feel it is on the wrong track and 32% said they didn't know. The mobile phone text survey of 817 likely voters was taken June 25-26 — right after Mamdani's primary victory. It has a margin of error of +/-3.42%.
Yahoo
3 hours ago
- Yahoo
Wells Fargo Reduced the PT on Lowe's Companies (LOW), Maintained a Buy Rating
Lowe's Companies, Inc. (NYSE:LOW) is one of the . On June 23, analyst Zachary Fadem from Wells Fargo reduced the price target on Lowe's Companies, Inc. (NYSE:LOW) from $300 to $260, while reiterating a Buy rating on the stock. The rating comes after the company posted mixed results for its Q1 2025. Lowe's Companies, Inc. (NYSE:LOW) posted a revenue of $20.93 billion, reflecting a 2.03% decline year-over-year and below expectations by $29.64 million. However, the EPS of $2.92 topped the analysts' target by $0.04. Management noted the decrease in comparable sales to be impacted by the unfavorable weather conditions early in the quarter, but was partially offset by mid-single-digit growth in professional and online sales. A family excitedly browsing through the aisles of a home improvement retail store. Despite the mixed results, Lowe's Companies, Inc. (NYSE:LOW) reaffirmed its fiscal 2025 guidance and continues to expect sales ranging from $83.5 billion to $84.5 billion with comparable sales in a range of flat to up 1%. The operating margin is expected to be in the range of 12.3% to 12.4%. Lowe's Companies, Inc. (NYSE:LOW) is a leading home improvement retailer. Its services and products range from construction, maintenance, repair, remodeling, and decorating projects. While we acknowledge the potential of LOW as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money. Disclosure: None.
