Just off the top of my head:
GAAP. IFRS. Currency arbitrage. Regression and time-series analysis. More than one page on futures, forwards, options and swaps.
all the good stuff...so the CSC is a good course to learn about mutual funds (of course I am simplifying)?
Nah. The IFIC course is the one you want if you only want to learn about mutual funds.
But as I've said before, so I shall say again: these are courses designed to get people licensed to sell investment products. They are NOT academic studies of finance or investing. If you want to study finance and you are coming from another academic discipline (and you are working full-time already), try something like this.
what I would really like to do is get to a comfort level were I can manage all my own investments.
Currently I only manage a portion and have the 'pros' manage the bulk.
I am a little surprised that you didn't get some backlash after this statement:
'Unfortunately I made the mistake of picking a career (engineering) that ordinarily does not lead to a high income, relatively speaking.'
And then mentioned you made 150K in another entry.
But I see your point. You worked your ass off to make that. And you don't want to have to kill yourself to do that every year.
I would reduce taxes by maxing the RRSP, and learn to invest. Utilize the TFSA to generate tax free returns. Also, as you seem to be concerned with annual cash flow, holding dividend paying stocks in a non registered account may be of interest to you.
I am sure that you read lots to learn engineering. Read lots to learn to invest.
Ok let me be blunter here because it appears that what I was trying to skirt around did not compute.
Start a small part time business selling Avon for all I care.
You have a government job and you pay about half your damn salary in taxes.
Let me give you an rough example....
Gross Income = 80,000
Net Income = 40,000
Job guy + part time business guy
Gross Income From Job = 80,000
Gross Income From Business = 20,000
Total Income = 100,000
Less Business expenses
Home office expenses = % of heating, cooling, internet, rent or mortgage, phone expenses, cell phone expenses, office supplies, business cards, car payments, car insurance.
The first several years you can claim a business loss.
So after calculating in all your expenses you business loss may total 20,000 and this by claim stuff YOU ARE ALREADY PAYING FOR.
Come tax time your total income after business expenses is $60,000.
You get $10,000 back that you paid back from the government plus you made an extra 20,000
...not quite. You can't use business-use-of-home expenses to create a loss, and CRA has recently really clamped down on car expenses (i.e., you really must be using your car for business purposes and keeping a detailed log of each trip). So you really need to have legitimate business expenses (i.e., supplies) to deduct - this is quite different from saying "you can create a loss using things you already pay for."
A little off topic, but say I were to rent the office to my corporation, would that affect the principal residence capital gains exemption when I sell the house down the road?
Nope. But consult your accountant. What causes the principal residence capital gains exemption to be put at risk is when you claim capital cost allowance against the property.
Allow me to add some backlash.
Originally Posted by Cal
The OP mentions a base salary but 150K with tons of extra projects. Well guess what? Another job would be the same thing.
Your income of 150K puts you in the league of some of my friends who make even more than that and don't seem to have enough cash.
Might I say to you what I tell them?
You don't have an income problem you have a spending problem. Unless you have several children and a princess wife to support, but if you can't make a go of life on a150K then god have mercy on your soul.
Tags for this Thread