Sent: January 29, 2021 2:36 PM
Subject: [1] RRSP, RESP, and TFSA
There are a few registered plans available in Canada before our retirement. After retirement, those plans must be converted to registered income plan with “defined” withdrawals. Let focus on key points of registered plans for current situations, i.e. during working years before 65 years old.
1. RRSP, Registered Retirement Saving Plan
We could contribute up to 18% of our previous year’s income up to a limit set by government minus pension adjustment [some company offered pension plan].
As mentioned in previous email, we are paying taxes on based on tax brackets, i.e. the higher portion of income; we’re paying more taxes in higher brackets.
“Canadian federal personal income tax is calculated based on taxable income, and then non-refundable tax credits are deducted to determine the net amount payable. For 2019, every taxpayer can earn taxable income of $12,069. This was increased by indexation to $12,298 for 2020.”
How much can
you earn without paying income tax?
“Single, under the age of 65 and not older or blind, you must file your taxes if: Unearned income was more than $1,050. Earned income was more than $12,000. Gross income was more than the larger of $1,050 or on earned income up to $11,650 plus $350.”
As we looked at the tax table, it’s likely that we have to pay around 20% for our income of around $45,000 annually. However, it’s likely that the first $12,298 is not taxed.
How could we reduce our income tax, i.e. invested in or opened an RRSP account and transfer “after tax” money in this account. We could open an RRSP account with a bank, and that bank will send us a receipt to claim tax deduction for the year. For example, for 2020 tax year and money amount deposit in an RRSP account during 2020 and/or the first 2 months of 2021 (Jan & Feb) is considered RRSP contribution for 2020. Don’t claim the same amount twice.
For example, for year 2020 we’re making $60,000/year, but RRSP contribution room is $20,000 because previous years (before 2020) we didn’t contribute to RRSP. Let buy $20,000 RRSP, we could deduct our income $60,000 - $20,000 = $40,000. Now we can report our income tax for the year 2020 as $40,000, i.e. $20,000 less and lower income tax bracket. In tax declaration software, we declared 2 separated forms T4 and RRSP form à $60,000 annual income and $20,000 RRSP AND this is calculated as $40,000 total income for the year.
Assuming that our marginal tax rate (or that upper portion $20,000 is in 35% tax bracket), we saved $20,000 * 0.35 = $7,000. Because we’re paying tax at the rate of $60,000 during work, i.e. pay check was deducted for tax at $60,000/year; the government (CRA) will refund us $7,000 for the year 2020.
What can we do with our money in RRSP?
• Currently we could withdraw (borrow)
money from RRSP to fund buying a home (first time home buyer) OR Life Long
Learning Plan (post-secondary study) without paying taxes. The withdrawals
would be tax free, but we have to
re-deposit the borrowed amount back within a defined period. Check rules
for updated information.
• Withdraw money at any time and pay
taxes in that year. Usually we withdraw money when our income was low in that
year, e.g. unemployed, retired. The tax bracket would be lower in that year, i.e. we’re
paying less
tax as compared to the year that we bought RRSP.
• The money in RRSP account could be invested with free taxes, i.e. tax sheltered. Any capital gain, dividend, or interest incomes are tax free. The money in RRSP would be growing overtime, but we don’t have to report those in income taxes in contrast to “non-registered accounts”. It’s like an investment account as we could invest in mutual funds, bonds, money markets, stocks, etc. without worrying about taxes on gains. We could keep cash there, if we wanted.
2. Tax free saving account, TFSA
Government allows us to deposit money up to a maximum amount each year to our TFSA, where money could be invested with free tax on growth, dividends, or interest incomes.
The maximum allowable contribution amount is accumulated over years and showed in our online account with CRA.
We could withdraw money from this account at any time without any taxes deducted. It’s like a saving/investment account, but we could invest in mutual funds, bonds, money markets, stocks, etc. without worrying about taxes on gains. We could keep cash there, if we wanted. It is a tax sheltered account as an RRSP account.
Don’t forget this weird rule: we cannot redeposit amount that we just withdrew without penalty. For example, we check our maximum allowable contribution for TFSA is $20,000 for the year 2021. We deposited the maximum amount $20,000 in January 2021, and then withdraw $20,000 in May 2021. We cannot deposit any money back to this TFSA account without penalty in later months of 2021. We have to wait until 2022, the government will reset that $20,000 PLUS amount allowable amount for 2022 à allowable amount to contribute into TFSA in 2022.
3. Registered Education Saving Plan, RESP
This account is a saving/investment account for post-secondary education for your children. Government has a maximum contribution each year for each child to get government grant. In 2020, the maximum amount is $2,500. If we’re transferring money into this account $2,500, government will grant or give that child $500 cash or 20% grant up to $2,500 RESP contribution. There is a maximum amount of money that we could deposit in an RESP account during its lifetime.
After 18 years old, the child could withdraw money from this account to pursue post-secondary education with limited tax as below notes.
Do I have to claim my RESP withdrawal?
“Students who receive money from an RESP must claim their Educational Assistance Payment as income. Since students typically have limited income while in school, however, they may not be required to pay any income tax on this amount.”
What tax rules apply to an RESP?
“What kind of tax rules apply to an RESP? While the contributions you make to your plan are not tax-deductible, the investment income generated in your savings plan – income such as interest, dividends or capital gains – is not taxed until the funds are withdrawn from the plan.”
Think about this, we already got 20% government grant as return on investment for our money invested for our children up front PLUS investment gain during his “early school years,” i.e. elementary and high school.
Above notes
should give you overall pictures about possible registered plans in Canada. We
could open an RRSP, RESP, or TFSA account with a financial institution or bank
and start investing.
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Sent:
January 30, 2021 8:17 PM
Subject: [2] RRSP, LIRA, RRIF, and LRIF
A. Let describe briefly about Locked-In Retirement Account (LIRA) or pension account.
Some employers offer pension fund to their employees for retirement with some conditions. The popular pension plan allows employees to contribute up to some % of their annual income to the plan, and the employer will match it. For example, employee John contributes the maximum allowable 10% of his salary (10% of $100,000 salary is $10,000) in to his company’s pension plan, his employer would match $10,000; therefore he has $20,000 deposit into his pension account in that year. After a vesting period (minimum required time to stay at this company in order to keep company’s contribution), the employee could transfer the company’s pension plan to a LIRA account, if he left the company. Check the rules for vesting period and minimum contribution, because it varies by company. You can open a LIRA account with a financial institution including your bank.
LIRA is similar to RRSP except that it inherits rules of pension fund, i.e. the account holder cannot withdraw money out at any time subject to tax as RRSP. Usually we could withdraw money from LIRA started at age 65 (earliest could be 55 or 60 – check the rules). However if the account holder is terminally ill, he could apply to withdraw money earlier than the retirement age.
If a company offered pension plan, you should contribute maximum allowable amount to benefit “free amount” contributed by your employer, i.e. 100% return on investment.
Usually we have to convert an RRSP to RRIF (Registered Retirement Income Fund), LIRA to LRIF (Locked-in Retirement Income Fund) at the retirement age commonly at age 65. The latest conversion age to convert RRSP to RRIF is when you turn to 71 old. The only reason, which you didn’t want to convert your RRSP to RRIF at age 65, is because of minimum withdrawal rule described below.
With RRIF, you will set the minimum withdrawals per year. The minimum amount changes frequently, so check the rules. You don’t have maximum limit on a withdrawal in RRIF. The withdrawal is subjected to annual income taxes.
With LRIF, you will set the minimum withdrawals per year. The minimum amount changes frequently, so check the rules. They set the maximum limit on a withdrawal in LRIF. The withdrawal is subjected to annual income taxes. Check this link for details FAQs on Locked-in Retirement Income Funds (LRIFs) (gov.on.ca), rules changes sometimes.
Anyways we should be in lower tax brackets when we withdraw our money from RRSP, LIRA, RRIF, or LRIF, i.e. we will be paying less tax.
TFSA is also a tax sheltered account, but not income tax deductible. Don’t forget that any investment amount in RRSP, LIRA, RRIF, or LRIF are also tax-sheltered, i.e. only withdrawals amount will be taxed.
B. Should we deposit our after-tax in RRSP or TFSA? This is a common question by many people.
The answer would depend on what you’re planning to do with your money in those accounts, i.e. RRSP or TFSA.
If you invest money ($10,000) in a registered account and expect “high growth” or “larger capital gains”, then TFSA is better. Larger gain means capital gain in stocks,
• For example in TFSA, you bought 10,000
shares of Bell Canada at $1/share and sell at $90/shares. You would incur a
capital gain of 10,000 * ($90 - $1) = $890,000. In TFSA account, you could
withdraw $890,000 out without any taxes.
• With RRSP, you would get an upfront advantage of tax deduction $10,000 in that year. Let’s assume that you also bought 10,000 shares of Bell Canada at $1/share and sell at $90/shares. You RRSP account would increase by $890,000. However, you would likely pay 50% marginal tax rate on a withdrawal of $890,000, i.e. $890,000 * 0.5 = $445,000 paycheck to Canada Revenue Agency (CRA).
I have all types of accounts RRSP, LIRA, RESP, and TFSA including a non-registered account. I’m investing money in those accounts in stock markets.
Let’s see,
the mortgage interest is less than 3% annually. Should we make extra “lump sum”
payment to reduce our mortgage OR invest in tax free accounts incurred gain
greater than 3%? Investing in those registered accounts also give us
flexibility of getting money out or cash at any time.
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Sent:
January 31, 2021 4:23 PM
Subject: [3] Investment options: GIC, bonds, and money market fund
Many of you are wondering when people or investors out there talk about their investment. Let’s describe an over view of a few common investment options available in non-registered or registered investment account mentioned earlier in emails.
1. Guaranteed Investment Certificate, GIC
You could buy an GIC from a bank with fixed interest rate attached to it. An GIC would provide a guaranteed of capital but offer very low interest rate.
For example, you buy $10,000 with a 2% annual interest GIC with maturity date in 2 years. Bank would pay you $10,000 * 0.02 = $200 for year 1 and $200 for year 2. By the maturity date or end of year 2, they would return $10,400 to you. They guaranteed that you won’t lose $10,000, which you had invested as well as $400 in interests.
The guaranteed interest rate won’t change for 2 years. It’s unlikely that you could get your money out before the maturity date; you should check with the bank. Most of them allow you to get $10,000 out without any interest portion even though you left there more than 1 year in the above case.
Taxes: the interest portion will be taxed as income incurred during the year. Usually bank will send you a slip to declare taxes added to your regular annual income. I don’t remember that you would have to declare $200 in each year or total $400 after year 2 when GIC matured. You didn’t have any tax break.
If you’re in 50% tax bracket (assuming that you will declare tax after maturity, end of year 2 or $400), $400 * 0.5 = $200 paycheck to CRA. You ended up with on $200 gain left from $10,000, i.e. 2% returns on investment instead of 4% (2% + 2% in 2 years) as stated in GIC due to income tax.
You don’t need to declare taxes, if GIC is held within an RRSP, LIRA, RESP, TFSA, RRIF, or LRIF. You need to declare taxes on interest payment of capital gain/loss in non-registered account.
2. Bond
Bond with interest rate is usually issued by companies (corporations) getting cash for funding their business operations. Government also issues bond at lower interest rate, because government bond is much secured. The problem was that corporate issued bond could declare bankruptcy, i.e. default bond. In case of bankruptcy, corporates won’t refund bond’s money, but going through the process of bankruptcy, i.e. selling all asset to pay back their creditors including bond holders and common shareholders. It’s not likely that USA or Canada would declare bankruptcy, thus bonds offered by US or Canada government has low coupon (interest) rates.
Assuming that corporate doesn’t go bankrupt.
They’re selling bonds to investors like us with 10% interest rate by issuing $10,000 bonds matured in 5 years with 5% simple interest rate. In this case, you would get $10,000 * 0.05 = $500 each year for 5 years, and then receive $10,000 initial capital back.
You could sell your bonds in the market to other investors before its maturity date. The selling price would depend on what other investors are willing to pay for your bonds. Usually interest rates set by central bank goes up, the value of bonds goes down, and vice-versa.
About taxes, it is the same as GIC.
Taxes: the interest portion will be taxed as income incurred during the year. Usually corporates via your bank, where your investment account set up, will send you a slip to declare taxes added to your regular annual income. It’s likely that you have to declare $500 a year for 5 years by receiving bond’s payment.
If you’re in 50% tax bracket, $500 * 0.5 = $250 paycheck to CRA. You ended up with on $250 gain left from $10,000, i.e. 250/10,000 = 2.5% return on investment instead of 5% as stated in bond’s coupon rate due to income tax.
Notes: I haven’t bought corporate bonds in my investment account as a separate investment item, but have invested in mutual fund bonds. You should have noticed that bond coupon rate in the example above is 5%, which is higher than 2% by GIC, because corporates could declare bankruptcy.
You don’t need to declare taxes, if bond is held within an RRSP, LIRA, RESP, TFSA, RRIF, or LRIF. You need to declare taxes on interest payment of capital gain/loss in non-registered account.
3. Money Market Fund offered by mutual funds or segregated fund
This one also guaranteed your capital, but very low interest rate, e.g. around 1% annually, but not guaranteed interest rate as GIC.
For example, you could invest $10,000 in this money market fund and be sure that you could withdraw your money out at any time without losing your initial capital, i.e. $10,000. However, the interest rate incurred by this fund is very low, e.g. 1% annually.
I think, BMO Investorline also offers Money Market Fund for both Canadian and US dollars. They issues interest payment monthly to investors on top of the initial investment, e.g. you may receive $10 for 1st month - $6 for 2nd month, etc. on top of $10,000 on the Money Market Fund investment. In this example, you could withdraw $10,016 out after the end of 2nd month, if you wanted.
About taxes, you would need to declare the interest amount as income as you would with GIC. In the above example, $16 must be added to your annual income.
Notes: You should have noticed that interest rate in the example above is less than 1%, which is lower than 2% by GIC, because you could withdraw money out at any time plus some interests incurred from previous months.
You don’t need to declare taxes, if money market fund is held within an RRSP, LIRA, RESP, TFSA, RRIF, or LRIF. You need to declare taxes on interest payment of capital gain/loss in non-registered account.
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Sent: February
1, 2021 2:44 PM
Subject: [4] Dividends in stock investment
Don’t forget that investment in registered accounts such as RRSP, RESP, and TFSA are tax-sheltered, i.e. we don’t pay taxes to CRA for interest income (GIC, money market, bonds, etc.), dividends, or capital gains. I have mentioned taxes that are applicable to non-registered accounts.
1. Dividends
Many corporations are issued common shares or preferred shares with “announced or planned” dividends to shareholders, who purchased their shares or stocks, for cash used in business operations. For example, TD Bank needs cash to fund their business expansion in USA. TD Bank could issue 100,000,000 common shares at $10 each in exchange for 1 billion dollars in cash. TD bank could use $1B raised in anything they need for their business. Let’s assume that we bought 1,000 shares of TD Bank at $10/share, i.e. $10,000. We became a common shareholder of TD Bank. We could
• Vote on business proposals by TD bank
at their shareholder meetings
• Receive dividends payout to
shareholders, which could be monthly, quarterly, semi-annually, or annually by
TD Bank.
• Buy/sell our TD Bank’s shares that we hold to other investors in our investment account
Dividends are subjected to taxes at lower rates than GIC, Bonds, or Money Market. Usually financial institution or bank that we open our non-registered investment account would send us the taxable dividend amount to declare in our annual income tax declaration.
The corporations are doing business and earning profits. They could decide to give part of their profits to shareholders in form of dividends and keep some in the corporation for business operations or growth. Dividend is not guaranteed by the corporation, i.e. dividend could be increased, decreased, or stopped depending on business income in that year.
By taking risks by buying shares of corporations, which means indirect investment in their business, for a “potential dividend, we’re taking risks or investing in economy. Therefore dividends are taxed at lower rates by governments. Usually “very good” corporate dividends are around 5%. Higher dividend rates or payout ratio (% of profits used to pay dividends) are risky, because those corporate could eliminate or reduce its dividends, which will result in selling off shares in stock market, i.e. lower share prices. Large and stable corporations don’t pay high dividend rates but they’re unlikely declared bankruptcy, e.g. TD Bank currently pays 4.36% dividend at share price of $72.89 or dividend of $3.16 per share. Dividend yield is calculated as followed
Dividend Yield % =
(Dividend payment / Share price) * 100
TD Bank Yield = (3.16 / 72.89) *
100 = 4.36%
If TD Bank’s share price goes up, then yield would be lower, and vice-versa.
Note that buying shares of corporations outside of Canada, we could be subjected to non-resident taxes imposed by the country that the corporation based in. This non-resident tax is also applicable for tax-sheltered investment accounts too. Check the tax treaty from CRA or ask them for this specific treatment.
For example,
• Non-resident tax is charged for dividends issued by Ericsson of Sweden (ERIC) for shares held in non-registered, RRSP, LIRA, RESP, and TFSA accounts. However, we usually bought shares of Ericsson for its potential gain in share price or capital gain, e.g. share price could be appreciated 10% - 30% a year. Part of dividends is paid to our account except the non-resident tax is deducted. Dividend payout should be treated as “bonus” as we aimed for capital gain.
• Other corporations of many countries are not charging non-resident tax such as Westpac Banking Corporation (WBK) of Australia, Banco Santander, S.A. (SAN) of Spain, Vodafone Group Plc (VOD) of UK, and Canada’s corporations such as TC Energy Corporation (TRP.TO) in a registered account.
If you’re a pure dividend collector, you should only focus on Canada’s corporations in your registered investment accounts, because we don’t have to worry about non-resident taxes.
2. Sample of stock information
Click on the link above would lead to you to a small list of stocks traded in Canada or USA. Click on a simple on the left column such as TD.TO, you will see that it’s TD Bank of Canada. Check the box “Forward Dividend & Yield”, which is the dividend rate issued by TD Bank to its common shareholders. They issued a fixed amount for dividend per share, e.g. $3.16/share. Therefore, the dividend rate would be lower if share price goes up.
In Yahoo Finance, a stock symbol of a corporation with suffix “.TO” indicates a corporation listed its shares for exchange in Toronto Stock Exchange (TSE). If a symbol doesn’t have a suffix, it is traded in a US exchange such as NYSE, NASDAQ, etc. Click on the symbol, you will see the exchange in its description.
I will write
some notes about capital gain in next email, when I have time.
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Subject: [5] Capital gain/loss in stock investment
Before we talk about capital gain/loss in stock investment, we should discuss a few common questions and expectations from stock investors.
1. Expectation in investment returns
Many people said that investing in stocks is like betting in a casino. The answer is yes and no.
a. Yes, it’s a casino, if you are very greedy and
you want to make huge returns in short time periods without paying attention to
many factors around the companies or overall market’s environment.
In early years of 2000, many people speculated about huge potential of “dot.com” industry, i.e. any Internet company would make fantastic returns or earnings with Internet exposure. Many investors have poured cash in dot.com companies to push their shares sky rockets or create bubbles. Eventually, around 2001 or 2002, the bubbles burst. Share prices plunged deep, which resulted in capital loss to many investors.
The second example would be US real estate market before 2008. The housing price has kept going up steadily, thus many people have borrowed money to purchase a house. Unlike Canada, US house buyers were only afford to pay interest (not capital) of those high flying price houses, and hope that their house price would continue going up. House buyer would net profits with higher house prices. This created a bubble in US housing market. Unfortunately credits dried up, and housing market was collapsed. The house owners couldn’t borrow or fund their mortgages, thus many house owners had to list their houses for sales. House sales out number house buys à market collapsed. Many US banks and international banks, which had provided mortgage loans, suffered loan loss or lower their profit earnings. Their bank share prices also plunged as a result.
They called those above “hypes”, i.e. dot.com hypes and real estate hype.
Let’s take a look at the following companies by clicking on td.to,bac,tsla,qs | Stock Prices | Quote Comparison - Yahoo Finance. Click on the chart and “max” link on the chart to see share price’s performance in many years.
Those companies are Tesla, QuantumScape, Bank of America, and TD Bank. Which company do you like to purchase shares in early days?
Probably you all picked Tesla for its amazing performance, i.e. share price sky rocketed in short period of time.
You didn’t know that in early days, Tesla was relatively nothing. Elon Musk, its CEO, only promised wonderful electric cars with “significant grants” from governments to subsidy its car buyers. Tesla has successfully captured the “hype” and “interest” of people supporting green buying its stocks, which were used to finance its R&D [Research and Development] of Tesla cars. Eventually many Tesla car buyers started to praise their cars even though auto-pilot of Tesla was not really auto-pilot or self-driving car, but it is like driving-assistant feature. Many car accidents have been reported, but ignored by media and buyers.
QuantumScape was the same with promise to produce “fast charging solid state” battery for electric vehicles. Many investors have jumped in to push share price rocketed. Later on, they found out that QuantumScape’s battery was not as the company said. QS’s battery is lower in density and slow charge during winter time, etc. Many law suits have been filed in courts against QuantumScape. Its share price plunged.
How could you tell the difference between Tesla and QuantumScape from their early days in the stock market? Both of these companies have offered investors with “potential huge profits” or promises. You could have picked QuantumScape in your portfolio instead of Tesla. Only Tesla made it and grew quickly. Can Tesla continue to grow at previous rates in order to justify its lofty market capitalization or high Price to Earnings (P/E) ratio as of February 2, 2021?
b. No, if we are not greedy and follow a prudent approach
TD bank, TD.TO, is a better or secured choice for many of us, who did not have access to corporate information or insider information. Its chart showed a slowly, but steadily upward trend plus good dividends. It has 2 dips around 2009 (short housing market correction in Canada) and 2020 for COVID-19. By investing in TD Bank, we don’t have shinny stock performance as Tesla’s investors, but we couldn’t make a horrible mistake, disaster, or total loss in our portfolio. Housing market in Canada was briefly corrected in 2009, and then recovered quickly to new high after new high.
By looking at the “max” chart for Bank of America (BAC), it was peaked around 2007 or 2008. It then plunged around February 1, 2009 due to housing crisis in USA. Its share price has not been recovered to its peak as of today February 1, 2021, i.e. more than 10 years.
So, what you think about Canada housing market especially in Toronto? Is this market similar to US housing market before 2008? Should you buy Canada bank shares?
We should still beat the inflation rate and even mortgage rates around 3% by collecting 4%+ dividend from TD Bank.
c. If we don’t aim high, it’ll be harder to fail
If you are investing in the stock market with the goal of beating inflation rate or mortgage rate, you are unlikely to fail. Of course we also allocate a small portion of our stock portfolio in higher risk stocks in hope for 30%, 50%, or double of our investment, i.e. our overall portfolio would perform better even though it’s not double.
2. Capital gain/loss
We only pay tax on 50% of capital gain in a non-registered account. We also report capital loss in non-registered account. This rule, capital gain/loss, does not apply to tax-sheltered accounts such as TFSA, RRSP, RESP, LIRA, RRIF, and LRIF.
a. Capital gain
Let say, we bought 10,000 shares of Tesla (TSLA) at $1/share and sell at $90/share OR $10,000 of initial investment (10,000 shares * $1/share). We incurred a gross capital gain of 10,000 * ($90 – $1) = $890,000. Assume that we are in 50% marginal tax rate (MTR). We will pay tax for 50% of capital gain ($890,000 / 2 = $445,000 is taxable), i.e.
Capital gain tax = $445,000 * 0.5 = $222,500 going to Canada Revenue Agency. The
actual % of net capital gain for our investment would be
Net
capital gain % = [gross capital gain – capital gain tax] / initial investment *
100
= [($890,000
- $222,500) / $10,000] * 100
= +6,675% after tax or net gain.
Gross
capital gain % = [Capital gain / Initial investment] * 100
= $890,000 / $10,000
* 100
= +8,900% of gross capital gain
Imagine if the above gain was incurred by bond investment, we would pay CRA with a $445,000 check as discussed earlier. We saved $222,500 in our pocket because we paid tax on 50% of capital gain.
b. Capital loss
Capital loss incurred when we sold our shares at lower price than initially paid. It is only applicable to non-registered account.
Let say, we also bought 10,000 shares of QuantumScape (QS) at $120/share and sell at $50/share. We incurred a capital loss of 10,000 * ($50 – $120) = -$700,000. We have incurred a taxable capital loss of -$700,000 * 50% = -$350,000 taxable to be reported to CRA. The loss could be used to offset current capital gain or carry forward to offset capital gain in later years.
Assuming that we have bought TSLA and QS in the same year, then we could use QS loss to offset Tesla gain as $445,000 - $350,000 = $95,000 capital gain for the year.
Capital gain tax for MTR at 50% = $95,000 * 0.5 = $47,500 going to Canada Revenue Agency.
The actual %
of net capital gain for our investment portfolio would be
[($890,000 -
$700,000 - $47,500) / ($10,000 + 10,000 * $120)] * 100
= $142,500 /
$1,210,000 * 100
= +11.78% after tax
We can see a huge difference in net capital gain by picking a wrong growth stock in the above example for our stock portfolio.
Author: Vinh
Nguyen, B.Eng.
Email:
canvinh@gmail.com
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