T1213 Request to Reduce Tax Deductions at Source for Year(s) _____

Go download T1213, print, fill out, then mail this form to CRA.

also make sure you already gave your employer the correct TD1 , and if you are in Ontario TD1ON

why overpay your taxes, I'd rather pay what I owe when its due. 

you don't over your credit card, or gas bill. why would you over pay your tax bill?

Jan 4 2011 RRSP and TSFA contribution day

Now that the year is over, it is time to make a new contribution to the Dividend Lover RRSP and TSFA portfolios.

January 4th the first trading day of 2011 is a great day to make TSFA and RRSP contributions. It is a great day for contributions because you get the most the most tax advantaged growth time since it is the earliest day you can a contribution.

People who make their 2010 RRSP contributions on March 31 2011 have missed on 15 months of tax deferred earnings. since they could have done their 2010 RRSP contributions on Jan 4, 2010

I hold Canadian REIT's in my RRSP because enjoy the tax efficiency. i had already picked out  HR.UN as the new investment in both accounts since it is offering the best discount to NAV among the large cap REITS

I always preach, make your contributions asap to maximize the tax advantaged growth time, especially when it comes to your TSFA. If you do not have enough money to contribute to both early contribute to your TSFA first

The New Year Resolution Crowd

Today is the 3rd week of January, The peak time for failed new years resolutions.

Anyone who works out at a gym gets a front row seat to the new year resolution madness. by now we will notice the decline of these tubby new faces who started showing up at our gyms.

I believe that the reason why these new years  resolutions fail is because the group of people who make these resolutions generally fail at most things they attempt. quite the bold statement I know.

If there is something that needs to be done, like going to the gym, or quitting smoking or saving more money or whatever new years resolutions tend to be. It is something that needs to be done and if you are the successful type, you go off and make it happen.

However a new years resolution person is not willing to do it. The new years resolution is just another excuse to talk about doing things.  And right about now is when this group of people give up and we can have our gyms back.

November Dividend Income Report

Dividend Lover NR     Portfolio: $19323      $2,770 increase
Dividend Lover RRSP Portfolio: $$10,478   $122    increase
Dividend Lover TSFA Portfolio: $1932.84   $13.81 increase

The increase in the NR portfolio was due to investing new funds into KMP, RCI,

The increase in the TSFA portfolio was due to 1 month of DRIP

The increase in the RRSP portfolio was due to 1 month of DRIP and reinvesting the accumulated change into SRQ.UN to get the drip on it working again.

This brings us to 31.73% of the 100,000 yearly dividend target a 2.9% increase

How I got a 12.1% GIC from RBC

okay the title sounds like a scam, but it is effectively true.

RBC offers a multi-product discount. the GIC was the last product I was missing. and as I have made the evils of GIC's known in my previous post. buying a GIC from RBC allowed me to get the multi product discount and so my 1000$ was effectively earning a guaranteed 12.1% return.

The products you require from RBC in order to qualify for the multi-product discount are

1. chequing account
2. credit card
3. line of credit
4. mortgage
5. investment ( GIC ) self directed investments do not count

I have the VIP account with them which costs a whopping 30$ a month, I had to get this because it is the only account type that does not charge you when cheques you deposit bounce, (due to deadbeat tenants).

This account type also gives a free safety deposit box, free (annual free credit card) and 3 free chequing accounts and 1 US account

however with the multi product discount the fee is reduced from $30 to $22 a month. on top of that you get an unlimited number of free chequing accounts.

adding that GIC is going to earn $8 x 12 = $96 a year from the fees and $25 a year from interest = $121 a year or a %12.1 GIC

The multi product discount also applies to other account types, so even if you have a regular account it is likely worth trying to get it.

October Dividend Income Report

Dividend Lover NR     Portfolio: $16,553     $3,512 increase
Dividend Lover RRSP Portfolio: $10355.90 $58.9 increase
Dividend Lover TSFA Portfolio: $1919.03   $15.50 increase

The increase in the NR portfolio was due to investing new funds into Encana (ECA), bank of montreal (BMO) and Manulife Finanial (MFC)

The increase in the TSFA portfolio was due to 1 month of DRIP

The increase in the RRSP portfolio was due to 1 month of DRIP

This brings us to 28.83% of the 100,000 yearly dividend target a 3.59% increase

September Dividend Income Report

Dividend Lover NR     Portfolio: $13,041.00  $2 increase
Dividend Lover RRSP Portfolio: $10,297.00   $66 increase
Dividend Lover TSFA Portfolio: $1903.50 $15.50 increase

The increase in the 2$ increase in the main portfolio was due to 1 month of dividends used to deleverage by paying off some of the margin.


The increase in the TSFA portfolio was due to 1 month of DRIP

The increase in the RRSP portfolio was due to 1 month of DRIP

This brings us to 25.24% of the 100,000 yearly dividend target a 0.08% increase

I haven't invested any new money this month.