Random question for Blossom users, particularly those on high incomes... do you sell stocks to meet your tax obligations? Why/why not? If you do, which account do you sell stocks in? (Trying to work out whether TFSA, RRSP or unregistered is the way to go here).
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27 Comments
Mohit
@mohit · 13dEdited
I don’t think it’s the right way to go about paying taxes. If you are a Salaried high earner then tax is deducted at source. In that case taxable income should be reduced by utilizing RRSP. If you are incorporated then should ideally be keeping money aside to pay for taxes. High earners don’t sell shares to pay for taxes. If someone does then it can only be attributed to poor tax planning and financial prudence.
Michael Noël
@therev · 13d
Pre. You’ll get the room back Jan. 1.
RandomYaapping
@randomyaapping · 13d
If this is a one time thing then yeah sell your share to pay your taxes 🤔. Maybe TFSA depending on the capital gains. But if this is a yearly thing then I would plan ahead, since you don't wanna sell if the market is down. Start putting money aside in a high interest savings account 😄.
ETF Go
@etf.go · 13d
Since you’re‘high income’ - have you maxed out your RRSP contributions to help reduce your tax? 🤔
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