Comments on: How the pandemic has changed my investments

By: Meagan

Meagan — Fri, 08 Jan 2021 11:09:15 +0000

In reply to Brian. Hi Brian, I don't think it would be a runner as the tax-efficient options require you to be a resident in Canada ie: tax-free savings (TFSA) accounts for post-tax savings and registered retirement savings plans (RRSP) for pre-tax employment savings. If you lived there and had an RRSP, you can still keep that vehicle upon return to Ireland to grow money tax-free until withdrawal but the TFSA stops adding contribution room when you leave the country and is no longer tax-free under the Irish double taxation agreement, so you'd lose out on all benefits and lose to currency exchange risk and fees etc. While I think it's important to optimise taxes where possible, I've somewhat stopped looking for loopholes and accepted that it's probably much of a muchness and less headache for maintenance in the long run to just have everything here in Ireland.

By: Brian

Brian — Thu, 07 Jan 2021 12:01:07 +0000

Great post!
You mentioned “re-invest into ETFs there as it is far more tax efficient.” – Is it possible for an Irish person to open a brokerage account in Canada purchase ETF’ s to avail of the lower tax?
I have a US brokerage account but they stopped offering ETF’s to Irish people about 2 years ago. I was wondering can I open a Canadian account and buy ETF’s?

By: Meagan

Meagan — Fri, 11 Sep 2020 17:33:34 +0000

In reply to Alex. Yup, we didn't make much of a capital gain and will have already paid 25% in Canada so the additional 8% on the small gain we made isn't going to break the bank.

By: Alex

Alex — Thu, 10 Sep 2020 20:09:35 +0000

Hi Megan, in the scenario where you sell your canadian property and use the money to reduce your mortgage in Ireland, have you considered the 33% remittance tax you would need to pay on the proceeds of the sale?

By: Meagan

Meagan — Mon, 25 May 2020 19:17:26 +0000

In reply to Gal on Fire. Thanks so much :) Glad the content is of use. And thanks for the well wishes.

By: Gal on Fire

Gal on Fire — Sun, 24 May 2020 01:27:06 +0000

Hi there!! I’ve just come across your blog and want to sincerely thank you for sharing such comprehensive, honest and hugely valuable Content and insights. I’ve recently discovered the concept of financial independence and was finding it super difficult to find any Irish specific content. Will 100% be an ongoing avid reader of your blog. Wishing you all the luck in the world on your financial journey. 🙂

By: Meagan

Meagan — Fri, 08 May 2020 19:09:22 +0000

In reply to Aidan. Problem solved, our kid would instantly be financially independent, orphaned, but Fi at 1 lol

By: Aidan

Aidan — Thu, 07 May 2020 21:06:02 +0000

You forgot the third scenario: Both of you die from COVID.

By: David

David — Fri, 01 May 2020 23:34:36 +0000

Good post. Investing is about managing emotions. It is difficult to plan and invest when the future is in certain and the economy is so damaged. Global trading is about to re-balance, etc States will print and accumulate huge debts, saving will likely devaluate, etc. But, as you say, if we look back at the history there are good examples to look at and learn from.