Cryptocurrencies use blockchains (a shared online database or ledger) with complex cryptography to process and secure transactions. When you withdraw money from the RRSP, however, the proceeds are taxed as income.Ī cryptocurrency is a digital or virtual currency that can be used as an alternative form of payment.

Your contributions are tax-deductible, and no taxes are payable on your money or on its growth while it's inside the RRSP. There are yearly limits, based on your income, to how much you can contribute to an RRSP. Within an RRSP account, you can invest in a variety of assets - stocks, bonds, mutual funds, and more.

Additionally, when you withdraw money from the account, you pay no tax on the proceeds.įor complete information on the terms and conditions of TFSAs, please contact your MD Advisor*Īn RRSP is an investment account that is registered with the federal government and primarily used to save for retirement. Instead, over the lifetime of the TFSA, the money in the account grows tax free. You don't receive a tax deduction for the money you contribute to a TFSA. There are yearly limits to how much you can contribute to a TFSA. Within a TFSA, you can invest in a variety of assets - stocks, bond, mutual funds, and more. For a detailed list of the MD Group of Companies visit md.ca and visit for more information on Scotia Wealth Insurance Services Inc.Ī TFSA is an investment account that is registered with the federal government. MD Financial Management provides financial products and services, the MD Family of Funds and investment counselling services through the MD Group of Companies and Scotia Wealth Insurance Services Inc. * MD Advisor refers to an MD Management Limited Financial Consultant or Investment Advisor (in Quebec). Generally, NFTs are unique data units with identification information and metadata stored on a blockchain network for security and verification purposes. They introduce ownership of the file which cannot be copied. NFTs are a way to make digital assets non-fungible. Non-fungible means an item is unique and can’t be replaced. Digital assets such as images, gifs, or music files are inherently fungible - making an exact copy is easy. 'Fungible' means 'replaceable by another identical item, interchangeable'.

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