Wealth Awesome May Newsletter

Wealth Awesome Newsletter

AuthorAuthor

Qayyum Rajan & Chris Liew
May 28, 2024

Welcome to the May edition of the Wealth Awesome newsletter. Thank you to the 15,000+ 🇨🇦 subscribers who join us today!

We all just finished submitting our taxes, so you may be wondering - how do I pay less tax next year ? Well, this has been the most popular article on the site this month …

30 Useful Tips on How to Pay Less Tax in Canada (2024)

Hate paying taxes? Here are some pro tips on how to pay less tax in Canada. Learn some cool tax tricks that you might not have known before here.

wealthawesome.com/how-to-pay-less-tax-in-canada

Market Update

Summary: Canada's Inflation Cooldown - the Case for Rate Cuts Grows Stronger ❄️ 

Canada's Consumer Price Index (CPI) growth decelerated to 2.7% year-over-year in April from 2.9% in March, marking the fourth consecutive month below the Bank of Canada’s target range of 1% to 3%.

Energy prices saw a notable rise, driven by a 6.1% increase in gasoline prices, while food inflation slowed significantly. The Bank of Canada's core inflation measures also indicated a further slowdown.

Shelter costs remained high, with a 24.5% year-over-year increase in mortgage interest costs. Despite these mixed signals, the overall trend suggests diminishing inflationary pressures, reinforcing the argument for potential interest rate cuts by the Bank of Canada in the near future.

Key Takeaways đź’ˇ

Energy and Shelter Costs: Energy prices rose due to higher gasoline prices, while shelter costs, particularly mortgage interest, remained significantly elevated.

Core Inflation Trends: The Bank of Canada's core inflation measures continued to slow, supporting the case for potential interest rate cuts.

Stocks and ETFs we are looking at

On the ETF front, we continue to always look at long term sustainable investing - nothing is truly better than having some passive income as you grow your portfolio:

7 Best Dividend ETFs in Canada For Consistent Income in May 2024

Want easy passive income? Look at buying dividend ETFs. Here are the best dividend ETFs in Canada that you can set and forget.

wealthawesome.com/best-dividend-etf-canada

In other news Nvidia (NASDAQ: NVDA) recently announced a 10:1 stock split, effective June 10, 2024. This means for every share you own, you'll receive nine additional shares, making the stock more affordable for everyday investors. If the share price is $1,000 before the split, it will be $100 after, but the total value of your investment remains the same. This move comes after Nvidia’s stock skyrocketed over 450% since its last split in 2021, driven by high demand for its AI computing chips. The split aims to make Nvidia's shares more accessible and increase market activity, reflecting the company's strong health and growth potential.

The real question is - has Nvidia peaked, or is it just getting started ? At least it will become more palatable to purchase!

If you want an extra bonus, open a Wealthsimple account to do this, and you will get an extra $25👇️ 

Wealthsimple | Get $25 bonus

Wealthsimple is the smart way to invest, trade, save, spend and file your taxes. Do more with your money with our smart financial tools and expert advice.

wealthawesome.com/recommends/wealthsimple-trade

RETIRE | How To Retire By 40 in Canada: Is it Possible?

Thinking of quitting your job and want to learn how to retire by 40 in canada? The dream of not having to work 40 or more hours a week is appealing. It’s not an easy task though Thankfully, there are numerous modern-day examples of how to have enough money to accomplish early retirement.

wealthawesome.com/how-to-retire-by-40-in-canada

MONEY | 30 Useful Tips on How to Pay Less Tax in Canada (2024)

Hate paying taxes? Here are some pro tips on how to pay less tax in Canada. Learn some cool tax tricks that you might not have known before here.

wealthawesome.com/how-to-pay-less-tax-in-canada

MONEY | 50 Richest Canadians: A Look at Canada's Wealthiest People (2024)

This list of the top 50 richest Canadians includes everything from inherited wealth, divorce settlements, and smart investments. 

wealthawesome.com/richest-canadians

See you next month!

The Wealth Awesome Team

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