All you need to know about your future-space-money in tax season

We love bitcoin! We hate doing taxes! They’re confusing! And yet! We have to! Dumb! That’s it, that’s the lede. We’re getting right into it because the Mogo blog is a *~ zero-pretension-zone~*. Today’s sad tax lesson: crypto taxes. #UGH If you make money on selling, giving, or transferring crypto (this includes just buying and selling!), you’re gonna have to tell the CRA. Stick with us and we’ll unpack a few of the funny rules around cryptocurrency taxation. Is Cryptocurrency Taxable? Generally, yep! Crypto earnings are taxed, though they are handled differently than normal income. In short, any “gains” you make from owning (or “possessing,” as the CRA calls it) crypto are taxable, but not all gains are treated the same way in the course of taxation. Generally, gains are treated as business income, or as a capital gain (again, distinct from your normal income from your job or whatevs). A capital gain is income earned on the sale of an asset which has increased in value since you first purchased that asset. Bitcoin is itself an excellent example here: if you own BTC, the price goes up, and you sell, the money you

Setting your sights high early is key to retiring with comfort

What do you think of when you think of millionaires? For us, it’s a mixed bag: Maybe… actually… not that mixed. Lol. Millionaires have a bad rap and it’s easy to see why. Most movie supervillains? Millionaires. Whoops! We said it! Okay, now hear us out. Get out your phone and open your camera. Flip it to the front facing lens. Get over the initial shock of seeing yourself from this angle. It takes a sec. Now find a cute angle and take a cute lil selfie. That babe? In that cute lil selfie? Can and should be a millionaire. We like you way better than we like monocle and/or Monopoly guy. (Scrooge McDuck does hold a special place in our hearts but only because he learns to see the error of his ways.) We’re not jerking you around and we’re not selling some miracle cure. This is not a multi-level marketing scheme. No, this is real talk about your ~*number*~. The one you really could aim to retire with. Spoiler: for many of us, that number is over one million dollars. One Million Dollars Can Be An Entirely Feasible GoalBecause of the way our

How to Invest

Grow your dollars now b/c future you deserves it The stock market is one of those tricky things to wrap your brain around. If we asked you how to invest, could you answer? Not broadly, like, “when you invest you buy stocks and the value of those stocks impacts your wealth over time.” But like. How? What are the steps? What do I click on? We’ll tell ya. There are several points at which you must check your vibes while investing. The first: choosing your interface with the stock market. Uh oh! What the hell does that mean! Don’t stress. Decide: would you like to use an investment manager (a guy in an office with a desk phone that manages your investments for you and tries to beat the market) or a robo-advisor (an algorithm, often accessed by an app, that invests for you and has a pretty consistent success rate). Generally, actively managed funds come with more fees. You’re paying for Brad or Chad or whoever’s personal experience and expertise. Robo-advisors have the distinct edge of charging fewer account fees and generally accepting a lower minimum account balance, which makes them suitable for folks

Why You Should Care About Bitcoin

It’s not just for $GME groupies and those Deeply Online. Here’s why. How do you do, fellow kids? Today, we’re gonna break the fourth wall a bit here and try to level with you. Like that cringey 30 year old substitute teacher trying to relate to the youths in his Grade 12 humanities class. Only you’re not kids, and we’re not accredited to teach you. So. *spins chair around, does that weird wide-legged sit thing* (why did they do this) Let’s talk cryptocurrency. Don’t click away! Stay here. Dare you. Why are we writing this blog? Because we’re big believers in helping you understand why we do what we do. Over the last year or so, we’ve been receiving feedback from our favourite people in the world—our users—on how you perceive Mogo’s relationship with Bitcoin and cryptocurrency. You said two things that gave us pause: Mogo, you talk about wanting to help make me a millionaire, but then you pressure me to invest in bitcoin, an incredibly volatile asset known for potentially making people into… nothing-aires. And we realized, oh damn! We love bitcoin, but have not done

Top Tip For Saving: Pay Off Your Debt First

Paying down debt is no fun, but it’ll help you in the long runWe’ve written at length about our golden ratio for budgeting, the 50/30/20 Rule. A quick explainer: this budget allocates 50% of your net income to paying for your fixed costs, like housing and food; 30% goes to your “wants,” like Netflix or concert tickets (RIP); and 20% goes to your goals, including meeting savings goals and paying down debt. This ratio is sweet because it provides a consistent but still flexible framework to keep perspective on reaching your financial goals. Of these three categories—needs, wants, and goals—the first two are pretty self-explanatory. But how do you design financial goals that are more focussed than “I put money in account, money get bigger”? We’ll give you our two cents, but financial goals are incredibly personal; no two people will have precisely the same goal and the same means to achieve it. Your financial goals have to come from you and your own careful consideration. Pay Down Debt FirstWe’ll just be straight up here: pay down your friggin’ debt. To be more specific, and for the people in the back: pay