The CRA’s new field guide on battling identity theft can help you protect yourself
Identify theft isn’t as simple as stolen credit cards anymore. In the Information Age, having your identity stolen can lead to false bank accounts, brand new lines of credit being opened in your name, or even fraudulent tax refunds being created and submitted that leave you on the hook with the Canada Revenue Agency. Fortunately, […]
Read MoreCanada: Amending Your Tax Return – Careful, Now
Sometimes in the rush to file an annual tax return mistakes or accidental omissions occur. On the other hand, businesses or individuals may receive a Notice of Reassessment, which requires additional work before your previous year’s tax return is finished. Depending on which of these two groups you’re in, there are different ways to proceed. […]
Read MorePersonal Investor: Why owning a home is a great retirement investment – BNNBloomberg.ca
Recently, Canada Mortgage and Housing Corporation President and CEO told Canadians they should stop using homeownership as a vehicle for savings, warning about the risks of return on their investment. However, for most Canadians, home ownership should still be a part of their retirement savings. One reason is that property values generally appreciate over time […]
Read MorePersonal Investor: Why fixed income has become less safe – BNNBloomberg.ca
Savers may want to rethink how they view the fixed income portion of their portfolios after the Bank of Canada issues a warning. Some corporate debt may carry an additional risk as a result of the business carrying higher debt levels. The Bank of Canada mentioned companies in the commodities sector who are borrowing heavily […]
Read MoreHow your tax bracket decides whether a TFSA or RRSP contribution is best
A person’s tax bracket before and after retirement can help you decide whether you would benefit more from putting your money into an RRSP or TFSA account. By using this as a basis for your financial planning, it will become more obvious how to limit the taxes you pay. For instance, RRSP accounts are better […]
Read MoreBank of Canada lowers qualifying rate used in mortgage stress tests – BNNBloomberg.ca
For the first time in three years, the Bank of Canada has lowered the qualifying rate. This is the rate used in the mortgage stress test to determine if someone qualifies for an insured and also for uninsured mortgages. The move is meant to act as a stimulus for the housing market, since it increases […]
Read MorePersonal Investor: TFSAs not just for the wealthy – BNNBloomberg.ca
Recently, wealthier Canadians have been the majority investors in TFSAs, trying to avoid tax pay outs at retirement. This is not why these investment plans were created. Canadians who are not wealthy often view TFSAs as short-term accounts but should really be utilized for retirement savings. A new report by the Institute for Research on […]
Read MoreHow to make the right pension decision when longevity is so variable
With the average life expectancy ranging from the mid to late eighties, yet, in reality, could be much more or less, Canadians planning to retire have to make decisions about where their retirement income will come from. You need to figure out where you stand to lose money on your household balance sheet should you […]
Read MoreImagine Canada as a tax haven for Americans
With the current American political environment, wealthy Americans may be fearful of a democratic party takeover that would likely result in higher taxes. The only way to dodge a higher tax rate is to leave the country. With few nearby options available, one of the only viable options may be moving to Canada. While the […]
Read MoreCanada’s actuaries urge governments to raise retirement age
As the average age of retiring workers is increasing, there is a call for the payout from retirement income programs to come at a later age than 65. If Canadians work longer, they can save up for a larger retirement income. Actuaries are suggesting that the retirement age be raised to 67 for pension plan […]
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