How the banks persuaded Canadians to pay off their debts
Canadians responded to rising interest rates on line of credit and loan products by paying down loans. According to the latest stats, the ratio of household debt to net income fell to a two-year low of 168 percent in the first quarter of 2018. These payments appear to have slowed down, but further reduction of […]
Read MoreMaking sense of how the tax exemption on your residence works
If you are trying to claim a Principle Residence Exemption (PRE) on your taxes, you need to be sure that you are qualified to claim it because if the CRA notices you don’t qualify, the penalties are high. Often owning multiple properties does not allow you to use this credit, but there are ways to […]
Read MoreEverything you need to know about paying taxes by instalments, and why ignoring the CRA’s reminders is a bad idea
Not everyone is required to pay their taxes in quarterly installments, but if you do then the June 15th payment deadline is important. If you have to pay quarterly payments, there are several ways to calculate what you owe. This year, the CRA is notifying certain taxpayers through automated telephone messages, so if you hung […]
Read MoreThree portfolio presets for summer
Many investors choose to step away from their portfolios to enjoy their summers, but before you do there are some presets you can set up to protect your investments. First, you can create a stop-loss order, which will decrease any potential loses if your stocks go down in value. Second, you can set up accounts […]
Read MoreBe Smart About The Hidden Costs Of Sending Your Kid To University
Along with the many joys of parenthood comes the financial burden of paying for them, and often that includes paying for them all the way through to completing a university or college degree. There are Registered Educations Savings Plans (RESPs) to help Canadian parents. However, with the soaring costs of post-secondary education, they’re frequently not […]
Read MorePersonal Investor: 4 ways HELOCs can make life easier
Canada has a high number of people who have home equity lines of credit (HELOC). Frequently, these people only pay the interest on these loans each month, which has caused the average HELOC to grow to $70,000. For disciplined borrowers, a HELOC can be beneficial, for instance, to consolidate debt as well as set up […]
Read MoreWhat today’s savers can learn from today’s seniors about retirement planning
A new study of retirees, from 30 countries including Canada, provides valuable insight to those looking to retire in the future. When asked, 44 percent of retirees said they wished they had saved “a little” more and 14 percent wished they had saved a lot more. Nearly 1/4 of them are using pension income, which […]
Read MoreSmall businesses that embrace technology do better, says BDC
Although technology is used successfully by most large businesses, a recent poll of Canadian and American businesses has shown a high percentage of small businesses do not take advantage of available technologies for inventory to human resources to make them more successful. The biggest reason is that these businesses are worried about the start-up costs, […]
Read MoreWhat you need to know about inheriting or transferring a foreign pension
In Canada, if you receive an inheritance, whether from a Canadian or foreign estate, it is tax-free. However, there are exceptions. A recent case involved “inheriting an IRA” from his father in the United States. When the taxpayer did not report the IRA payment on his Canadian tax return, the Canada Revenue Agency reassessed him […]
Read More5 Tips For More Cost-Effective Giving This Year
Ultimately, giving is a way to support a cause that you’re passionate about and that you believe in. And so, it’s important to ensure that your donation makes the biggest impact towards the cause, as opposed to an organization’s overhead or other activities like fundraising. To safeguard your giving and make sure it goes to […]
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