If you die owning U.S. property or stock, beware of U.S. estate tax
Canadians, who are considering purchasing a vacation property in the U.S., often ask what is the best way to structure ownership of it. The main reason for their concern is to avoid being caught by U.S. estate tax if they die owning the property. In Canada, we don’t have an estate tax upon death, but […]
Read MoreStart early and do your research when renewing your mortgage
If you’re renewing your mortgage this year, then it’s important to start working on it sooner than later. With the recent interest rate increases, if you’re renewing for the same amoritization period but at a higher rate, then your mortgage payment will increase. Many Canadians will stay with the same lender, but shopping around for […]
Read MoreWhat Canadians need to know about getting paid internationally
A recent study showed that millennial freelancers in Canada earn 27 percent of their income from international sources. Those getting paid internationally need to consider some obstacles to working with international companies. For instance, exchange rates aren’t always factored into payments and mark ups. Working for foreign companies can also be challenging because some companies […]
Read MoreHow Much Money In An Emergency Fund Is Enough For Canadians?
An emergency fund is important for you and your family when unexpected expenses happen. Unfortunately, according to a 2016 study, about half of Canadians live without one. While not particularly glamorous, everyone should have one to help out when life events from grave situation to inconveniences occur. A general rule of thumb is that an […]
Read MoreUnpaid invoices are causing costly problems for businesses
When people don’t pay their credit card bills or mortgage payments, it can lead to long term negative consequences. This does not however, translate into the business world. Start up companies are forced to close when invoices go unpaid, finding it costly to pursue the debts. Businesses in Canada are given unique identification numbers which […]
Read MoreWhat to do about your debt and mortgage after the interest rate hike
Banks and consumers in Canada are having to adjust to the increase in the benchmark lending rates. While the increase does also boost the rate paid out to savings accounts, many Canadians are still carrying high levels of debt. Before you do anything as a result of these changes, it’s important to look at what […]
Read MoreCanadians Now Paying Lower Income Taxes Than Americans, OECD Data Shows
New data from OECD shows that in 2017 the net tax rate on a family with two kids in Canada is 12 times cheaper than a family in the United States. The net tax rate is the personal tax rate plus social security contributes minus family benefits as a percentage of gross income. In Canada, […]
Read MoreRenewing your mortgage? Doing your homework could save you thousands of dollars
Of the 47 percent of Canadians renewing their mortgages this year, those who take the easy option of renewing with their current lender, could cost them thousands of dollars over the next few years due to higher interest rates. It’s recommended that you do your homework. Recent interest rate increases mean that your mortgage payments […]
Read MoreGetting shipwrecked on T1135 island an unpleasant fate for taxpayers
If you own foreign property whose total costs exceeds over $100,000 at any point in the year, then the T1135 Foreign Income Verification Statement is a form you don’t want to file late. When it comes to getting late-filing penalties, the CRA is persistent, and you risk a $25/day fine, up to a maximum $2,500 […]
Read MorePay debt or invest? How to use your tax refund
Fewer people are spending their tax refund on luxury items, and instead are focusing on smarter ways to use it like investing and paying off debt. This raises the question, which is the better option saving or reducing debt? If you have credit cards that have high-interest balances, the answer is simple: pay these first. […]
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