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Many tax practitioners, including me, have called for tax reform over the years, but it doesn’t seem to resonate with the average Canadian even though it should. Tax reform for many politicians generally means appeasing their voter base with new tax measures that are often shallow in substance and miss the mark from a good […]
A 1% tax cut isn’t tax reform nor is it needle-moving for most Canadians Read More »
Kate Ashford, CSA® writes for NerdWallet. Email: [email protected]. Twitter: @kateashford. The article Where to Park Cash if You’re Worried about the Stock Market originally appeared on NerdWallet. https://www.nerdwallet.com/article/finance/options-worried-about-stock-market #financialliteracy #financialfreedom #finance #financialindependence #personalfinance #money #financialeducation #investing #financialplanning #entrepreneur #debtfree #wealth #creditrepair #budgeting #investment #debtfreecommunity #credit #financialadvisor #creditscore #financetips #financialgoals #realestate #debtfreejourney #moneymanagement #creditrestoration #invest #wealthbuilding
Where to Park Cash if You’re Worried about the Stock Market Read More »
Residential real estate makes up a significant share of household wealth , accounting for 41 per cent of Canadians’ total assets at the end of 2024, according to Statistics Canada. Many homeowners hope their property will help fund their retirement and some are relying heavily on a downsize. Planning first and selling second can reduce
Hidden risks for Canadians planning to downsize their retirement Read More »
Q. I am 44 years old and have recently received a payout from a critical illness insurance policy . I now have a lump sum, tax-free, amount of $300,000 and have to figure out how to invest it. I earn $80,000 annually and my husband Richard earns $95,000. So far, I can still work and
How should Ramona invest a critical illness insurance payout of $300,000? Read More »
Bianca* is 65, enjoys her job and knows her employer would love her to stay as long as possible. However, she turns 66 at the end of this year and thinks this might be the right time to retire – if her investment portfolio can generate $6,000 a year in after-tax dollars. Is this a
Can Bianca afford to retire at 66 with a mortgage? Read More »
Tommy Tindall writes for NerdWallet. Email: [email protected]. The article Here’s How I Made $360 Selling Stuff on Facebook Marketplace originally appeared on NerdWallet. https://www.nerdwallet.com/article/finance/sell-on-facebook-marketplace #financialliteracy #financialfreedom #finance #financialindependence #personalfinance #money #financialeducation #investing #financialplanning #entrepreneur #debtfree #wealth #creditrepair #budgeting #investment #debtfreecommunity #credit #financialadvisor #creditscore #financetips #financialgoals #realestate #debtfreejourney #moneymanagement #creditrestoration #invest #wealthbuilding #creditrepairservices #moneytips #passiveincome #finances
Here’s How I Made $360 Selling Stuff on Facebook Marketplace Read More »
Canada’s population over the past nine years has grown 15.8 per cent and now tops 41.5 million, so you would expect the federal government’s expenditures to increase over that time period as well. Although population growth is not perfectly correlated to expenditure growth — political ideology and spending commitments, rising interest rates , inflation and
Growing federal government expenditures mean more taxes are coming for you Read More »
Q. My spouse is near the end of her life and she has approximately $60,000 she wants to transfer to her son to be used for her two grandchildren’s education . I suggested she could transfer the amount to her son’s registered retirement savings plan (RRSP) while living without triggering any tax implications . He
How to give money to grandchildren who have maxed out their RESPs Read More »
Spousal registered retirement savings plans (RRSPs) have been around for decades, and for many couples, these plans can play an important role in reducing tax upon retirement. But, they can be complicated, and it’s important to understand how they work and when they are most appropriately used in retirement. Let’s review the contribution rules, and
How spousal RRSPs can reduce taxes without getting you in trouble Read More »
The United States House of Representatives last week passed Donald Trump’s One Big Beautiful Bill Act , a voluminous and complex piece of proposed legislation that contains numerous tax amendments that could end up hurting Canadian pension plans and other investors. The act includes things such as making permanent certain personal tax rate reductions (which
The tax hit to Canadians from Trump’s ‘big beautiful’ bill could be tremendous Read More »
Q. My spouse is near the end of her life and she has approximately $60,000 she wants to transfer to her son to be used for her two grandchildren’s education . I suggested she could transfer the amount to her son’s registered retirement savings plan (RRSP) while living without triggering any tax implications . He
Ways to give money to grandchildren who have maxed out their RESPs Read More »
Lauren Schwahn writes for NerdWallet. Email: [email protected]. Twitter: @lauren_schwahn. The article How to Cut Spending Without Cutting Out Small Businesses originally appeared on NerdWallet. https://www.nerdwallet.com/article/finance/how-to-cut-spending-without-cutting-out-small-businesses #financialliteracy #financialfreedom #finance #financialindependence #personalfinance #money #financialeducation #investing #financialplanning #entrepreneur #debtfree #wealth #creditrepair #budgeting #investment #debtfreecommunity #credit #financialadvisor #creditscore #financetips #financialgoals #realestate #debtfreejourney #moneymanagement #creditrestoration #invest #wealthbuilding #creditrepairservices #moneytips #passiveincome
How to Cut Spending Without Cutting Out Small Businesses Read More »
With the 2024 tax season now over for most of us (those with self-employment income and their spouse or partner still have until June 16 to file), the preliminary tax filing stats have been released by the Canada Revenue Agency . Of the 29.9 million personal tax returns filed to date, 94 per cent of
Have you made a mistake or need to change your tax return? Here’s how Read More »
Patricia and Craig* both turn 65 in 2026. Until U.S. President Donald Trump’s trade war and all the uncertainty that has caused both in the markets and the economy they had both planned to retire next year. Now they aren’t so sure that’s a realistic goal. The Ontario-based couple bought their dream home in 2020
Couple approaching 65 with a mortgage worry tariff war will torpedo retirement Read More »
Canada’s federal finance minister has announced that a budget will not be presented during the upcoming session of Parliament, but there will be a fall economic statement (FES) presented later this year, which surprised many and it should. Isn’t one of the basic constitutional principles of our democracy that taxpayer money cannot be spent without
Canada needs a full federal budget now to show where taxpayers’ money is going Read More »
Lauren Schwahn writes for NerdWallet. Email: [email protected]. Twitter: @lauren_schwahn. The article What Moody’s U.S. Credit Rating Downgrade Means for Treasurys originally appeared on NerdWallet. https://www.nerdwallet.com/article/finance/moodys-downgrades-us-credit-rating #financialliteracy #financialfreedom #finance #financialindependence #personalfinance #money #financialeducation #investing #financialplanning #entrepreneur #debtfree #wealth #creditrepair #budgeting #investment #debtfreecommunity #credit #financialadvisor #creditscore #financetips #financialgoals #realestate #debtfreejourney #moneymanagement #creditrestoration #invest #wealthbuilding #creditrepairservices #moneytips #passiveincome
What Moody’s U.S. Credit Rating Downgrade Means for Treasurys Read More »
This week, Prime Minister Mark Carney confirmed that François-Philippe Champagne will remain as finance minister. While many had expected that one of his first orders of business would be tabling a federal budget , on Wednesday Champagne suggested that he would not be presenting a spring budget when the House of Commons resumes sitting at
Will Liberals fulfil an election promise to give relief on RRIF withdrawal amount? Read More »
Many Canadians have recently realized it’s time for a change, leading to a reassessment of their values in pursuit of more fulfilling lives. Whether this trend is a byproduct of the world slowing down during the COVID-19 pandemic or a shift away from traditional North American work culture, which emphasizes the belief that one must
Can you invest your time and money in a mid-career gap and still be financially secure? Read More »
In an increasingly complex world, the Financial Post should be the first place you look for answers. Our FP Answers initiative puts readers in the driver’s seat: you submit questions and our reporters find answers not just for you, but for all our readers. Today, we answer a question from Gloria about how to protect
How can I ensure a neighbour with a $10 million estate is not taken advantage of? Read More »
Nary a week goes by without me hearing from a reader or client asking for guidance with an inadvertent overcontribution to a registered retirement savings plan (RRSP) or tax-free savings account (TFSA) . This week, for example, an individual shared with me that they were hit with $1,200 in penalty tax for overcontributing by $23,000
Taxpayer wasn’t fast enough to avoid penalty for TFSA overcontribution Read More »