It's tax time and the deadline is just days away. Your month of tax procrastination may be stressing you out, but don't worry. The following tips will get you through the final days. By filing late or failing to file, you will incur a range of financial penalties. Why just throw your money away?
There are many ways to turn everyday features of your home into income generating assets (appreciating assets) and often they are things that you will need to buy anyway. It is all about being smart about how you structure your home and how you shop for it. Here are some things you can invest in for your home that will make it a money maker for life.
I want every millennial to grow up to be a millionaire! The scary thing is that a million dollars won't be that much money in 40 years. The idea of a millionaire, sitting in his wood paneled living room and smoking on his pipe with hounds at his feet is long over. Millionaires will be "thousandaires" by today's standards as everything gets more and more expensive.
What I have come to learn since, is for those five years when I took my RRSP vacation, I missed a real opportunity to have my savings working overtime for me. So while I am still more than 20 years away from retirement, I am now forced to take a more aggressive approach to savings for the future.
By doubling the maximum contribution for a Tax-Free Savings Account (TFSA), which would therefore jump to $11,000 a year according to rumours surrounding next Tuesday's budget, the federal government is doing more than just encourage saving; it's taking a step toward the de facto elimination of the capital gains tax on financial investments for the great majority of Canadians.
Spring is a time for renewal and for making a fresh start. It's also time to spring ahead with some new, healthy and wonderful habits to kick start our personal finances to get them moving in the right direction. Here are five easy ways to embrace frugality in your everyday routine and habits.
You have a social insurance number, a job, and even a T4, but you have never filed your taxes. Everyone has been in the exact same position -- you have to start somewhere. Sure, it can be intimidating, but it doesn't need to be. Why? Because it has never been easier to file. Need a little guidance? Here are three tips to make your first time filing a breeze.
I'm here to make the case for doing your taxes, whatever you earn. Every year, many Canadians living on low incomes choose not to file, stating little return -- no pun intended -- on the effort. Are you one of them? You may not realize that whatever bracket you fall in, filing has benefits tailored specifically to your situation. Below, you will find three reasons why filing is essential for those with low incomes.
The reality is that what we do with our money every day, matters, and could have long-term implications for our financial security. Every day, we are making trade-offs with our money. Living with intent and purpose creates meaning in our lives, and this creates joy. We need to connect the idea of living a joyful existence with our money.
Now that spring is nearly upon us, your children's thoughts have likely turned to the end of the school year, summer jobs, or perhaps their post-secondary futures. While you're likely preparing to file your tax return, they probably aren't thinking about finances or taxes. That's where you come in.
In 2015, personal finance is still a taboo topic. We might live in a liberal country, but Canadians are not very open-minded when it comes to talking about our pocketbook. In fact, many of us downright lie. I think one thing is clear: The more openly we discuss our finances, the more opportunity we have to gain financial literacy and take control of our financial outlook.
Another option for affluent families like Hugo and Milena is to consider setting up a family trust. It works best when families have a significant amount to settle into the trust or loan the trust. This may be considered for amounts over $1 million due to the costs to set up the trust and its ongoing administration.
The second-most underestimated risk around the world is as plain as day: the aging population. While the challenges of an aging population are complex, they are also very common sense.
Many Canadians are well aware that a disability could occur at any time. Ninety-six per cent of us believe it, according to a recent RBC survey. The same survey showed that more than three-quarters of us also believe that missing three months of work, due to disability, would put us in serious financial jeopardy. Here are some steps you can take to prepare yourself for a possible disability.
The reality is most of us have no idea where our money goes, and because of this it feels like there is never enough. But the irony is taking control of our personal finances and allocating only one hour a week to it, has the power to make us feel more in control and confident about our personal financial situation and future.
If you remove money from that account, you're stripping tax-free compounding of some of its power. For example, you have $13,980 in your RRSP. Instead of letting it sit, you remove $5,000 for a trip to Vegas and some credit card debt, leaving a balance of $8,980. After 20 years you will have $16,220. That is (very basically) a difference of $9,000.