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There have been government committees, discussions with the private sector and even a national strategy to teach Canadians basic personal finance. But when Statistics Canada data showed late last year that Canada's household debt is now larger than its GDP, it became painfully apparent that we're failing.
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One of the short-term motivations to contribute to an RRSP is to lower your annual income tax. With a Fonds de solidarité FTQ RRSP, you get even more savings. What is not to like about that? For exam...
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After 37 years in the financial services industry I realize I shouldn't be surprised, and I'm not. I'm shocked. Shocked by the confusion created by the very people who are charged with the responsibil...
One in five Canadians have withdrawn money from an RRSP to make ends meet.
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According to recent media reports based on the Panama Papers, some see Canada as a tax haven. It may seem unlikely when you are reviewing how much tax you paid to the government in 2016 but evidently, our reputation and economy is a good venue for hiding wealth.
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No matter which one you pick, it's best to start early.
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Amendments to the Income Tax Act have been made that incentivize planned charitable giving. Prior to 2016, gifts to registered charitable organizations made by will received tax credits that could only be used in the year of the testator's death or carried back to the preceding year.
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Keeping up with the Joneses is nothing new. But thanks to social media, our friends' lifestyles can be hard to ignore. The need to show off, the desire to have what others have, and the ease at which we can obtain credit, all contributes to the pressure we feel to keep up. It's a pressure felt globally, regardless of income bracket. Have you ever noticed how many celebrities have declared bankruptcy?
By treating your refund like free money you aren't unlocking its value. Your refund is part of your paycheque, and at the end of the day if you're receiving one it's because you've overpaid your taxes.
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Home buying season is officially here and when it comes to your finances there are dos and don'ts that come along with the often-overwhelming responsibility of taking on a new or higher mortgage. Here is a list of the top dos and don'ts to keep in mind when you're shopping for a home.
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Now is a great time to re-visit your portfolio. Investing too conservatively could impact your ability to reach your long-term goals. In fact, you could actually be losing money once you factor in inflation, especially in today's low interest rate environment.
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With economic conditions remaining challenging in Canada, we have seen several corporations looking at different ways to manage their profitability. From Bombardier, to Canada's Finning International Inc., the world's largest dealer of Caterpillar Inc. equipment, to several Canadian banks, reports of job layoffs is daily news. In January 2016 alone, Canada suffered 5,700 job losses, pushing the national unemployment rate to a two-year high of 7.2 per cent.
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It's an opportunity for people to reduce their income and maybe enjoy a nice tax refund.
When most working Canadians hear "RRSP," they think of their retirement savings. Or maybe even a nice winter home on the shores of sunny Florida. However, a Registered Retirement Savings Plan (RRSP) is more than just a retirement savings plan. It also has an impact on your tax obligation and can save you hard earned dollars come tax time.