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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One in five Canadians have withdrawn money from an RRSP to make ends meet.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.
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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.
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Consider a rainy-day savings fund instead.
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"Diversifying geographically can strengthen your portfolio for the long-term."
The first major financial deadline of 2016 is February 29. This is the last day you can make a contribution to your Registered Retirement Savings Plan (RRSP) and claim the contribution on your 2015 tax return. You still have the first 60 days to make contributions but with the leap year, the deadline is midnight at the end of the month.
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Investors especially losing faith in housing.
There are 719,000 seniors living in poverty in Canada, study says.
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Experts say it depends on your personal financial circumstances.
It's February, folks, and you know what that means. Taxes... Yeah, yeah, Groundhog Day, Valentine's Day, 2016 leap year and all that. But it's also the time of year when people wake up to the fact that, oh crap, tax deadlines are looming, and that they better get their act together to reduce their tax bill -- not to mention their stress level.
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OTTAWA — As Canadians review their year-end investment statements and prepare to meet with their financial advisers ahead of the RRSP deadline, stock markets are taking a rocky ride. Amid the market t...
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This year's RRSP deadline is Feb. 29.
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Today, it takes more brains and effort to make out the income-tax form than it does to make the income. - Alfred E. Neuman 1) Prioritize Three Contributions RRSP Offers best tax sheltering option for...
With the deadline looming, you may wonder how much you can contribute to your RRSP. The simple answer is 18 per cent of your income, each year, but of course there are some additional details to understand.
The biggest bank in Canada says it accidentally mailed hundreds of incorrect RRSP receipts to the wrong customers, exposing the names, addresses and social insurance numbers of those clients in the pr...
But those who are contributing, are contributing a little bit more.
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Some advice for those contemplating retirement.
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We all know that we should put money away for our retirement. The message has hit home and fortunately many of us are putting away at least 10 per cent -- if not more -- of our net income for our senior years. While this is undoubtedly a good thing, there still exists some confusion about these savings vehicles.
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Canadians risk a debt crunch "beyond historical experience" when interest rates rise.
Half don't know you can use an RRSP for a first-home down payment.
It seems obvious: save as much money as early as you can. You'll benefit from compound interest and you'll build a savings habit that will serve you well when your pay goes up. But just because it's o...