personal finance advice
Whether it's the thought of enjoying the sunsets on the deck or the soothing sound of water at your doorstep, owning a cottage is a dream for many Canadians. If you're contemplating buying a vacation property, it's critical that you weigh the costs against the rewards.
A growing number of wealthy people have decided to pledge their fortunes to charity rather than leaving large inheritances to their children or extended family. Giving to charity isn't just a smart strategy for community-building: it provides tax benefits too.
For the last ten years, John, Jill and the kids have been living in a rented townhouse. Their dream has always been to save enough for a good down payment towards a detached house close to transit. John thinks they're close to having 15 per cent down, but Jill still has some concerns and suggested that they sit down with a mortgage expert for some advice.
Wedding season is upon us. I am a supporter of marriage; after all, I am happily married. However, it's worth considering whether it's more financially beneficial to be married or live in a common-law arrangement.
A successful estate distribution is one in which the family receives as much (and the taxman as little) as possible and the family is still able get together for the holidays without too much drama. Take steps to make this outcome likely by initiating a family discussion today.
With only about one third of Canadians making an RRSP contribution according to the Sun Life Annual Check-up Survey, make this year the year that you start to reap the benefits of your RRSP. Top up your RRSP before March 3 and make an appointment with your advisor to plan how best to invest your tax refund (or tax savings). Your tan may suffer but your net worth will thank you.
The Canadian government first created the Registered Retirement Savings Plan (RRSP) in 1957, to promote savings for self-employed individuals and those without an employer-sponsored pension plan. It's now 2014, and that makes the RRSP 57 years old. The plan is obviously beneficial for many.
Tax shelters are few in Canada, so it's important to understand the ones that are available. The introduction of the Tax-Free Savings Account (TFSA) in 2009 was met with positive feedback, but it seems Canadians are not always sure about its value.
New Year's Eve. Champagne toasts and countdowns. Kisses at midnight and Auld Lang Syne. It's a time to look forward to the year ahead, and reflect on the one just past. Especially your taxes. Sorry to rip you out of the reverie, but taxes never sleep. And on December 31, Canada's tax laws set in stone a number of factors that influence your personal tax return.
We may be looking at something of a Dickensian, bah-humbug holiday season, according to a recent H&R Block survey of Canadian workers. The survey conducted by Leger showed only 44 per cent of Canadians are expecting an employer-hosted holiday party. But if, in fact, the season does put a scrap of gold or silver in your pocket, there's a chance it may come with tax implications, and many Canadians don't realize that.