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Travel deals to take advantage of now, and save for later—when it’s safe Oct 24th
As social bubbles, provinces and countries slowly open up again, many people are looking to salvage their travel plans for this summer while others think about 2021. Admittedly, there’s still a lot of uncertainty in the world, but that isn’t preventing some providers from tempting lockdown-weary.... More »
Your American spouse may not want to inherit your TFSA + MORE Jun 3rd
Most Canadians assume leaving a tax-free savings account (TFSA) to a spouse is one of the simplest estate-planning decisions they can make. But when that spouse is a U.S. citizen, green card holder, or otherwise subject to U.S. tax filing requirements, inheriting a TFSA can create years of IRS repor.... More »
Stock news for investors: Air Canada profit drops more than 50% in Q2 amid “challenging environment” + MORE Aug 6th
Here’s a round-up of news for Canadian investors this week.
Air Canada
George Weston
Lightspeed
Bombardier
Gildan Activewear
TFI
Algoma Steel
Featured RRSP Accounts
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EQ Bank
.... More »
’Tis the season for tax-loss selling in Canada + MORE Dec 11th
With 2023’s year-end fast approaching, late December is a critical period for Canadian investors and their money managers. Now that we’re in the fourth quarter, this is the time to take inventory of your investments—and specifically taxable non-registered investment accounts—with an eye to m.... More »
The best high-interest savings accounts in Canada for 2025 + MORE Aug 13th
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Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
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Scotiabank CEO worried about housing market corrections
– moneysense.ca
TORONTO — The CEO of Scotiabank (TSX:BNS) says he’s concerned about the possibility of a housing market correction in Toronto and Vancouver.
Brian Porter, who was asked about his outlook for the Canadian mortgage market during a conference call to discuss the bank’s first-quarter results, said he’s supportive of recent government changes introduced to reel in house price growth.
“Trees don’t grow to the sky and markets will correct at some stage here,” Porter told analysts Tuesday after the bank reported net income of $1.49 billion during the first quarter of the year.
Brian Porter, who was asked about his outlook for the Canadian mortgage market during a conference call to discuss the bank’s first-quarter results, said he’s supportive of recent government changes introduced to reel in house price growth.
“Trees don’t grow to the sky and markets will correct at some stage here,” Porter told analysts Tuesday after the bank reported net income of $1.49 billion during the first quarter of the year.
Why Vancouver’s real estate prices are so crazy »
Ottawa introduced a series of changes to mortgage rules last October, including one that requires all insured mortgages undergo a stress test to make sure that borrowers would still be able to repay their loans if interest rates rise or their circumstances change.
Previously, stress tests were not necessary for fixed-rate mortgages longer than five years…
States Take the Lead in School Reform
– online.wsj.com
Almost all now allow charters, and the next step is education savings accounts.Can I set up RESPs for my kids without telling my ex?
– moneysense.ca
Q: I am divorced and my wife has custody of our kids. I want to set up an RESP for them but I don’t want my ex-wife to know about it. I’m worried she’ll find out if I use their actual address when I open it. Can I use my mine instead? —Kris
A: I don’t like secrets in principle. But, when it comes to RESPs, the Canada Revenue Agency doesn’t allow them in practice.
CRA spokesperson Lise Newton explains that, “if a beneficiary is under 19 years of age, the Income Tax Act does require an RESP promoter to notify, in writing, the parent/guardian with whom the beneficiary normally resides of the existence of the plan.” So while you can use your address, your ex-wife is going to be notified about it anyway.
Remember too that RESP contributions are “per child” so, to avoid penalties, you’ll need to be aware of any other plans that might exist for your children, set up by your ex-wife, her parents or her friends.
I’m sure you have your reasons for wanting to keep this information from your ex-wife—perhaps both financial and emotional…
Advice for RRSP procrastinators
– moneysense.ca
The race is on.If you’re scrambling to see how much money you can gather as the clock ticks down to another RRSP deadline, congratulations. You’re probably doing more for your retirement than most Canadians.
According to Statistics Canada, only 22.9% of all tax filers in Canada contributed to their RRSP in 2015. That’s the lowest on record. In 2000, which is as far as the data goes back, that figure was closer to 30%. But the number of people contributing to their RRSPs isn’t the only troubling trend.
What’s your RRSP contribution limit? »
More than 90% of Canadians have unused RRSP room. Put another way, it means fewer than one in 10 is getting the full tax benefit from the retirement savings. The data suggests most Canadians are just making token contributions to their retirement savings.
The average RRSP contribution is just $6,500, but the median contribution is more telling. Half of Canadians invest $3,000 or less into their RRSP each year. If you take inflation into account the median contribution has fallen 16% over the past 15 years…
