Personal Savings getting you down? There are always smart ways to increase your savings.
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Saving up to buy your first home? Here’s why you should do it in a TFSA instead of an RRSP + MORE Dec 21st
Both allow your savings to compound tax-free, but for most younger first-time home buyers, the more flexible TFSA comes out on top..... More »
Ways to “unlock” retirement savings in a LIRA Dec 12th
Q. When I retired at age 63, the financial institution that managed my DPSP account paid the company-contributed portion (approximately $30,000) into a LIRA.
Given all the constraints related to drawing down a LIRA/LIF, I am now 65, living in BC, and have two questions:
Since I was already at re.... More »
Negotiate rent with your landlord to reap savings + MORE Apr 3rd
When working out a better rental rate, know your local market and keep emotion out of it, Lesley-Anne Scorgie advises..... More »
Know your TFSA contribution limit + MORE Dec 19th
For Canadian investors and savers, it’s always some of the best news to come each year: the annual increase in the contribution limit for Tax-Free Savings Accounts (TFSA). And for 2021 the TFSA contribution limit is $6,000.
The actual TFSA yearly limit was set at $5,000 back in 2009 when the i.... More »
“I inherited my husband’s TFSA. Does that affect my contribution room?” + MORE Jul 30th
Ask MoneySense
I have a question about TFSAs that I have not seen being answered anywhere. My problem is as follows: In 2009, both my husband and myself started to make the total allowable contributions to our individual TFSA accounts. When my husband passed away in 2020 the balance in his TFSA at t.... More »
4 Things You Should Do Now So You Can Save on Taxes in the New Year
– ratesupermarket.ca
With all the hustle and bustle that’s synonymous with this time of year, it’s important to also take a closer look at your personal finances before heading into 2019 – and we’re not talking about holiday budgets. Yes, most Canadians are busy with Christmas shopping and festivities, but soon enough, it will be time to file our taxes again. So make sure your money matters are in order and you’re not leaving any money on the table in 2018 with these tips…
Sell your losing investments
If you want to claim capital loss on your 2018 tax return, you have to sell any losing investments by December 31. Capital loss is loss that impedes on a capital asset. This asset could be an investment, like stocks or bonds or real estate. But you cannot claim capital loss until you sell that asset. If you are confident that selling your losing asset is the right choice, and it is held outside of a registered account, do this before the last day of 2018 so you can offset some of the income tax you pay…
