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Latest News
BMO Ascend World Elite Mastercard review 2022 May 11th
If you’re itching to travel again, BMO has a card designed to help you get there. With an attractive insurance package and perks like airport lounge access, the BMO Ascend World Elite Mastercard seeks to tempt users into the BMO Rewards program. But here’s the big question: Is the card good enou.... More »
The Benefits of Donating a Life Insurance Policy to Charity + MORE May 7th
Life insurance policies cannot only be left to an individual beneficiary, but can be donated to charity. Along with the satisfaction of knowing that you are leaving money to a worthy cause, donating your policy will also have certain tax benefits.
Donating your life insurance policy can be accompli.... More »
Financial planning in your 70s + MORE Oct 7th
When most people think about financial planning, they think about saving and investing for retirement. That is certainly a part of it, but financial planning is much more holistic.
Here are a few financial planning strategies for those approaching or into their 70s. If you are not there yet, bookmar.... More »
TFSA contribution room calculator Jan 11th
Find out your current tax-free savings account (TFSA) contribution limit by using this calculator.
TFSA is a bit of a misnomer. While you can use it for straightforward savings, think of it more accurately as an investment holding account to store things like exchange-traded funds .... More »
What does a fee-only financial planner do, exactly? Sep 16th
Q. How do you make money, Jason, if you don’t sell any products?
–Rob
A. Your question is a good one that I get a lot, Rob—even from people in the industry. So let me explain.
Something that I like to reinforce frequently is that I do not sell any financial products. I feel this is an import.... More »
OPC Report: Equifax Failed to Protect Consumers and Information
– ratesupermarket.ca
Equifax Canada and U.S.-based parent Equifax Inc. failed to “implement appropriate security safeguards given the volume and sensitivity of the personal information held by Equifax Inc.,” according to the Office of the Privacy Commissioner of Canada (OPC).
In May 2017, Equifax suffered a security breach affecting an estimated 19,000 Canadians, who had their social insurance numbers and other identifying information stolen. This attack was not publicly disclosed until September 2017, nor were Canadian consumers immediately notified of the breach, despite their data being stored on servers in the U.S. In addition, remedies offered by Equifax to U.S. users of Equifax, such as a credit freeze, were not offered to Canadians.
In the investigation report published today, the OPC found that Equifax’s safeguards failed to include “basic information security practices,” and were “indicative of long-term systemic issues.” Crucially, Equifax Canada relied on the policies and practices of parent company Equifax Inc…
3 rules for maximizing charitable donations in your will
– moneysense.ca
Q. We are preparing our wills and have been advised that charitable donations are credited at 100% in the year of death, and can be used to reduce or eliminate the amount of tax owed for that year. How do we word this in our will so our executor understands our wishes, especially when they may not know the amount of tax the estate will owe? Any advice you can provide would be greatly appreciated.
— Mary
A. The tax rules for charitable deductions change frequently, so there is no guarantee any will instructions prepared in 2019 will be tax-appropriate in the future when your will is read.
You have many charitable options available to you when making your will, and it’s best to consult a lawyer to ensure you’re properly informed before making any decisions. (Your favourite charity may be able to recommend lawyers who can help you.) For example, Mary, to help you achieve your goal of maximizing tax deductions on your charitable donations, you could donate specific real estate, insurance policies or financial instruments as gifts…
— Mary
A. The tax rules for charitable deductions change frequently, so there is no guarantee any will instructions prepared in 2019 will be tax-appropriate in the future when your will is read.
You have many charitable options available to you when making your will, and it’s best to consult a lawyer to ensure you’re properly informed before making any decisions. (Your favourite charity may be able to recommend lawyers who can help you.) For example, Mary, to help you achieve your goal of maximizing tax deductions on your charitable donations, you could donate specific real estate, insurance policies or financial instruments as gifts…
Ontario Budget 2019: What’s in it for You?
– ratesupermarket.ca
The Ontario government has now tabled its 2019 provincial budget. It’s not the slash and burn budget many critics were expecting, but there are significant cuts to services in this province. This includes, indigenous affairs, children’s services and support for homeless and low income Ontarians.
The Progressive Conservative government adds, they will unable to balance the books for the province for another five years. In their own press release, the province says, “The 2019 Ontario Budget introduces no new taxes and, along with measures announced to date, will allow the government to provide a projected $26 billion in much-needed relief to individuals, families and businesses over six years, and eliminate the deficit.” The PC government plans to reduce the deficit by $1.4 billion in the 2019-20 fiscal year, lowering it to $10.3 billion
But what does this mean to regular Ontarians and their bottom line? Here are six key takeaways that affect your personal finances.
Auto insurance
The government says it is giving drivers more choice when deciding which auto insurance coverage suits their needs…
