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2020 Income Tax: What you can’t—and can—claim for your work-from-home office during the COVID-19 pandemic Dec 5th
You furnished a functional home office, you’ve got face masks ready by the door for when you need to run an errand, and you bought sanitizer (so many bottles of sanitizer). You’ve done your part to stay home and help flatten the coronavirus curve. The question now is: Can you write off working f.... More »
2021 tax season primer: Our roundup of the best tax tips for Canadians + MORE Nov 21st
Doing your taxes can be a bit like building IKEA furniture. There are lots of different pieces, the instructions aren’t always clear, and it’s often feels like it could be easier just to call in the hired pros. That’s why we rounded up our favourite expert tax advice. Whether you’re going fu.... More »
The best high-interest savings accounts in Canada for 2024 Sep 17th
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How much money should I have saved by age 25? + MORE Jul 30th
Financial experts suggest 25-year-olds save 20% of their annual income. But if you’re in your 20s and just starting your career, saving might not be a high priority. Expenses like rent, groceries and car payments seem more pressing—not to mention having a life and planning for big events like an.... More »
How to manage your tax withholding in retirement + MORE Jun 18th
Every spring, I tend to have a lot of conversations with retirees who are disappointed that they owe tax on their tax return, that the Canada Revenue Agency (CRA) has asked them to pay income tax in installments, or that their Old Age Security (OAS) pension has been clawed back.
If it makes you f.... More »
Planning for an inheritance
– moneysense.ca
My mother passed away three days after her 66th birthday, leaving me with an inheritance I never expected.
Until two years ago, I assumed she would live into her 80s. But she had a terminal illness that progressed significantly in the final months of her life. Her care costs were minimal. We had great support from family and from government-funded resources.
But I have also seen things go the other way. Families burn through savings to cover full-time care for an aging parent at costs that can exceed $10,000 per month. In those cases, at the end of an aging relative’s life, there may be no inheritance left to pass along to loved ones.
At our financial planning practice, one thing we ask clients is if they are expecting an inheritance; it’s a question on our intake form. We ask because it is relevant, both for retirement planning and discussion purposes. But as the two scenarios I’ve just described show, the most we can ask for is a best-guess answer. On the benefactor’s side, nobody knows how long they will live, nor what potential long-term care costs may be incurred during one’s later years—so a beneficiary may or may not receive an intended inheritance…
Until two years ago, I assumed she would live into her 80s. But she had a terminal illness that progressed significantly in the final months of her life. Her care costs were minimal. We had great support from family and from government-funded resources.
But I have also seen things go the other way. Families burn through savings to cover full-time care for an aging parent at costs that can exceed $10,000 per month. In those cases, at the end of an aging relative’s life, there may be no inheritance left to pass along to loved ones.
At our financial planning practice, one thing we ask clients is if they are expecting an inheritance; it’s a question on our intake form. We ask because it is relevant, both for retirement planning and discussion purposes. But as the two scenarios I’ve just described show, the most we can ask for is a best-guess answer. On the benefactor’s side, nobody knows how long they will live, nor what potential long-term care costs may be incurred during one’s later years—so a beneficiary may or may not receive an intended inheritance…
What to look for in a kids’ bank account
– moneysense.ca
When your child is ready to graduate from piggy bank to real bank, you’ll want to look for an account that doesn’t eat into those initial deposits of loonies, toonies and birthday money with a bunch of bewildering fees. There are many options for your young saver that allow them to watch their money grow, without charging an arm and a leg for each withdrawal, deposit and e-transfer.
“Many of the banks in this country have accounts for your kid’s first savings account—and they’ll have great features such as no monthly fees, and unlimited free transactions,” says Melissa Leong, author of the award-winning finance guide Happy Go Money and a mother of two. This is important because you don’t want your child’s first money lessons to include a lecture about minimizing unnecessary charges, Leong says.
Although our children will definitely bank digitally and go cashless more than previous generations, she believes there is still great value in taking your kids into an actual bank…
“Many of the banks in this country have accounts for your kid’s first savings account—and they’ll have great features such as no monthly fees, and unlimited free transactions,” says Melissa Leong, author of the award-winning finance guide Happy Go Money and a mother of two. This is important because you don’t want your child’s first money lessons to include a lecture about minimizing unnecessary charges, Leong says.
Although our children will definitely bank digitally and go cashless more than previous generations, she believes there is still great value in taking your kids into an actual bank…
