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Can you change your mind about taking CPP early? Aug 4th
Q. I am 62 years, 10 months of age, and still working but plan to retire (early) at the end of November 2021 with an unreduced employer pension.
I have been collecting CPP for 28 months because I needed the extra money at the time, but I am in a better financial position now.
Can I ask to stop col.... More »
Making sense of the markets this week: April 2, 2023 Mar 31st
Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, shares financial headlines and offers context for Canadian investors.
Freeland fires again at Canadian Banks
There are several big-picture looks at the important aspects of the Canadian federal budget .... More »
How to buy crypto in Canada + MORE Jul 9th
Gone are the days when crypto investing was restricted to just die-hard enthusiasts. Today, you can buy and sell crypto in several modes—including directly or through exchange-traded funds (ETFs)—as easily as you would buy stocks.
Bitcoin is now considered a mainstream asset offered and.... More »
Canada’s best balance transfer credit cards 2021 + MORE Dec 31st
Are you working on a plan to become debt-free but are paying a lot of interest on purchases made on your existing high interest card? A balance-transfer credit card, which allows you to move the balance from your current cards over to a new card with a lower interest rate (some as low as 0%) can be .... More »
The best high-interest savings accounts in Canada for 2024 + MORE May 21st
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The best high-interest savings accounts in Canada for 2024
Here are the accounts offering the highest interest rates and lowest fees.
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Should you set up a personal real estate corporation (PREC)?
– moneysense.ca
A personal real estate corporation, or PREC, allows a real estate agent to earn their business income through a corporation. Several o provinces, including British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, Nova Scotia and, most recently, Ontario, allow PRECs.
Several other professionals in Ontario, like doctors, dentists, lawyers, accountants, social workers, engineers and architects, can also establish professional corporations.
A PREC should not be confused with a corporation set up by a real estate investor to own real estate. A personal real estate corporation is only for a real estate agent.
Real estate investors may not benefit from setting up a corporation to hold their real estate investments. An example of when incorporation makes sense is if someone has an existing corporation with accumulated savings they want to invest in real estate. Or an investor who wants to buy and sell real estate—flipping properties—may benefit from a lower tax rate on this corporate business income…
Several other professionals in Ontario, like doctors, dentists, lawyers, accountants, social workers, engineers and architects, can also establish professional corporations.
A PREC should not be confused with a corporation set up by a real estate investor to own real estate. A personal real estate corporation is only for a real estate agent.
Real estate investors may not benefit from setting up a corporation to hold their real estate investments. An example of when incorporation makes sense is if someone has an existing corporation with accumulated savings they want to invest in real estate. Or an investor who wants to buy and sell real estate—flipping properties—may benefit from a lower tax rate on this corporate business income…
