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Why retirement planners are getting defensive + MORE Oct 1st
While working people may envy those at or near retirement, once you get there there’s a certain amount of anxiety over markets and the prospect of outliving your money should stocks and interest rates fail to cooperate.
Of course, those with guaranteed-for-life, taxpayer-backed, defined benefit.... More »
Millennials Could Be Hit Hardest by the Bank of Canada’s Interest Rate Hike + MORE Jun 5th
Canadians, get ready to pay more to borrow money: The Bank of Canada, or BoC, announced a 0.50 per cent interest rate hike today to tame inflation, bringing its key interest rate up to 1.5 per cent, and signalled more hikes will come.
After slashing its key interest rate to 0.25 per cent at the o.... More »
Stock market news for investors: Tariff talk continues on earnings calls + MORE May 21st
Here’s a round-up of news for Canadian investors this week.
Microsoft
Honda
CAE
Walmart
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The best high-interest savings accounts in Canada for 2024 Jun 18th
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The best high-interest savings accounts in Canada for 2024
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“Where do we pay income tax if we retire abroad?” + MORE Apr 24th
Q. We’re thinking about moving to Mexico full-time when we retire. Where would we pay income tax on our monthly Canadian pensions?
–Marianna
A. Many Canadians dream of a retirement that includes travel abroad. Some even move abroad part of the year, most of the year, or give up their Canadian r.... More »
Our roundup of the best tax tips for Canadians
– moneysense.ca
Tax tips are like opinions—everyone has one. But the key is to listen to the ones you can trust. That’s why we rounded up our favourite expert tax advice. Regardless of whether you are doing your taxes yourself, or you have someone do them for you, you will find most of these helpful to your tax situation. Here are 15 of our best tax tips for Canadians.
Claims for COVID-related work expenses
Have you spent money to keep working because of COVID-19? You will need a T2200 if you want to make any claims for work-related expenses. Even with this form, you can’t claim just anything, even if you think it is a necessity.
“That fabulous Canadian-made mask that shows your love of the Raptors, or your ‘commitment to sparkle motion’ is not deductible—unless you’re working in a field that requires it.”
Find out what you need receipts for: 2020 Income Tax: What you can’t—and can—claim for your work-from-home office during the COVID-19 pandemic
Self-employed: How much to set aside for personal income tax
Usually the employer would remove income tax from your paycheque…
Claims for COVID-related work expenses
Have you spent money to keep working because of COVID-19? You will need a T2200 if you want to make any claims for work-related expenses. Even with this form, you can’t claim just anything, even if you think it is a necessity.
“That fabulous Canadian-made mask that shows your love of the Raptors, or your ‘commitment to sparkle motion’ is not deductible—unless you’re working in a field that requires it.”
Find out what you need receipts for: 2020 Income Tax: What you can’t—and can—claim for your work-from-home office during the COVID-19 pandemic
Self-employed: How much to set aside for personal income tax
Usually the employer would remove income tax from your paycheque…
Calculating expected returns on the sale of real estate
– moneysense.ca
Q. How do I calculate the capital gain on real estate sold in Ontario? I’m trying to figure out how much I should list my main resident property for—after deducting all expenses (interest, fees, taxes)—to arrive at a reasonable profit margin. Is there a tool or app that can do that? I searched the internet and couldn’t find any articles explaining this process.
–Yan
A. Thanks for your question, Yan. There are a couple of different issues at play here, so I’ll start by clarifying a few points about capital gains, and then explain how I would approach a target sale price for real estate, as well as for other investments.
First off, since you refer to your “main resident property,” I want to be clear that the profit you earn on the sale of a property—called a capital gain—is exempt from income tax when that property is your principal residence. A principal residence can be a house, condo, cottage, or other property that you own and occupy. There may be limitations to this exemption, such as if the property is larger than 1…
–Yan
A. Thanks for your question, Yan. There are a couple of different issues at play here, so I’ll start by clarifying a few points about capital gains, and then explain how I would approach a target sale price for real estate, as well as for other investments.
First off, since you refer to your “main resident property,” I want to be clear that the profit you earn on the sale of a property—called a capital gain—is exempt from income tax when that property is your principal residence. A principal residence can be a house, condo, cottage, or other property that you own and occupy. There may be limitations to this exemption, such as if the property is larger than 1…
