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Canadian seniors, watch out for these scams + MORE Mar 29th
You don’t have to be a senior to be aware that scams of all sorts abound in both the physical and—increasingly—the cyber world. Sadly, the rise of artificial intelligence (AI) has exacerbated frauds of all kinds. While anyone can fall prey to technology-enabled schemes to separate them from th.... More »
Who pays tax on cash gifts in Canada? Mar 19th
Ask MoneySense
Is there a tax on cash gifts to children in Ontario?
—Virginia
Tax on gifts and loans to children in Canada
When you give cash to a child, Virginia, there are generally no tax implications for the recipient. They do not have to worry about paying tax on it, no matter where.... More »
Canadian home sales hit four-year August high as fall market heats up + MORE Sep 16th
The Canadian Real Estate Association says it recorded the most home sales for August in four years, potentially setting the stage for a hot fall market with more choice for buyers.
The association said there were 40,257 home sales across the country last month, up 1.9% from 39,522 in August 2024.... More »
How to protect yourself from identity fraud in Canada + MORE May 26th
In 2024, Canadians lost a jaw-dropping $638 million to fraud, according to the Canadian Anti-Fraud Centre (CAFC). That’s already a hefty $60 million more than losses reported the previous year, but the true total is likely much, much higher—experts at the CAFC say that less than 5% of scams are .... More »
Making sense of the markets this week: December 21 + MORE Dec 18th
Each week, Cut the Crap Investing founder Dale Roberts shares financial headlines and offers context for Canadian investors.
Bitcoin defies gravity
It’s as though bitcoin has left the atmosphere, moving to new all-time highs this week. Here’s a tweet from Paul R. La Monica of CNN…
Source: .... More »
Strategies for smarter charitable giving
– moneysense.ca
Here’s some news Canadians can celebrate while we’re all trying to find some light during the pandemic: People across the country donated more than $11 million on Giving Tuesday (Dec. 1) this year compared to $5 million on Giving Tuesday 2019, according to online donation hub Canada Helps.
That’s an impressive lift, given that just three months prior, more than a third of Canadians polled by Angus Reid said they had been giving less since the onset of COVID-19.
“The lion’s share of giving comes from the everyday donor, not the large foundations or corporations,” says Greg Thomson, research director at Charity Intelligence, a Toronto-based nonprofit that uses investment-style research methods to help donors direct their money to the organizations that reflect their values and the impact they’d like to make. “And in the economic situation that many folks find themselves in now, it is absolutely not about how much you give, it’s about how well you give.”
CI analyzes charities and rates them based on how much value they offer per dollar…
That’s an impressive lift, given that just three months prior, more than a third of Canadians polled by Angus Reid said they had been giving less since the onset of COVID-19.
“The lion’s share of giving comes from the everyday donor, not the large foundations or corporations,” says Greg Thomson, research director at Charity Intelligence, a Toronto-based nonprofit that uses investment-style research methods to help donors direct their money to the organizations that reflect their values and the impact they’d like to make. “And in the economic situation that many folks find themselves in now, it is absolutely not about how much you give, it’s about how well you give.”
CI analyzes charities and rates them based on how much value they offer per dollar…
Ways to “unlock” retirement savings in a LIRA
– moneysense.ca
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:
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 retirement age, was it really necessary for the financial institution to create the LIRA, or could all the proceeds simply have been consolidated into my RRSP account?
In order to simplify the management of my portfolio, is there any way of “unlocking” the LIRA so that I can place the proceeds into a normal RRIF?
–Keith
A. Leaving a group pension or retirement savings plan often means you have decisions to make. Some plans allow retirees to keep their investments with the provider, either in the same plan or with their retiree program.
Plan members often transfer their investments out to invest with an advisor or on their own. Certain accounts need to be transferred to new accounts, while others can be transferred to the same receiving account…
