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Latest News
Tax implications of building a laneway suite + MORE Mar 6th
Q. I read your “capital gains on subdivided land” article—very nice piece. I have a follow up topic for you. I’m not sure if you are familiar, but recent changes to zoning laws have enabled thousands of Toronto property owners to build a laneway house on the back portion of their property, p.... More »
New rules of saving + MORE Nov 9th
Rainy day savings accounts are a bad idea
In this new age of low interest rates, rainy day savings make a lot less sense. It’s hard to justify keeping six months’ salary in a plain-vanilla account. “If you have a mortgage, money in a savings account is better spent putting it towards the mort.... More »
Planning through salary swings + MORE Oct 19th
Q: My income fluctuates quite widely from year to year. How do I plan for this and how do I handle the tax implications of such income swings?
—David
A: Yours is the challenge of many a commissioned salesperson or business owner, David. The thought of a stable salary and defined benefit pension.... More »
Trump turned over tax returns – for lawsuits, loans, casinos Sep 28th
WASHINGTON – While Donald Trump won’t publicly release his income tax returns, the New York businessman has turned them over when it suited his needs — if he stood to make a profit, needed a loan or when a judge forced him.
Pennsylvania gaming regulators were given at least five years&.... More »
Audit-proof your side hustle + MORE Nov 29th
If you have joined the ranks of the self-employed, you’re in good company: According to Statistics Canada, 2.9 million Canadians run their own business. That’s 15% of the population, and the number is growing. Don’t forget, though, that with your new status comes a new relationship with the Ca.... More »
What You Should Know About Subprime Car Loans
– ratesupermarket.ca
If you’ve driven past a car dealership lately, you’ve probably seen the signs: “0% financing on all remaining models!” But that doesn’t mean YOU can score that deal.
Close to one-third of Canadians looking to finance the purchase of a new or used vehicle aren’t eligible for such prime interest financing, according to industry estimates.
Of course, that doesn’t mean no one is going sell them a car. It’s just going to be financed through a subprime lender like TD Non Prime, Scotia Dealer Advantage or, the newest Canadian subprime player, Canadian Title Loan Corporation. So what should consumers know about taking on subprime loans?
Poor Credit Leads To Problems
Subprime lenders make loans to people with significant credit problems, either due to poor money management skills or personal setbacks such as job loss, divorce, medical emergencies and bankruptcy.
Not surprisingly, these subprime car loans have higher interest rates and less favourable terms in order to compensate the lender for the higher credit risk…
The RRSP advantage
– moneysense.ca
Financial planner Jason Heath is used to hearing from people who think an RRSP is a type of investment. “People say, ‘I don’t want to buy any RRSPs this year because I’m worried about the stock market.’” Whatthey don’t understand is RRSPs are simply a type of account: they can hold a long list of investments, from stocks, bonds and GICs to mutual funds and ETFs. Your RRSP holdings can be as conservative as cash, or as risky as penny stocks. So whatever your view of the market, it’s always a good time to contribute to your RRSP.Misunderstandings like these, Heath says, cause many Canadians to make poor decisions with their RRSPs.But these retirement accounts have at least two benefits no investor should overlook: the tax refund when you make a contribution, and tax-deferred growth for as long as the money remains in the account. Given that a shrinking number of Canadians have employer-sponsored pension plans, RRSPs will provide thefoundation for many people’s retirement savings…
