Shares in Japan Post, bank and insurance units soar after $11.9 billion IPO, 2015’s biggest + MORE Nov 3rd

One of the very worrisome intentions of the recently-elected Liberal federal government is their plan to cut the limit of Tax Free Savings Accounts (TFSAs) from the current level of $10,000 to $5,500.

It’s been a big week of change for our nation, as the Liberals swept a majority victory in the federal election. That means there’s plenty of new developments to come – for your savings, your taxes, and for the loonie.
How will you be affected? We’ve rounded up everything you need to know about your finances as Canada enters a new political chapter.
8 Liberal Money Promises You Should Know About
The new majority Liberal government is poised to take office, and Canadians are waiting to see how their many campaign money promises will come to fruition. From new tax rules to an overhaul of the CRA, the Grits have plenty to tackle – here’s how your household finances could change under the new leadership.

Read Rubina’s Blog |8 Liberal Money Promises
New Liberal Changes for the Home Buyer’s Plan
The Home Buyer’s Plan, which allows first-time home purchasers to pull up to $25,000 out of their RRSP savings, is undergoing a bit of a facelift; the new Liberal government plans to expand access to the program to a number of groups…

You needed an income of $222,000 to be one of Canada’s top one per cent of earners in 2013, Statistics Canada says in a new survey that also shows Ontario’s richest are falling out of the one-per-cent club.

The survey found one-percenters saw the same increase in income that year as the average for the entire country — up 1.2 per cent from a year earlier.

The average income in this group was $454,800, and they paid an average of $151,900 in income tax on that amount. That compares to an average income of $44,100 for all wage earners in Canada, with an average income tax bill of $7,500.

The one per cent also earned the same share of Canadians’ total income (10.3 per cent) as they did a year earlier, and paid the same share of income taxes (20.3 per cent).

Alberta Wins, Ontario Loses

If there’s been a major shift among Canada’s one-percenters in recent years, it’s been geographical.

Alberta’s oil boom of the past decade means the share of Albertans qualifying as one-percenters has more than doubled since the start of the century…

Statistics Canada says the top one per cent of tax filers in Canada saw their average income climb 1.2 per cent in 2013 to $454,800.
The percentage increase was the same rate for all tax filers, while the amount of income tax paid by the top one per cent averaged $151,900, up $3,000 or two per cent from 2012.
The top one per cent earned 10.3 per cent of the total income and paid 20.3 per cent of the federal, provincial and territorial income taxes in 2013, unchanged from 2012.
Income inequality was a key issue in the federal election campaign.
The Liberals campaigned on a promise to cut income taxes for the middle class and raise them on Canadians making more than $200,000 a year.
To make the top one per cent in 2013, a Canadian needed to earn at least $222,000.
The cutoff for the top five per cent was $115,700, while $89,200 was needed to make the top 10 per cent.
Women made up 21.9 per cent of the top one per cent in 2013, up from 21.3 per cent in 2012.
The All-Canadian Wealth Test »
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TOKYO – Shares of Japan Post jumped nearly 17 per cent in the first day of trading after the company and its banking and insurance units raised a combined 1.44 trillion yen ($11.9 billion) in the world’s biggest initial public offering of stock this year.
The long awaited sale of stock in the state-owned company is the biggest since Chinese e-commerce giant Alibaba Group Holdings raised $25 billion in its IPO in September 2014.
The Japan Post sale is meant to tease out some of the more than $14 trillion that Japanese investors have squirreled away in savings accounts. Some IPO funds will help pay for rebuilding from the 2011 tsunami disaster.
Japan Post Bank shares surged 15.4 per cent and Japan Post Insurance shares soared 38.2 per cent.
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