How to go about securing the best savings strategy in Canada.
Latest News
New study highlights trends in Canadian term life insurance + MORE Feb 25th
Choosing a term life insurance policy is a balancing act: how much coverage do you need, who should benefit, and how long should the policy last?
If you’ve ever wondered how your choices compare to other Canadians, PolicyMe’s newly released 2026 study, Canadian Term Life Insurance: A Market S.... More »
A good deal in the States can still cost you more + MORE Aug 23rd
Why you should use a U.S. account to build up savings..... More »
Laurentian Bank mortgage probe continues, price tag expands + MORE Mar 1st
Laurentian Bank says it expects to finish its review of problematic loans sold to an unnamed lender by the fiscal second quarter, and will fix or repurchase any mortgages that failed to meet the proper criteria..... More »
How I saved $5,000 a year Aug 10th
Amrita, Singh, 42, Toronto
Sometimes a brief moment in your life can change you forever. That moment happened for me in 1998. I’d been trying to make a living as a freelance video producer and had accumulated $8,000 in debt. I felt horrible and, struggling for a way out, found myself at the bank n.... More »
Should you transfer property to a child and then rent it from them? Jul 31st
I would like to know if transferring our home into our daughter’s name—can we stay and pay rent and get a rental home credit? Is it valid?—Satyesh
Tax credits when renting property from a family member
There is a lot to unpack with your question, Satyesh, but I will address your direct q.... More »
Tax changes to drain $1.2B more from treasury
– moneysense.ca
OTTAWA – The Liberal government is making good on its election vow to cut federal income taxes for middle earners by raising the rate on the richest Canadians.
However, it now acknowledges the tax tweaks, introduced in a motion Monday in Parliament, won’t be revenue-neutral.
Finance Minister Bill Morneau conceded Monday that an array of new tax adjustments will have an annual net drain on the federal treasury of about $1.2 billion in each of the next five years, starting in 2016-17.
The headliner of the new measures is the one to lower the income-tax rate to 20.5 per cent, from 22 per cent, on Canadians earning between $45,282 and $90,563 per year.
To help offset that change, the Liberals have added a 33 per cent tax rate on income earned by Canadians in the top one per cent — those who make more than $200,000 per year.
28 ways to pay less tax »
Previously, the 29 per cent tax bracket, which applies to incomes between $140,388 and $200,000, was the highest tax rate in the country…
However, it now acknowledges the tax tweaks, introduced in a motion Monday in Parliament, won’t be revenue-neutral.
Finance Minister Bill Morneau conceded Monday that an array of new tax adjustments will have an annual net drain on the federal treasury of about $1.2 billion in each of the next five years, starting in 2016-17.
The headliner of the new measures is the one to lower the income-tax rate to 20.5 per cent, from 22 per cent, on Canadians earning between $45,282 and $90,563 per year.
To help offset that change, the Liberals have added a 33 per cent tax rate on income earned by Canadians in the top one per cent — those who make more than $200,000 per year.
28 ways to pay less tax »
Previously, the 29 per cent tax bracket, which applies to incomes between $140,388 and $200,000, was the highest tax rate in the country…
Uber client charged $534 for 17-kilometre trip: Roseman
– thestar.com
Uber lets drivers connect with riders using a smartphone app. But the savings may be offset by poor customer service.Liberals to proceed with middle class tax cut
– moneysense.ca
OTTAWA – The Liberal government is poised to make good on its promise to cut federal income taxes for middle earners by raising the rate on the richest Canadians.
The government will introduce a motion today in Parliament that will slash the income-tax rate on Canadians earning between $44,700 and $89,401 per year.
The Liberals said they would impose a higher tax rate on earners in the top one-per-cent — those who make more than $200,000 per year — as a way to finance the vast majority of the middle-income relief.
But experts say hiking the tax rate on the highest earners won’t generate enough revenue to offset the cost of the tax cut because efforts to avoid taxes will probably be greater than anticipated, while the reduction itself could cost more than expected.
The real winners of the new Liberal tax policies »
The Globe and Mail is reporting today that the government will concede this week that the tax hike won’t cover the entire cost of its cut.
Combined with the sting of the struggling economy, the new Liberal government is already facing increasing pressure to meet its election vows to cap annual deficits at $10 billion over the next two years and to balance the federal books in the fourth year of its mandate…
The government will introduce a motion today in Parliament that will slash the income-tax rate on Canadians earning between $44,700 and $89,401 per year.
The Liberals said they would impose a higher tax rate on earners in the top one-per-cent — those who make more than $200,000 per year — as a way to finance the vast majority of the middle-income relief.
But experts say hiking the tax rate on the highest earners won’t generate enough revenue to offset the cost of the tax cut because efforts to avoid taxes will probably be greater than anticipated, while the reduction itself could cost more than expected.
The real winners of the new Liberal tax policies »
The Globe and Mail is reporting today that the government will concede this week that the tax hike won’t cover the entire cost of its cut.
Combined with the sting of the struggling economy, the new Liberal government is already facing increasing pressure to meet its election vows to cap annual deficits at $10 billion over the next two years and to balance the federal books in the fourth year of its mandate…
Uber client charged $534 for 17-kilometre trip: Roseman
– thestar.com
Uber lets drivers connect with riders using a smartphone app. But the savings may be offset by poor customer service.TFSAs Cut Back to $5,500 in 2016
– ratesupermarket.ca
The axe has been swung on Tax Free Savings Accounts – the Liberal government is reverting the annual contribution limit to $5,500 in 2016 from the $10,000 limit implemented this year under former Conservative Finance Minister Joe Oliver.
Bill Morneau, Oliver’s successor, announced the change Monday following the recent throne speech. While the rollback isn’t a surprise – Prime Minister Trudeau has pledged to revert the limit since it was introduced – it’s not popular. A poll taken by Angus Reid during election time found 67 per cent of Canadians didn’t want any changes made to the higher TFSA limit. And, now that the dust has settled, how will Canadian savers fare?
Also read: 8 Liberal Government Money Promises You Should Know About>
Why the Rollback?
The limit for TFSAs was upped to $10,000 in the Conservative’s May federal budget as one of several pre-election goodies that included the now-defunct Universal Child Care Benefit and income splitting…
