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What new bare trust tax filing rules mean for Canadians Mar 12th
Ask MoneySense
I would like some clarification on the T3 tax return for the year 2023. Whom does this rule apply to and can you clarify whether all the persons on the account have to complete T3 tax returns?
—Chander
Some people set up trusts that come into effect during their lives or upon.... More »
The best high-interest savings accounts in Canada for 2023 + MORE Jan 30th
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The best savings accounts in Canada for 2023
Here are the best accounts to hold your savings.
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What is the Canada Carbon Rebate? Plus, dates and amounts for 2024 rebates + MORE Mar 26th
On April 15, 2024, eligible Canadians will receive the Canada Carbon Rebate (CCR), the second such rebate of the year. The CCR will be distributed to residents of eight provinces—Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland and Labrad.... More »
Reconsidering when to take CPP benefits amid COVID-19 risk + MORE Apr 18th
In an earlier column, we looked at how to optimize the timing for taking your Canada Pension Plan benefits—early or late. We also touched on the issue of “survivorship,” mentioning retired advisor Warren Baldwin, who decided to take his own CPP at age 66, in part because of limited options for.... More »
The best high-interest savings accounts in Canada for 2026 + MORE Mar 11th
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The 8 weirdest things you can bet on at Super Bowl 50
– moneysense.ca
The Super Bowl is this Sunday and, as with any major sporting event, there are plenty of people betting on the outcome of the game. But that’s not the only aspect of the big night that Vegas oddsmakers are taking wagers on. You can place a bet on everything from the result of the coin toss to what colour shoes Beyoncé will wear at half-time. Here are some of the strangest things you can lose money on during Super Bowl 50. And let’s be clear: The surest bet this Sunday is that many gamblers are going to lose their shirts. (We here at MoneySense would obviously rather you tuck your savings in a low-fee, index-tracking ETF.)
But just for fun, here’s a look at the oddities some gamblers are keeping an eye on when the game starts on Sunday, according to online betting site OddShark.
1. Colour of Gatorade thrown on the winning coach
But just for fun, here’s a look at the oddities some gamblers are keeping an eye on when the game starts on Sunday, according to online betting site OddShark.
1. Colour of Gatorade thrown on the winning coach
via GIPHY
You might have heard of the famed Super Bowl Gatorade shower. Of course, it has sprouted its own betting circuit over the years. Betting $10 on an orange splash will give you a pay out of $13, while if you bet on purple and you’re right, you’ll make a whole $100…
Digital banking service offers 3% interest savings
– moneysense.ca
(malerapaso/Getty Images)Great news for consumers looking for a viable high-interest savings account alternative to those at the Big Five. Equitable Bank has launched EQ Bank, Canada’s first completely digital banking service, with an everyday interest savings rate of 3% and no fees or minimum balance requirements. In addition to the higher interest rate, which handily tops anything offered by the big banks, EQ Bank accounts also allow daily transactions, including bill payments and e-transfers.
The post Digital banking service offers 3% interest savings appeared first on MoneySense.
Should this single mom rent or buy a Toronto condo?
– moneysense.ca
Q: I am a 38-year-old, divorced single female with twins who are seven. I am currently renting a three-bedroom condo in downtown Toronto. But I constantly debate the renting vs. buying decision. I currently earn $48,000 per year (which will go up as soon as I finish my schooling for a CPA in a year or two). I have a retirement savings plan at work with matching contributions from my employer. Currently, I am focusing on paying down about $7,000 in debt (should be payed off by the middle of this year), but wonder if I should then concentrate on buying a home or putting the money away in an investment? — Competing priorities, Toronto Ont.
Answer No. 1: There are a lot of factors to consider before you take the jump from renting to home ownership. You don’t want to end up in a situation where you find it difficult to make ends meet. Once you take into consideration some of the expenses associated with home ownership such as property taxes, maintenance, insurance and mortgage interest, you may find that renting is the better solution for you…
Negative interest rates are really already here. Check out your high interest savings account and subtract inflation.
Negative interest rates are really already here. Check out your high interest savings account and subtract inflation.
