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Latest News
At midday: TSX rises with financial stocks + MORE Oct 23rd
Abe victory boosts U.S. stocks, dollar
.... More »
A surprising place to find free financial advice + MORE Jan 19th
Looking for someone to help you learn to manage your money better? Then check out some of the local churches across Canada. Right now, Christians Against Poverty (CAP) Canada is offering three financial services: debt counselling, a free money course and a job counselling program for those interest.... More »
Complacency, competition, and Canada’s productivity crisis + MORE Oct 10th
A senior official at the Bank of Canada is calling for more competition in the banking sector to better serve Canadians and the economy. Senior deputy governor Carolyn Rogers laid out her case for a more competitive Canada in a speech at the Canadian Club in Toronto on Thursday morning. Rogers sound.... More »
Marijuana business expands beyond smoke and rolling papers: Don Pittis Jan 23rd
With new Canadian rules on cannabis legalization just around the corner, money is pouring into an increasingly complex marijuana sector. Is it a sound investment or market euphoria?.... More »
Year-end tax and financial planning considerations + MORE Oct 16th
As the year-end approaches, there may be planning strategies to consider. In some cases, there may be a sense of urgency. In other cases, it may just be a good time to start preparing for the year ahead. Let’s review some of these strategies, including making contributions to registered accounts, .... More »
Petrobras posts record loss as oil price slump forces writedowns
– theglobeandmail.com
Books a large writedown for oil fields and other assets
OTTAWA — The federal budget is again focusing attention on whether the Liberals will make good on some unfulfilled campaign spending promises. So far, they’ve delivered on one major commitment: Starting Jan. 1, the income-tax rate dropped to 20.5 per cent, from 22 per cent for taxable earnings between $45,282 and $90,563.
Here are some others that could be in play:
TAXATION
— Changing the rules to allow people to dip into their RRSPs more than once to buy a home.
— Bringing in a new, tax-free child benefit to replace the Conservative universal child benefit.
— Providing a refundable tax benefit of up to $150 for teachers who spend their own money on school supplies.
INFRASTRUCTURE
— Steps to increase federal infrastructure investment to almost $125 billion, from the current $65 billion, over the next decade.
— Provide $1.5 billion for public transit in Calgary as well as unspecified financing for flood control measures in the city.
— Help fund a Montreal rapid transit expansion, as well as a light-rail project on the Champlain Bridge linking Montreal to the suburban South Shore…
Here are some others that could be in play:
TAXATION
— Changing the rules to allow people to dip into their RRSPs more than once to buy a home.
— Bringing in a new, tax-free child benefit to replace the Conservative universal child benefit.
— Providing a refundable tax benefit of up to $150 for teachers who spend their own money on school supplies.
INFRASTRUCTURE
— Steps to increase federal infrastructure investment to almost $125 billion, from the current $65 billion, over the next decade.
— Provide $1.5 billion for public transit in Calgary as well as unspecified financing for flood control measures in the city.
— Help fund a Montreal rapid transit expansion, as well as a light-rail project on the Champlain Bridge linking Montreal to the suburban South Shore…
RRIF or annuity: Which one is right for you?
– moneysense.ca
(Caimage/Getty Images)Q: What are cons and pros of selecting an annuity versus RRIF?
I will be 71 in July 2016. I currently work and receive OAS and CPP. My wife is 70 in July 2016 and also receives OAS and CPP.
After I hit my age of 71, I must start withdrawals from my RRSP and I need to make my selection between RRIF and annuity.
—Igor
A: Since you’re turning 71 in 2016, Igor, you need to do something with your RRSP by the end of the year. The applicable date with RRSPs is December 31 of the year in which you turn 71. By that that date, you need to do one of three things:
1) Cash out your RRSP completely and add the full market value to your income for the year, paying tax on the full amount. This isn’t a great option.
2) Convert your RRSP to a Registered Retirement Income Fund (RRIF) and start taking minimum withdrawals starting the following year.
3) Purchase an annuity from an insurance company with your RRSP funds and receive pre-determined payments for the rest of your life, beginning the following year…
Loonie, stock markets down slightly following deadly attacks in Brussels
– canadianbusiness.com
TORONTO – The Canadian dollar and North American stock markets are showing little lasting effect from this morning’s deadly attacks in Brussels.
The loonie was at 76.43 cents US, up 0.01 of a U.S. from Monday’s close.
It had briefly dropped by nearly one-third of a cent to as low as 76.12 cents US at about 4 a.m. ET, shortly after the explosions at the Brussels airport and subway system.
Meanwhile, in the first 15 minutes of trading at Canada’s largest stock market in Toronto, the S&P/TSX composite index was down 34.16 points or 0.25 per cent at 13,526.93.
In New York, the Dow Jones industrial average was down 60.27 points or 0.3 per cent at 17,563.60, the broader S&P 500 composite index declined 9.58 points or 0.5 per cent to 2,042.02 and the Nasdaq composite fell 14.64 points to 7,794.24.
Similarly, the FTSE 100 index at London’s stock exchange was down 0.41 per cent at 6,159.16, the Paris CAC 40 was down 0.86 per cent at 4,389.76 and Germany’s DAX index was down 0…
The loonie was at 76.43 cents US, up 0.01 of a U.S. from Monday’s close.
It had briefly dropped by nearly one-third of a cent to as low as 76.12 cents US at about 4 a.m. ET, shortly after the explosions at the Brussels airport and subway system.
Meanwhile, in the first 15 minutes of trading at Canada’s largest stock market in Toronto, the S&P/TSX composite index was down 34.16 points or 0.25 per cent at 13,526.93.
In New York, the Dow Jones industrial average was down 60.27 points or 0.3 per cent at 17,563.60, the broader S&P 500 composite index declined 9.58 points or 0.5 per cent to 2,042.02 and the Nasdaq composite fell 14.64 points to 7,794.24.
Similarly, the FTSE 100 index at London’s stock exchange was down 0.41 per cent at 6,159.16, the Paris CAC 40 was down 0.86 per cent at 4,389.76 and Germany’s DAX index was down 0…
European stock prices fell and oil took a hit on Tuesday following attacks on the airport and metro system in Brussels.
