Own Dividend Stocks? Don’t Forget about the Dividend Tax Credit + MORE Jul 17th

There’s no doubt about it – getting away for summer vacation can be pricey. If the cost of a cottage rental is still a bit steep, or through-the-roof airfare prices are keeping you grounded this summer, why not consider a staycation? After all, it’s a great way to save money and discover beautiful and exciting local features.
Whether you’re plotting a solo a staycation, as a couple, or a family outing with kids, here are some awesome staycation ideas for making the most of your time in town.
Budget On A Daily Basis
While you’re not taking a flight or splurging on hotel rooms, running around doing day trips can still add up. Figure out how much you’re willing to spend on food, transportation and admission costs and stick to it. To keep expenses from getting out of control, be sure to eat a good breakfast before leaving the house and pack things like water and a few healthy snacks to get the day started. Meanwhile, certain outings are best done with a picnic (let’s face it, certain amusement parks at the like have terrible and really overpriced food)…

Couples are told to check their emotional baggage at the door when entering a new relationship, but what about  financial baggage? Nearly a quarter (22 per cent) of couples say they aren’t always truthful with their partner when it comes to their spending and saving habits, according to a recent poll by TD Canada Trust. If relationships are built on honesty and trust, why are so many couples keeping their pocketbooks a secret?
Holy Money Matrimony
Personal finance may be mainstream, but it still remains a taboo topic for many. Not surprisingly money is a major source of disagreement between couples. Nearly a third (32 per cent) of couples admit to sometimes, often or always having disagreements about money, a recent poll by Investors Group has found. Even more troubling, 50 per cent of couples know another couple who argues about personal finance.
“Financial baggage is not uncommon; we all have independent financial lives before we enter into a relationship and that can include old student loans, a tarnished credit rating or on the flip-side a healthy RSP or savings account,” says John Tracy, a senior vice president at TD Canada Trust…

One of the ways you can build an investment income stream is through the use of dividend stocks. When you own dividend stocks, you receive an extra payout from the company. This payment is a portion of the company’s profits, and is above and beyond capital appreciation. As long as you own shares in the company, you receive dividends.
Realize, though, that dividends are considered income, and the CRA wants a cut of this income. The good news is that you can use the dividend tax credit to reduce your tax liability for this type of income. The dividend amount that you receive is “grossed up” from its payout in order to more closely represent the “original” pre-tax amount (since your dividends are paid by the company with after-tax dollars, so your paying taxes on top of it amounts to double taxation of the same money).
Eligible Dividends vs. Non-Eligible Dividends
First, you have to determine if your dividends are eligible for the full dividend tax credit. For the most part, public Canadian corporations are considered eligible, as are foreign companies that operate in Canada…