To no one’s surprise, money remains the top stressor for Canadians at 40%, for the sixth year in a row, according to FP Canada’s 2023 Financial Stress Index. With everything that’s going on, budgeting and planning for retirement feels pointless. Why is it so hard to make financial planning and investing decisions when you’re overwhelmed? Glad you asked.
The best credit cards in Canada for those with bad credit
Stress and finances: How to make smart decisions with your money by getting started
According to Samantha Sykes, a senior investment advisor with Raymond James, one of the reasons people have a lot of big decisions to make is that they don’t know where to start…
The ballooning debt has been mainly driven by rising mortgage balances as demand pushed home prices to record levels across the country.
Does this mean the average Canadian is up to their eyeballs in debt? Not necessarily.
Best balance transfer credit cards in Canada
What is the average debt for Canadians?
Let’s start by looking at the average consumer balance held across different credit products. This information comes from TransUnion’s Q1 2023 Credit Industry Insights report…
I retired last year, age 66. Single, no dependents. I found out my pension wasn’t withholding enough tax from source (5%), so I asked for an additional 15.05% to be withheld, to meet my combined federal and Ontario tax bracket (20.05% total).
I got a whopping refund of $5,000 after all deductions were made on the tax forms (basic personal amount, pension credit, age amount). But I could sure use that money during the year. Should I request less additional tax to be withheld from my pension in future?
Withholding tax in retirement
When you are a salaried employee, unless you start a job mid-year or have other extraordinary income, tax deductions or tax credits, you should be pretty close to even when you file your tax return—that is, most people have no tax owing or refund payable.
Retirement is different. In retirement, you tend to have income from multiple sources, and some do not require any withholding tax at all. For example, the Canada Pension Plan (CPP) and Old Age Security (OAS) generally have no tax withheld unless you elect to have it withheld optionally…
The post Receive an 80% bonus when you buy Aeroplan points appeared first on Rewards Canada.
The post RWRDS Daily Update – September 12, 2023 appeared first on Rewards Canada.