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Latest News
TFSA contribution room calculator Oct 15th
Find out your current tax-free savings account (TFSA) contribution limit by using this calculator.
TFSA is a bit of a misnomer. While you can use it for straightforward savings, think of it more accurately as an investment holding account to store things like exchange-traded funds&n.... More »
Statistics Canada reports real GDP up in January 2024 Apr 1st
Canada’s real gross domestic product grew 0.6% in January 2024, helped by the end of public sector strikes in Quebec in November and December, Statistics Canada said Thursday.
What is GDP?
Gross domestic product (GDP) is a statistic economists use to measure the total amount of goods and se.... More »
Is a vacation home a good investment? + MORE Sep 21st
The benefits of owning a vacation property are obvious. A cottage, cabin, condo or trailer a short drive from your home can provide a quick weekend recharge. A property down south can serve as a regular vacation destination or a winter home for a snowbird.
Sometimes, emotions are the motivat.... More »
COVID-19, Loss of Employee Benefits & Conversion Health Insurance Plans + MORE Feb 28th
Unfortunately many Canadians have now found themselves without employee benefits due to job loss as a result of the COVID-19 pandemic.
Not having health insurance coverage can be a source of worry for many of these unemployed Canadians.
The good news is that there are specialized health and dental .... More »
Should you transfer property to a child and then rent it from them? Jul 27th
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 »
Do You Need to Add Your Children to Your Auto Insurance?
– ratesupermarket.ca
If your children live at home and will drive your car, even occasionally, your insurance company will consider them “occasional drivers” and will add them to your auto insurance policy. The rule also applies to others living in your household, including relatives and roommates. When should you add a child to your auto insurance policy, and when can they be omitted?
When should we add a child to our car insurance policy?
You need not add your child to your car insurance policy in Canada until they’ve been licensed to drive and are driving on their own. Most Canadian insurance companies don’t require you to include a teen who is still using a learner’s permit and can only drive with an adult in the car for learning purposes. Once they advance in your province’s graduated licensing programs and can drive without a supervising adult, you will need to add them as an occasional driver to your car insurance policy.
If your adult child lives at home with you and drives your car even occasionally, you should add them to your car insurance policy…
