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Is a personal injury settlement taxable, and can it impact OAS or GIS benefits? + MORE Aug 19th
Q. I received a small settlement for an Ontario car accident, which my lawyer says is non-taxable, and so noT4A will be issued. If I deposit the funds into a bank account, will this one-time settlement clawback my OAS and GIS benefits?
–J
A. I’m sorry to hear about your accident, J. Hopefully .... More »
3 Odd Insurance Claims that Have Actually Been Filed Apr 21st
When mishaps occur, you want your insurance company to help. But, what about when the claim sounds too good to be true? From a slippery slip and fall to a plane dropping blue ice over Canada, here’s a look at a few of the oddest claims filed.
What’s the worst that could happen, right?
1. This.... More »
Walmart Rewards Mastercard alternatives: the 9 best Walmart credit cards Feb 16th
The mega-retailer Walmart has grown considerably over the years, from its humble origins as a small store in 1960s Arkansas to the worldwide chain it is today. The company’s Canadian history started in 1994, beginning with the acquisition of 122 Woolco stores. A lot has changed in the past 25 year.... More »
CMHC tightens mortgage rules in latest response to COVID-19 + MORE Jun 12th
On June 4, 2020, the Canadian Mortgage and Housing Corporation (CMHC) announced changes to the eligibility rules for mortgage insurance, in the agency’s latest response to the COVID-19 pandemic.
The new rules will lower the amount of debt an applicant for an insured mortgage can carry, set a hig.... More »
The costs of the Fort McMurray fire May 6th
A wild fire rips through the forest 16 kilometres south of Fort McMurray, Alta., on highway 63 on May 7, 2016. (THE CANADIAN PRESS/Jonathan Hayward)
When the wildfire struck outside Fort McMurray a year ago, Rocco Neglia was sitting in a regular office meeting across the country at the head office o.... More »
Finding your financial footing
– moneysense.ca
Q: A little over 3 years ago, I became a widow very unexpectedly with two kids. About five months ago, I had to leave my job due to Parkinson’s disease. I am an owner of a house which I’m trying to downsize without success due to bidding wars. I do have a small CPP pension and a little money from life insurance which I would like to invest somehow. How do I plan for the long term?—Georgia L.
A: As a financial planner, one of the things I do all day long is build financial plans that show people how long they have to work to retire comfortably at age 62 and fund the rest of their lives through age 95. I often tell people, however, that life is rarely so linear. Yours is a situation that drives that point home, Georgia.
I’m sorry to hear about your misfortune. Life events like this are definitely a time to re-evaluate financially.
Ask a Planner: Leave your question for Jason Heath »
I think it could be helpful for you to build a retirement plan. Based on your current assets, income and expenses, you could use a long-term financial projection to determine things like:
How much of a downsize do you need to do?
How much can you afford to spend each month?
What rate of return do you need on your investments?
How much financial support will you be able to provide for your children, for post-secondary education, for example?
Do you need to plan to return to work at some point?
You mentioned that you left work due to your Parkinson’s…
Vancouver’s real estate paradox
– macleans.ca
For sale sign in Vancouver, May 3, 2016. (Photograph by Jimmy Jeong)Can a city’s greatest strength also be its biggest weakness?
That contradiction lies at the heart of a new study by the Conference Board of Canada and the Greater Vancouver Board of Trade that ranks Vancouver against 19 other global cities on a number of economic and social metrics. Put simply, the same force that has enabled Vancouver’s economy to outperform the rest of the country in recent years is also a reason its future looks so shaky: Vancouver’s red-hot real estate market.
In four of the past five years Vancouver enjoyed real GDP growth of more than 3 per cent, a pace that put it well ahead of the national average. Indeed, since 2005 Vancouver’s real per capita GDP growth has topped the rest of the country. Over that time frame the two biggest contributors to growth in Vancouver have been the construction sector and what’s often referred to as the FIRE industry—finance, insurance and real estate…
