Going on vacation? Here’s how to keep your home safe + MORE Jul 3rd

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Insurance for self-employed Canadians: What coverage do you need? Sep 5th

A common feature of employee benefit plans in Canada is insurance coverage. The types and amounts of insurance vary, and employees should consider their personal situation to determine if they need additional coverage beyond their group plan—as they often do.   If you are self-employe.... More »
 renters insurance

The best credit card travel perks in Canada Aug 4th

A lot of attention is given to travel credit card rewards, but what about advertised perks? These might seem like small benefits, but the value of these perks can really add up if you’ve got a great card. We’ll help you navigate the most useful credit card travel perks and help you decide if .... More »

Here’s when you might be able to apply for lower property taxes Aug 8th

Owning a home comes with a long list of expenses that go beyond a monthly mortgage, whether that’s replacing an old roof, paying for home insurance, or keeping up with climbing property taxes. While many costs are fixed, experts say there might be some wiggle room on property taxes to get the .... More »
 travel insurance

Canadians are quietly overspending on convenience May 24th

There is no doubt that life has become expensive. Everywhere you look, prices are rising: gas, groceries, restaurants, insurance. Everyday essentials that once felt manageable now seem to demand a small emotional recovery period every time you tap your debit or credit card. If it’s not rising p.... More »

So you fell short of your financial goals in 2025—here’s how to do better Dec 27th

Did you fall behind on your financial goals for 2025? If so, you’re not alone. According to a survey by online estate planning platform Willful, 58% of Canadians reported postponing financial tasks they’d earmarked for the year, such as paying down debt, contributing to registered savings and in.... More »
How is investment income taxed in Canada?Ask MoneySense
I have a GIC and wondered what if I take out $50,000, how much income tax will I be paying?

My financial advisor is not very helpful.

–Louise

There are tax considerations when you own investments. There may be tax owing when you sell investments. And different investment accounts have different tax implications when you take withdrawals.

Asking your financial advisor about taxes

I am sorry to hear your advisor has not been helpful, Louise. The financial industry has made it confusing for consumers, and most financial advisors do not really provide financial advice. They typically provide investment advice or insurance advice, generally focused on the products they are licensed to advise clients on, or that their company sells. As a result, their advice may be limited.

Many advisors have tax knowledge, and in some cases, they are quite knowledgeable. The advisor managing your investments may not have the answers to tax questions.

Owning and selling investments in Canada

How investments are taxed depends, in part, on what type of account they’re held in…

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As summer kicks into high gear, many Canadians are planning to head out of town for a vacation, whether it’s a weekend at the cottage or a month-long tour of Europe. But getting that rest and relaxation can bring a new source of stress.

According to a Leger survey conducted for Allstate Insurance Company of Canada, 62% of Canadians say protecting their home while they’re away on vacation is their biggest worry. That concern is well founded: Allstate’s claims data shows that break-ins tend to spike during the summer months, with August being the worst. Fridays are the most common day for reported theft, followed by Thursdays.

Avoid sharing your travel plans on social media

Sharing your travel details on Instagram, Facebook or other social platforms essentially tells the world you’re not at home. Despite the risks, nearly one in three Canadians who use social media post about their vacation plans before or during their trip, the survey found. Among 18- to 34-year-olds, that number climbs to 51%…

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