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

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…

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%…