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

There are more insurance options in Canada than you can shake a stick at! Stay on top of the best policies right here.
Latest News

Preparing taxes for someone who died Feb 9th

When you are managing the tax affairs of someone who has died, there are important steps to take to notify the Canada Revenue Agency (CRA), represent the deceased taxpayer, and finalize their tax filings.  Contacting the CRA You should contact the government as soon as possible. This incl.... 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 »
 term life insurance

What is pet insurance—and do you need it? + MORE Sep 25th

Did you know that 60% of Canadians have a pet, but only around 4% of these furry friends are covered by pet insurance? If you’ve put off purchasing pet insurance because you’re unsure what it is or whether you even need it, we’re here to help. As pet insurance becomes more common and availa.... More »

Condo maintenance fees: How much is too much? Jun 29th

Condos are a popular choice for many first-time homebuyers owing to their lower price point and access to amenities such as gyms and pools. But as well as a mortgage, condo owners are responsible for monthly maintenance fees that support operating costs for the building, among other aspects, and it&.... More »
insurance

BMO Ascend World Elite Mastercard review Dec 10th

The BMO Ascend World Elite Mastercard is just one card in BMO’s premium lineup. It offers a points-based rewards program through BMO Rewards, 5x the points on travel purchases, flexible redemption options, and usually a large welcome bonus. We’ll break it all down below so that you can decide if.... 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…

Continue Reading On moneysense.ca »

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%…

Continue Reading On moneysense.ca »

Share

PinIt
Compare insurance quotes through Kanetix.ca - save time and money!