Making sense of the markets this week: April 2, 2023 Apr 2nd

All about Canadian insurance. Learn the ins and outs and get the latest news.
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 house insurance

How to calculate the taxable amount for a cashed-in whole life insurance policy + MORE Apr 18th

Ask MoneySense I cashed in my whole life insurance policy last year and received a T5 suggesting I have to pay tax on the full amount of my cash value. Is this correct? The cash surrender value was $27,000, I paid $28,000 in premiums, and they told me my pure cost of net insurance was $30,000, whate.... More »
 commercial insurance

No health insurance? Here’s how to keep dental costs from bankrupting you May 24th

Should you get dental health insurance? (Likely no) Can you haggle over prices with your dentist? (Yes!). The Star spoke to experts about strategies for keeping costs in check..... More »
 insurance quote

How GreenShield+ Will Revolutionize Canada’s Health Care and Benefits Experience  Apr 14th

Imagine it’s a Monday morning and you’ve woken up with a fever and a pounding headache. Instead of waiting in line at a nearby walk-in clinic, you reach for your phone, open an app and connect with a doctor in a matter of minutes. Do you require medication? Imagine receiving a prescription in re.... More »
Making sense of the markets this week: April 2, 2023Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, shares financial headlines and offers context for Canadian investors.

Freeland fires again at Canadian Banks

There are several big-picture looks at the important aspects of the Canadian federal budget that was unveiled on Tuesday. For this week’s “Making sense of the markets this week” column, we’re focussing on two lesser-reported items buried in the details: A new measure aimed at Canadian banks, and another at corporate shareholders. (Read MoneySense’s full coverage of the 2023 federal budget.)

The 2023 federal budget and banks

If you’re a Canadian bank shareholder you may already be smarting from the hit you took in the last budget when the Canada Recovery Dividend was announced, and an extra 1.5% corporate tax was placed on banking and life insurance companies.

On Tuesday, Finance Minister Chrystia Freeland announced that the Income Tax Act would be amended, and that dividends received on Canadian shares held by Canadian banks and insurers would be treated as business income…

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