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

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Top financial innovations of the last 25 years Feb 29th

To mark MoneySense’s 25th anniversary, we dove into the top innovations that have changed personal finance since this magazine was founded in 1999. From new registered accounts and investment products to online services and developments in artificial intelligence, these are some of the biggest.... More »
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Ages 13 to 17: Teaching teens to budget Aug 24th

It happens so fast you could miss it. But in their teens, kids need to start moving from thinking about money in small amounts (weekly) to larger amounts (monthly). “They should start getting more money for longer periods of time, but now they also need to start taking personal responsibility for .... More »

Climate Change Is Influencing How Young People Invest Their Money Jul 11th

The climate crisis and its effects are front of mind for many Canadians. A recent Ipsos study found that 73 per cent of Canadians believe the world is headed towards environmental disaster, unless there’s an effective transition away from fossil fuels and a significant reduction in greenhouse gas .... More »

Buying home insurance in Canada: A beginner’s guide Feb 25th

Home Insurance Home insurance in Canada: A beginner’s guide In under five minutes, get a personalized home insurance quote from one of Canada’s top providers—free of charge. Just tap the button to get started. Get a free quote now* .... More »

TFSA contribution room calculator + MORE Nov 5th

Find out your current tax-free savings account (TFSA) contribution limit by using this calculator. powered by Tax-free savings account is a bit of a misnomer. While you can use it for straightforward savings, think of it more accurately as an investment holding account to store things like e.... 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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