Can you move income back and forth between spouses? + MORE Aug 18th

There’s a deepening divide among consumers, even as the rate of missed credit payments dipped, a new Equifax Canada report shows. 

It shows 1.4 million Canadians missed a credit payment in the second quarter. While that’s up by 118,000 compared with the same time last year, it’s down slightly from the first quarter. 

Rebecca Oakes, vice-president of advanced analytics at Equifax Canada, said it’s “a bit of good news” to see the delinquency rate levelling off. “We’re starting to finally see that stabilize a little bit,” she said in an interview.

“The less good news, though, is that below that high level number, we’re still seeing this financial gap widening for some groups of consumers,” she added, particularly between home owners and non-home-owners. 

Widening gap between home owners and non-home-owners

About one in 19 Canadians without a mortgage missed at least one credit payment, compared with one in 37 home owners, the report said. 

Total consumer debt rose 3…

GIC comparison tool

Find the best and most up-to-date GIC rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated rate of return based on the size of your balance.

Why trust us
MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings of major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.

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Highest GIC rates in Canada

Banks, credit unions, trust companies and discount brokerages all offer GICs. Below, you’ll find the best rates available from a variety of financial institutions, including credit unions and Canada’s Big Six banks. The rates listed are for non-redeemable GICs held in non-registered accounts—the most popular type of GIC in Canada…

Ask MoneySense
I have an investment property (condo) in my name. I would like to sell it and [have the proceeds] paid out half to me and half to my spouse. The plan is to make the maximum RRSP contribution for both of us to minimize the capital gain.

Is that plan OK, legal, and wise?

–Zlatko

Taxpayers sometimes get confused about how to report their investment income, especially from a significant transaction like a real estate sale or other asset sale that yields a large capital gain. The rules are clear, and it’s important to follow them so that your tax return is filed correctly. Tax planning is a taxpayer’s right, but it is an offence to make a false statement on your tax return.

Let’s look at reporting investment income and capital gains, and which spouse should report the capital gain on a rental property. 

Reporting investment income

When you earn investment income like interest or dividends in a taxable investment account, or rental income from a rental property, you need to report it on your tax return…

Wall Street ends on muted note ahead of Jackson Hole summit, retailers’ earnings  ReutersStock market today: Dow, S&P 500, Nasdaq futures waver with retail earnings, Fed policy in focus  Yahoo FinanceWall Street holds at a standstill near its record heights  SooToday.comDow Jones Index Slips As Fed Chair Powell’s Speech Looms; Palantir Falls As Solar Stocks Shine  Investor’s Business DailyWall Street holds near its records ahead of earnings from retailers and Fed news  Prince George Citizen

Savings comparison tool

Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.

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Why trust us
MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings of major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.

Best high-interest savings account rates in Canada

Generally, savings accounts offer very low interest rates. So, if you want to earn on your deposits (rather than simply using your account as a temporary “holding tank” or directing to longer-term saving and investing vehicles), a savings account with a high interest rate is a no-brainer…