The “Big Five” Canadian banks offer investment funds and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Let’s explore the best place for you to invest.
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The best balance transfer credit cards in Canada for 2024
Moving your credit card debt to a balance transfer card can help you pay off the debt more quickly by paying little or no interest.
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COVID-19 financial support for working seniors
– moneysense.ca
Q. I am still working, and also receive Canada Pension Plan (CPP) and Old Age Security (OAS) benefits. If I get laid off from work, as it appears will happen soon, would I qualify for the government COVID-19 income? I am 69 years old.
–Tom
A. The Canadian government has unveiled massive financial support for workers and businesses in the wake of COVID-19. Working retirees are not excluded, Tom.
Canada Emergency Response Benefit (CERB)
The Canada Emergency Response Benefit (CERB) is meant for both employed and self-employed Canadian residents. It is payable to recipients who have involuntarily stopped or who will involuntarily stop working for at least 14 days consecutively.
For seniors, receiving Canada Pension Plan (CPP) or Old Age Security (OAS) benefits does not rule out receiving CERB.
The benefit is $500 per week and is currently payable for up to 16 weeks, payable in four-week periods. That is the equivalent of $26,000 annualized, payable for approximately four months. It is certainly possible the government could extend this benefit past the initial 16 weeks, but this remains to be seen…
–Tom
A. The Canadian government has unveiled massive financial support for workers and businesses in the wake of COVID-19. Working retirees are not excluded, Tom.
Canada Emergency Response Benefit (CERB)
The Canada Emergency Response Benefit (CERB) is meant for both employed and self-employed Canadian residents. It is payable to recipients who have involuntarily stopped or who will involuntarily stop working for at least 14 days consecutively.
For seniors, receiving Canada Pension Plan (CPP) or Old Age Security (OAS) benefits does not rule out receiving CERB.
The benefit is $500 per week and is currently payable for up to 16 weeks, payable in four-week periods. That is the equivalent of $26,000 annualized, payable for approximately four months. It is certainly possible the government could extend this benefit past the initial 16 weeks, but this remains to be seen…
The right way to report shared investment income on a tax return
– moneysense.ca
Q. I have a join investment account with my partner and, as required, we each report earnings from the account on our annual tax returns, based on the ratio of our contributions to the account. But what should we do if future contributions should change the ratio in our joint investment account—do we recalculate our reporting ratio whenever this happens? I have heard that CRA may audit any accounts that appear to be making changes for optimal tax splitting outcomes, and would like to avoid an audit by handling this in the correct way.
–Maura
A. Hi Maura. Typically when you have a joint investment account, the reporting ratio stays the same over time on the theory that the ratio of subsequent income deposits is the same as the original contribution from each of the parties to the joint account. So when people change the reporting ratio, it’s a red flag to CRA.
As a result, these are frequent areas that CRA likes to audit, but don’t let that worry you. If your proportionate income deposits are changing, then the reporting ratio should change and CRA will accept this—with the relevant proof, of course…
–Maura
A. Hi Maura. Typically when you have a joint investment account, the reporting ratio stays the same over time on the theory that the ratio of subsequent income deposits is the same as the original contribution from each of the parties to the joint account. So when people change the reporting ratio, it’s a red flag to CRA.
As a result, these are frequent areas that CRA likes to audit, but don’t let that worry you. If your proportionate income deposits are changing, then the reporting ratio should change and CRA will accept this—with the relevant proof, of course…
