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Telecommuting on the rise to meet challenges of real estate market, labour shortage Nov 4th
Remote workers are looking better than ever to companies contending with expensive office space and a shortage of skilled workers who may not be able to afford housing in major urban centres..... More »
Who pays tax on cash gifts in Canada? Mar 19th
Ask MoneySense
Is there a tax on cash gifts to children in Ontario?
—Virginia
Tax on gifts and loans to children in Canada
When you give cash to a child, Virginia, there are generally no tax implications for the recipient. They do not have to worry about paying tax on it, no matter where.... More »
BlackBerry shares fall despite Q1 profit; revenue lower than analysts expected + MORE Jun 23rd
BlackBerry CEO John Chen defended his plan to grow the software business as its shares tumbled Friday after reporting revenue that fell short of expectations.
The company said first-quarter revenue came in at US$235 million, down from US$400 million a year ago and below analyst expectations of US$26.... More »
Best online brokers in Canada for 2020 + MORE Jul 17th
NOTE: These rankings are based on data collected before June 1, 2020 and do not reflect changes which may have taken place since then.
A penny saved, as they say, is a penny earned. That’s certainly the case for Canada’s self-directed investors, who are embracing the ultra-low fees offered by .... More »
Reni Odetoyinbo on why you should pay yourself first and have multiple streams of income Jun 6th
Social media content creator Reni Odetoyinbo started investing at age 18 and bought her first house at 23. Everyone wanted to know how she did it, so she started documenting her journey to home ownership on her YouTube Channel in 2020.
Odetoyinbo quit her full-time marketing job at a .... More »
What to do with unused RESP money
– moneysense.ca
Q: My wife and I have a son aged 25 years old and a daughter age 27 years old who have both completed college and are both now living on their own and working full-time. We saved and used only a portion of the money that we had contributed to a family RESP to assist them with tuition and living expenses while they attended college.
We now realize our children will not be pursuing further education and we still have $54,000 in the RESP.
What are our options to reduce tax implications when we withdraw or transfer the money from the RESP to another investment account? Neither myself or my spouse has any available RRSP room. Further, is there anything we can do at this time to minimize the penalties or clawbacks the CRA will impose as a result of us not using all the RESP money for the original intended purpose?
—Kevin
A: It sounds like you and your wife have a good Registered Education Savings Plan (RESP) problem, Kevin. I’d rather have too much in my RESP than not enough. Most parents are in the latter situation…
How to add dividend ETFs to a Couch Potato portfolio
– moneysense.ca
(Photograph by Raina + Wilson)Q: I am a 63-year-old retired Couch Potato investor. I haven’t seen any unbiased information about dividend ETFs. Have you got any thoughts or recommendations on these?
— Mike
A: The traditional Couch Potato portfolios use plain-vanilla index funds and ETFs that cover the broad market, without specifically focusing on dividend-paying stocks. Many investors wonder about modifying this approach by using specialized ETFs that focus on yield. This is an especially common question for retired investors who rely on their portfolio to generate income.
Whether a dividend strategy can be expected to deliver higher returns than the traditional Couch Potato is debatable, but I recognize the intuitive appeal of investing for income. If you decide to modify the strategy to focus on dividends, I’ll make a couple of recommendations.
The first is to make sure you stay well diversified. The broad-market index funds in the Couch Potato lineup include hundreds, even thousands of stocks…
Eye on Shorts: What bearish investors are betting against
– theglobeandmail.com
Short position highlights are provided by TSX Datalinx.
RRSP season is here. Can you answer these 10 key questions?
– canadianbusiness.com
(Anthony Rosenberg/Getty)This article originally appeared at MoneySense.
It’s that time of year again. RRSP season is upon us and before that March 1 deadline approaches, plenty of Canadians have questions about contributions, withdrawals and do’s and don’ts. Luckily, our experts have answered a lot of RRSP queries over the years. Are they a total waste of time? What happens if you over-contribute? How much money should you have in your account? Here’s what you need to know…
Q: Are RRSPs ever a waste of time?
A: So, you have a Defined Benefit pension and don’t think RRSPs are worth your time? Depending on the situation (like if your spouse is out of work, or if they are in a lower tax bracket than you), contributing to an RRSP might be a great idea even if you have enough retirement savings. Here’s why.
Q: What are the differences between RRSPs and TFSAs?
A: The biggest differences are contribution limits, and how your money gets taxed upon withdrawal from the accounts…
Macy’s, the largest department store chain in the United States, says its earnings for the quarter that includes the holiday period dropped nearly 13 per cent as results were dragged down by store closures and other costs.
