Take control of your finances with these budgeting tips for young adults + MORE Nov 28th

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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Why You Should Make ‘Career Cushioning’ Part of Your Job This Year + MORE Feb 1st

Have you ever casually browsed job boards, just to see what’s out there? Taken a recruiter’s call, even though you’re not sure you want to leave your current role anytime soon? Started a side hustle because it never hurts to have a Plan B? Congratulations, you were “career cushioning”—wh.... More »

Working towards your dream lifestyle? Here’s how financial goals can help Dec 21st

Having a bucket list in your 20s doesn’t have to be a pipe dream. No matter what you desire to accomplish—whether it’s going on a summer European trip, getting a new car or paying off student loans—there are steps you can take to attain your goals. Even though the cost of living is rising.... More »
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How to make better financial decisions—without regret—in a crisis Jan 27th

How do you make no-regret decisions when you are in crisis? You follow the guidelines in what I call the Decision Crisis Playbook.  The Decision Crisis Playbook  In this book, a decision crisis means you have to make big decisions at a really difficult time but your basic needs .... More »

Making sense of the markets this week: December 25, 2022 Dec 23rd

This week, Cut the Crap Investing founder Dale Roberts shares financial headlines and offers context for Canadian investors.  The round-up of returns for the year  Let’s start with a look at asset returns for 2022. Courtesy of our favourite economic tweeter Liz Sonders of Charles S.... More »
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When does the “plus 1” rule apply to a principal residence?  + MORE Jan 23rd

If I am willed a house and prefer to sell my primary residence to move into the inherited house, do I pay capital tax on the sale of my house?Is it better to be on title of the house I will inherit, even though I own another house, or leave it as an inherited house only to save taxes?—Doris Tax.... More »
As you start your career and earn a living, you’ll have to figure out how to manage your money on your own. It’s not uncommon to look at your bank balance and wonder where all your money went, even though you just got paid. That’s why you’ll want to create a budget.

According to an RBC poll, more than 80% of young adults believe financial stability is central to their overall happiness. Luckily, getting started is surprisingly easy. And the more you do it, the easier it gets. The poll also found that when young adults engaged in their finances, they are more likely to be confident in their ability to save (83%) and invest (60%). 

To help you have more control over your money, we go over the importance of budgeting, how to build and maintain a basic budget and the different financial tools you can leverage.

Why is a budget important? 

Creating and maintaining a budget is a powerful financial tool with many benefits. For one, it identifies your sources of income (when you have incoming money) and your expenses (when the money goes out of your account), usually on a monthly or yearly basis…

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Franchise founder Nathalie Smith still remembers seeing the blissful expression on guests’ faces when they left the spa where she swept the floors and answered the phones. Years later, she was thrilled when she heard of a way to give people the same kind of feel-good, big-reveal moment: lash extensions. When she had saved up enough from her property management business—and with the help of some technical classes she took in her spare time—she opened her own eyelash salon in a small, third-floor unit in Toronto. The project grew to a six-location franchise in the GTA, now called MYNC (pronounced “mink”), “where guests socialize while getting pretty in a wink.”

North American franchise Blo Dry Bar acquired MYNC in October. Now, Smith is preparing to launch MYNC nationwide. She continues running MYNC as brand president, supporting new franchisees. Smith believes that you can turn passions into proceeds when you pursue a career that you truly love. Read more of her biggest takeaways on managing money and growing your wealth…

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I have a house I was renting in the past and now want to move into as my primary residence. Is there a length of time that I need to live in it to ensure capital gains will not apply on my death, or will capital gains apply based on the years it was rented?

Also, if I co-own this house with a colleague (not spouse/partner), is it automatically assumed to be “joint tenancy” or is it assumed to be “tenants in common” if it is not specified (i.e. the title just shows the two names)?

—Debra

Capital gains when moving into a co-owned property

When you have a change in use for real estate you own, Debra, you are considered to have sold it and then reacquired it immediately. The transaction is considered to have taken place at the fair market value for the property, so you cannot assume an artificially low value. This generally results in a capital gain if the property has appreciated. If you have claimed depreciation (as capital cost allowance), the previous claims are brought into income in that year (known as recapture of capital cost allowance)…

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