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…
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…
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)?
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)…