Trump’s budget has billions for border, cuts elsewhere + MORE Feb 28th

Target, stung by the migration of its customers elsewhere, pledged Tuesday to spruce up its stores and make other investments in its business after delivering weak quarterly results and an outlook far below what analysts were expecting.
The $7 billion investment comes as the retailer said profit for the quarter that includes the holiday season fell 43 per cent, with strong online sales failing to offset weakening business at its stores. Target’s stock tumbled more than 12 per cent and rattled Wall Street, as shares in Wal-Mart, Macy’s and other retailers fell as well.
Target said it will spend the $7 billion over the next three years to remodel more than 600 of its 1,800 stores, speed up its expansion of small-format stores, and launch new brands. The company usually spends about $2 billion a year on such capital investments.
CEO Brian Cornell acknowledged that many of Target’s store are “old and tired” and haven’t been updated in years. The company also plans to use the backrooms not just to store merchandise but to double as mini-distribution points as Target increases the number of stores that ship directly to online shoppers as it tries to match Amazon’s two-day free deliveries for Prime customers…

TORONTO — The CEO of Scotiabank (TSX:BNS) says he’s concerned about the possibility of a housing market correction in Toronto and Vancouver.
Brian Porter, who was asked about his outlook for the Canadian mortgage market during a conference call to discuss the bank’s first-quarter results, said he’s supportive of recent government changes introduced to reel in house price growth.
“Trees don’t grow to the sky and markets will correct at some stage here,” Porter told analysts Tuesday after the bank reported net income of $1.49 billion during the first quarter of the year.

Why Vancouver’s real estate prices are so crazy »

Ottawa introduced a series of changes to mortgage rules last October, including one that requires all insured mortgages undergo a stress test to make sure that borrowers would still be able to repay their loans if interest rates rise or their circumstances change.
Previously, stress tests were not necessary for fixed-rate mortgages longer than five years…

Q: I have lots of room in my RRSPs, but I am retired on a lower income. My wife still works and has no room in her RRSPs. Is there a way for her to use my RRSPs and still get the tax break?
I have been looking online but can’t find an answer to this particular question.
—Wayne
A: It can be hard to find good financial advice online, Wayne. Sometimes, the advice is outright wrong. Sometimes, it can take a while to find a good source.
I too use online resources to help validate my thinking. Sometimes, I can’t help but chuckle, because my searches lead to my own articles.

What’s your RRSP contribution limit? »

RRSP room is based on a taxpayer’s earned income. Earned income generally includes employment and self-employment income, but can also include things like net rental income and CPP or QPP disability benefits. You get RRSP room based on 18% of your earned income for the previous tax year up to a maximum for the year. RRSP room is cumulative and carries forward.
Ask a Planner: Leave your question for Jason Heath »
When a taxpayer contributes to their own RRSP, they get a tax deduction that can be claimed in the year of contribution or carried forward and claimed in a future year…

WASHINGTON — President Donald Trump wants billions of dollars to start building a wall at the Mexican border and fund efforts to find, jail and deport immigrants in the country illegally, according to White House budget documents The Associated Press obtained on Tuesday.
The Office and Management and Budget’s financial outline for the Department of Homeland Security also calls on the Coast Guard to scrap the agency’s counterterrorism Maritime Security Response Team, and all of its Maritime Safety and Security Teams. The rationale for the elimination of the programs isn’t spelled out. Trump has made fighting terrorism a top priority and his overall budget outline calls for significant increases in military spending.
The Homeland Security budget outline includes money to start hiring new immigration and border agents. It largely adheres to Trump’s promises to bolster security at the Mexican border and crack down on illegal immigration in the United States…

The oil-field service provider is poised to make its public debut at a difficult time for companies that specialize in hydraulic fracturing and other oil-field services