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Latest News
How to change a past tax return Apr 11th
Ask MoneySense
I have non-registered investment management fees from 2021 and 2022 that were not claimed on my returns for those years. Can they be deducted on my 2023 return? If not, is there another way to utilize those deductions now?
—Ian
How to change a tax filing to claim investment m.... More »
How to start saving for retirement at 45 + MORE Mar 14th
Saving for retirement at age 45 means you’ll have a 20-year runway toward a traditional age 65 retirement. But what’s your starting point? The National Bank of Canada suggests that by age 40 you should have 2.1 times your annual income saved for retirement, while the U.S.-based firm Fidelity rec.... More »
Nicholas Hui, P.Eng, Certified Financial Planner + MORE Mar 22nd
Who is Nicholas Hui?
Nicholas Hui was an automotive engineer for 20 years before becoming a Certified Financial Planner. He brings the same systematic approach from his engineering background to his practise now as an advice-only planner. Nicholas specializes in helping young families and profess.... More »
Can I withdraw from RRSPs to pay bills? + MORE Apr 20th
What are the cons to withdrawing RRSP savings of $25,000 to pay off some unexpected bills I have incurred?—Anonymous
Withdrawing RRSPs when you’re not retired
Ahh, the unexpected bills.
Anonymous, I’ll give you my initial thoughts first, and then I’ll review the cons of withdrawing .... More »
Why contributing to a TFSA is a good resolution Dec 28th
If nothing else, tax-free savings accounts (TFSAs) have been a boon to Canadian financial writers and bloggers. Two noteworthy examples: A blog on Boomer & Echo by CFP Robb Engen (also a MoneySense ETF expert panelist for the annual Best ETFs in Canada feature) comparing TFSAs to registered reti.... More »
Home-financing tips for 4 types of buyers
– moneysense.ca
Some home-buying advice is one-size-fits-all—like getting a mortgage pre-appproval. No matter who you are or what your circumstances, it’s always a good idea to arrange your financing ahead of time so you know how much home you can afford.
Some groups of buyers, however, face specific challenges that need more targeted strategies.
Single or self-employed borrowers, for instance, often have a harder time qualifying for a mortgage than dual-income couples with full-time employment. Parents-to-be and downsizers, on the other hand, could face potential changes in income due to maternity/parental leave or retirement that could affect their ability to make payments or borrow money.
We asked real estate and mortgage professionals across Canada about the unique obstacles facing four different types of home buyers, and the strategies you can use to get past them.
If you’re single/divorced
Unless you’re a top earner, qualifying for a mortgage on a single income can be tough. But it’s not impossible…
Some groups of buyers, however, face specific challenges that need more targeted strategies.
Single or self-employed borrowers, for instance, often have a harder time qualifying for a mortgage than dual-income couples with full-time employment. Parents-to-be and downsizers, on the other hand, could face potential changes in income due to maternity/parental leave or retirement that could affect their ability to make payments or borrow money.
We asked real estate and mortgage professionals across Canada about the unique obstacles facing four different types of home buyers, and the strategies you can use to get past them.
If you’re single/divorced
Unless you’re a top earner, qualifying for a mortgage on a single income can be tough. But it’s not impossible…
Are you entitled to anything when your ex-spouse dies?
– moneysense.ca
Q. My ex-husband died a month ago. Am I allowed any amount of his CPP or his military pension, although we were divorced?
–Ginette
A. I am sorry for your loss, Ginette. As you may already know, the end of a marriage or common-law relationship doesn’t automatically sever all ties between partners.
Canada Pension Plan (CPP) contributions made while common-law or married spouses were living together can be divided upon separation or divorce. This is called CPP credit splitting, and it may result in a spouse who made lower contributions to CPP receiving a higher retirement pension in the future.
The CPP pays a survivor’s pension upon the death of a CPP contributor. To be eligible, the survivor must have been legally married to the deceased or have been their common-law partner. A legal spouse who is separated may qualify for the benefit; however, a divorced ex-spouse is not entitled to a survivor’s pension. As a result, Ginette, you will not have any CPP survivor’s pension entitlement…
–Ginette
A. I am sorry for your loss, Ginette. As you may already know, the end of a marriage or common-law relationship doesn’t automatically sever all ties between partners.
Canada Pension Plan (CPP) contributions made while common-law or married spouses were living together can be divided upon separation or divorce. This is called CPP credit splitting, and it may result in a spouse who made lower contributions to CPP receiving a higher retirement pension in the future.
The CPP pays a survivor’s pension upon the death of a CPP contributor. To be eligible, the survivor must have been legally married to the deceased or have been their common-law partner. A legal spouse who is separated may qualify for the benefit; however, a divorced ex-spouse is not entitled to a survivor’s pension. As a result, Ginette, you will not have any CPP survivor’s pension entitlement…
John McEnroe criticized for comments on Emma Raducanu’s midmatch withdrawal at Wimbledon – The Globe and Mail
– news.google.ca
John McEnroe criticized for comments on Emma Raducanu’s midmatch withdrawal at Wimbledon The Globe and MailTomljanovic moves past Raducanu after retirement; Pliskova, Muchova win at Wimbledon WTA TennisJohn McEnroe slammed for comments over Emma Raducanu withdrawal The GuardianSecond Service: Kyrgios heartbreak; Raducanu living the dream TennisheadJohn McEnroe’s comments on BBC TV broadcast draw attention ABC NewsView Full coverage on Google News
