Not sure how to make a retirement plan? Read on…
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Sears looking to close all stores, 12,000 to lose jobs + MORE Oct 14th
TORONTO — Sears Canada Inc. is seeking court approval to liquidate its roughly 130 remaining stores, leaving approximately 12,000 employees without a job.
The embattled retailer, which has been operating under the Companies’ Creditors Arrangement Act since June, said Tuesday that it had fail.... More »
Tax implications of making transfers between registered accounts + MORE Dec 21st
Ask MoneySense
I had a locked-in pension, which I converted to a life income fund (LIF). I also took advantage of the ability to unlock up to 50% of the LIF within 60 days and put $120,000 into an RRSP. I did not receive any funds—so I was shocked when I received a T4RIF for $120,000, which means .... More »
Using your TFSA as a learning tool + MORE Aug 26th
Raj Thirumeni
AGE: 28
PLACE: Vancouver
TFSA TOTAL: $17,000
STRATEGY: Stocks
Me and my TFSA
Raj Thirumeni is 28-years-old and works for the banking operations of a large financial institution. He has several degrees, including a Master of Science in project management, an MBA, as well as a .... More »
How do the RRSP contribution carry forward rules work? Nov 2nd
If I have $25,000 contribution room left in my RRSP, can I take that all at once plus my regular RRSP contribution of $27,230 for the tax year 2020? Effectively making a contribution of $57,230 to my RRSP?— Lorraine
The rules around RRSP contribution room
As soon as a taxpayer starts t.... More »
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 »
Battle brewing as Sears Canada confirms no severance pay for staff
– theglobeandmail.com
Dispute is due to insolvent Sears Canada Inc.'s underfunded pension, retiree benefits and severance for 2,900 terminated employees.
Tax facts when hiring a nanny
– moneysense.ca
Q: I have four children for whom I can claim child care expenses. I would like to hire someone to look after them who is retired and 71 years old.
1. She no longer needs to contribute to CPP, correct?
2. I don’t need to contribute for her as her employer, correct? Is the same correct for EI?
3. How will she be taxed on that income?
—Karina
A: Child care can be costly. Given you have four kids who require care, I can imagine a nanny is probably a less expensive option for you than day care, Karina.
As you may know, you can deduct child care expenses, including a nanny, against your eligible employment or self-employment income. You can claim up to $8,000 for each child aged six or under, $5,000 for each child aged seven to 16 and $11,000 for each child who qualifies for the disability tax credit.
A 71-year old does not need to contribute to the Canada Pension Plan (CPP), nor do you have to make contributions on their behalf. CPP contributions are required by default for any salary paid to an employee who is age 18 to 70 unless they meet certain conditions…
