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Online “finfluencers” grow up + MORE Jul 4th
If you’re someone near or at retirement, has a column like the one you’re now reading ever “finfluenced” any of your financial decisions? Increasingly, many Canadian investors are turning to a new generation of voices online, a trend that regulators are starting to watch more closely.
.... More »
The Future of Blackwater and Other Guns for Hire + MORE Oct 23rd
Paying for a soldier’s health care and retirement pension is far more costly than hiring contractors, even at exorbitant rates..... More »
Why GICs might be a better investment than stocks and bonds Aug 17th
Financial markets have fallen quite dramatically in 2022, and that has made choosing investments even more difficult than usual. The turmoil has made many investors nervous about investing in stocks. The Toronto Stock Exchange (TSX) was down nearly 10% for the first half of 2022, and the S&P 500.... More »
3 sectors to consider investing in when the stock market is volatile May 3rd
If you’re retired or nearing retirement, or you’re a younger investor who wants stability in your portfolio, where should you consider investing when financial markets are suffering? Three sectors stand out for their relative stability in tough times: health care, utilities and brand leaders. He.... More »
Sears pension ‘slap’ shows need to diversify savings + MORE Sep 23rd
Employer-sponsored pension plans force people to save for retirement. But what happens when a company isn't healthy enough to fund them?.... More »
Will you contribute to an RRSP this year?
– moneysense.ca
Three in 10 (31%) of Canadians plan to contribute to their Registered Retirement Savings Plan (RRSP) this year, down from 39% in both 2012 and 2011, a new poll for Scotiabank ahead of this year’s March 3 deadline has found. Fourteen per cent are undecided.
With just eight weeks left to contribute and qualify for a tax deduction for the current tax year, roughly three-quarters of poll respondents with an RRSP said they’ve thought about contributing more but cite a lack of funds as the top reason for not contributing more.
The study also found that 40% of Canadians with an RRSP have withdrawn funds. Sixteen per cent did so to take advantage of the first-time Home Buyers Plan credit, which allows you to withdraw funds tax-free as long as you replace the amount within 15 years. Unfortunately, the study also revealed more people are dipping into their retirement savings to cover day-to-day living expenses (8% vs. 5% in 2012) pay down debt (8% vs. 6% in 2012) and pay for home renovations (5% vs…
With just eight weeks left to contribute and qualify for a tax deduction for the current tax year, roughly three-quarters of poll respondents with an RRSP said they’ve thought about contributing more but cite a lack of funds as the top reason for not contributing more.
The study also found that 40% of Canadians with an RRSP have withdrawn funds. Sixteen per cent did so to take advantage of the first-time Home Buyers Plan credit, which allows you to withdraw funds tax-free as long as you replace the amount within 15 years. Unfortunately, the study also revealed more people are dipping into their retirement savings to cover day-to-day living expenses (8% vs. 5% in 2012) pay down debt (8% vs. 6% in 2012) and pay for home renovations (5% vs…
Analysis: Clock's ticking on RRSP deadline
– canoe.ca
Understanding the family finances from a “big picture” standpoint can be a very daunting and intimidating exercise to tackle. It seems that as we hurdle through life’s challenges, it is easy to get caught up in the day-to-day activities and roll from one bill to the next without giving much thought to an end goal.
OTTAWA – It’s not just the temperatures that are freezing on this first day of 2014.
The federal government says it’s freezing Employment Insurance premiums, and generally keeping taxes low.
But the Canadian Taxpayers’ Federation says the EI “rate freeze” will actually mean that premiums will go up slightly for some.
In its annual New Year’s Tax Changes report, the federation calculates that maximum employee EI rates will go up by $23 in 2014 to $914.
It says maximum EI premiums paid by employers will also rise by $31 to $1,279.
Overall, EI premium rates will remain at 2013 levels, at $1.88 per $100 of insurable earnings.
The federation adds that Canada Pension Plan premiums will be hiked by $140 for workers earning at least $52,500 per year.
But there will be bigger tax breaks for people who donate to charities for the first time.
They will receive a credit of 40 per cent of the first $200 they donate, rather than the normal 15 per cent credit.
The tax credit for donations over $200 is also rising, to 54 per cent for first time donors, rather than the previous 29 per cent…
The federal government says it’s freezing Employment Insurance premiums, and generally keeping taxes low.
But the Canadian Taxpayers’ Federation says the EI “rate freeze” will actually mean that premiums will go up slightly for some.
In its annual New Year’s Tax Changes report, the federation calculates that maximum employee EI rates will go up by $23 in 2014 to $914.
It says maximum EI premiums paid by employers will also rise by $31 to $1,279.
Overall, EI premium rates will remain at 2013 levels, at $1.88 per $100 of insurable earnings.
The federation adds that Canada Pension Plan premiums will be hiked by $140 for workers earning at least $52,500 per year.
But there will be bigger tax breaks for people who donate to charities for the first time.
They will receive a credit of 40 per cent of the first $200 they donate, rather than the normal 15 per cent credit.
The tax credit for donations over $200 is also rising, to 54 per cent for first time donors, rather than the previous 29 per cent…
