How the federal budget affects you + MORE Apr 23rd

REUTERS/Mark Blinch
ONTARIO BUDGET TO FOCUS ON TRANSIT AND INFRASTRUCTURE
Today’s Ontario budget is expected to focus on the sales of Crown assets to pay for billions of dollars in new transit and infrastructure projects. The budget is also likely to include details of Ontario’s new provincial pension plan and the sale of beer in grocery stores. Premier Kathleen Wynne has also left the door open to tax hikes.
APPARENT MURDER-SUICIDE IN SASKATCHEWAN LEAVES FIVE DEAD
The RCMP may provide more information today about an apparent murder-suicide that has shocked the rural Saskatchewan community of Tisdale. They say a man killed a woman and her three children, then took a six-month baby and drove about 130 kilometres to Prince Albert. He then killed himself but spared the child.
REMOTE ONTARIO FIRST NATION BEING EVACUATED – AGAIN
Residents of a remote northern Ontario First Nation are to begin an evacuation today as the rising Albany River threatens the community. It’s the of fourth consecutive year Kashechewan – a community of 1,900 – will be evacuated…

The Conservative government introduced its 2015 federal budget on Tuesday evening. While the 518-page document is chock-full of text and charts on topics ranging from foreign direct investment to energy exports, it doesn’t exactly spell out in how it affects real people.
We’ve applied the budget measures that touch individual households to four fictional scenarios. Find the scenario that best mirrors your personal living situation to learn how the federal budget hits your bottom line.
Single

Julie | $55,000 annual income; no kids; renter
Meet Julie. She’s a single divorcee. She earns approximately $55,000 at her administrative job and is diligent about putting money into her Registered Retirement Savings Plan (RRSP). She hopes to retire in five to 10 years.
She’ll benefit from just announced increases to the annual Tax Free Savings Account (TFSA).
At an annual salary of $55,000, Julie pays approximately 30% in tax each year, while her contribution to her retirement savings provides her with a 20% tax refund…

TFSAs are now more powerful savings vehicles than ever. Make the most of them with these tips. (Push/Getty Images)
OTTAWA – The federal government is raising the annual contribution limit for Tax-Free Savings Accounts for $10,000, but the rules surrounding the popular saving vehicles can be confusing. Here are five things to know about the accounts:
Who can contribute: Canadian residents who are at least 18 years old can contribute to a TFSA.
» The biggest TFSAs in Canada 
How much money can I put into my TFSA account: Ottawa is increasing the annual contribution limit to $10,000, from $5,500. However, your total contribution limit is cumulative. Unused room carries forward from previous years. If you haven’t yet opened an account and were 18 in 2009, when the program started, you would be able to put $41,000 into a TFSA account this year.
» 7 things you didn’t know about TFSAs
What can I hold in a TFSA account: The investments allowed in a TFSA are generally the same as allowed in your RRSP account…

“All you need is Ecuador.” That’s the message millions of TV viewers received in February, when Ecuador became the first country to buy a commercial spot to promote tourism during a Super Bowl broadcast. But Ecuador isn’t just for tourists; it’s an incredible destination for real estate investment and retirement under the sun. And Canadian […]

OTTAWA – The federal government is raising the annual contribution limit for Tax-Free Savings Accounts for $10,000, but the rules surrounding the popular saving vehicles can be confusing. Here are five things to know about the accounts:Who can contribute: Canadian residents who are at least 18 years old can contribute to a TFSA.How much money can I put into my TFSA account: Ottawa is increasing the annual contribution limit to $10,000, from $5,500. However, your total contribution limit is cumulative. Unused room carries forward from previous years. If you haven’t yet opened an account and were 18 in 2009, when the program started, you would be able to put $41,000 into a TFSA account this year.What can I hold in a TFSA account: The investments allowed in a TFSA are generally the same as allowed in your RRSP account. They include cash, mutual funds, stocks, guaranteed investment certificates, bonds and certain shares of small business corporations.What happens when I withdraw money from my account: You do not pay tax on any interest or investment gains when you withdraw money from a TFSA account…