Not sure how to make a retirement plan? Read on…
Latest News
Selling stocks at a loss in a TFSA: What it means for your contribution room Apr 12th
Ask MoneySense
I lost $20,000 dollars in my TFSA account in the market correction, and my broker sold the losing stocks. Can I put more money in to bring me back up the to the limit the government allows?—Wayne
Capital losses in a TFSA
A capital loss is when you sell an investment at a lowe.... More »
Stock news for investors: Rogers posts loss, Teck profit surges Jul 25th
Here’s a round-up of news for Canadian investors this week.
Rogers
Teck
Scotiabank
Sleep Country
Featured RRSP Accounts
featured
EQ Bank
Build your retirement savings with 1.... More »
Stock news for investors: Canadian Natural boosts quarterly dividend after massive Q4 profit Mar 7th
Here’s a round-up of news for Canadian investors this week.
Canadian Natural Resources
Pet Valu
George Weston
Canada Packers
Featured RRSP Accounts
featured
EQ Bank
Build yo.... More »
Making sense of the markets this week: December 24, 2023 Dec 28th
Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors.
It’s a tough job, but…
It’s really hard to predict what the investment world will do. It’s even harder to predic.... More »
RRSP or TFSA? Here’s the simple and definitive answer Jan 20th
Should you save for retirement in an RRSP or a TFSA? For many high earners, an RRSP is your best bet, writes David Aston.... More »
Gina says she is uncomfortable with owning a rental property. There are better choices for a risk-averse investor.How seniors can avoid financial abuse
– moneysense.ca
TORONTO — Elder abuse expert Lynn McDonald routinely fields calls concerning financial exploitation, but none more dramatic than a recent incident involving a woman in Saskatchewan who was nearly bankrupted by one of her own adult children as she underwent hip replacement surgery.
“The daughter convinced the mother to sign over everything to her while she was sick in hospital and then she’d get it back after she came out,” says McDonald, director of the Institute for Human Development, Life Course and Aging at the University of Toronto.
“But she sold the mother’s house right under her, and took all her possessions. When the discharge went through, the mother came out of hospital with nothing but a pension.”
“The daughter convinced the mother to sign over everything to her while she was sick in hospital and then she’d get it back after she came out,” says McDonald, director of the Institute for Human Development, Life Course and Aging at the University of Toronto.
“But she sold the mother’s house right under her, and took all her possessions. When the discharge went through, the mother came out of hospital with nothing but a pension.”
Managing assets under power of attorney »
McDonald says 2.6 per cent of Canada’s growing population of residents 55 years of age and older are financially abused, making it the second most common form of elder abuse.
With the spotlight on elder abuse awareness throughout June, she says it’s critical for seniors to understand how to protect themselves from financial abuse given that the majority of cases will involve people who are close to them…
Retiring to Mexico— for a lower tax rate
– moneysense.ca
Q: We have a friend living in Mexico 10 months of the year.
She says she pays a flat 15% income tax on her total Canadian incomes. This is a working pension, CPP and OAS.
Is this for real?
—Merry
A: I gather your friend has you interested in retiring to Mexico as well, Merry? Her story sounds good at first pass – but it may or may not be upon closer examination.
If someone has a “permanent home” in Mexico, they are generally considered a Mexican tax resident. A permanent home can be rented or owned. The permanence just means it’s not just for occasional use, like a rental for the winter. It needs to be a long-term lease or a property they own.
If your friend has a permanent home available in Canada as well as Mexico, her residency would also depend on her “centre of vital interests.” So the taxation authorities would consider things like family, job, memberships, assets, etc. to assess personal and economic ties to see if she had a closer tie to one country or the other…
