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The best high-interest savings accounts in Canada for 2023 + MORE Jun 26th
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The best high-interest savings accounts in Canada for 2023
Here are the accounts offering the highest interest rates and lowest fees.
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The rates i.... More »
Ways to “unlock” retirement savings in a LIRA Dec 12th
Q. When I retired at age 63, the financial institution that managed my DPSP account paid the company-contributed portion (approximately $30,000) into a LIRA.
Given all the constraints related to drawing down a LIRA/LIF, I am now 65, living in BC, and have two questions:
Since I was already at re.... More »
Amar earned $117,799 last year. But he is a freelance photographer with an unpredictable income. How can he sock away more savings? + MORE Oct 17th
Amar is 31 years old and lives in an affordable shared apartment. How can he increase his savings when his monthly income is never the same?.... More »
New year, new spending habits Dec 5th
Money-wise, it’s been a challenging year for Canadians but the new year is also a chance to build better strategies around how you spend money. Steer clear of these three common pitfalls for financial success in 2023.
Money mistake #1: Not paying off debt quickly
If you’re in the red, you.... More »
’Tis the season for tax-loss selling in Canada + MORE Dec 11th
With 2023’s year-end fast approaching, late December is a critical period for Canadian investors and their money managers. Now that we’re in the fourth quarter, this is the time to take inventory of your investments—and specifically taxable non-registered investment accounts—with an eye to m.... More »
2020 Income Tax: What you can’t—and can—claim for your work-from-home office during the COVID-19 pandemic
– moneysense.ca
You furnished a functional home office, you’ve got face masks ready by the door for when you need to run an errand, and you bought sanitizer (so many bottles of sanitizer). You’ve done your part to stay home and help flatten the coronavirus curve. The question now is: Can you write off working from home during the pandemic and any of these things you bought because of COVID on your taxes?
We hate to tell you this, but right now, the answer is no. Before we dive into what can’t be written off, let’s address the self-employed people (including myself) reading this piece.
If you’re self-employed
“Nothing has changed, nothing has been announced,” says Jennifer Gorman, the social care manager at Intuit, who answers tax-related questions on the company’s social media channels. (She’s also a tax expert with 30 years’ experience.)
If you’re self-employed, continue with your regular tax processes until you hear otherwise from the Canada Revenue Agency (CRA).
If you’re a salaried employee with a T2200—or you want to ask for it
If you’re a salaried employee, you’ve probably heard about the T2200…
We hate to tell you this, but right now, the answer is no. Before we dive into what can’t be written off, let’s address the self-employed people (including myself) reading this piece.
If you’re self-employed
“Nothing has changed, nothing has been announced,” says Jennifer Gorman, the social care manager at Intuit, who answers tax-related questions on the company’s social media channels. (She’s also a tax expert with 30 years’ experience.)
If you’re self-employed, continue with your regular tax processes until you hear otherwise from the Canada Revenue Agency (CRA).
If you’re a salaried employee with a T2200—or you want to ask for it
If you’re a salaried employee, you’ve probably heard about the T2200…