A tax guide for Canadians with disabilities + MORE May 6th

When David Walter’s preteen daughter offered to contribute rent money out of the blue, he decided it was the perfect moment to talk about housing costs. “She’s a bit of an entrepreneur,” he said of his eldest of four kids. The 11-year-old was already earning her own money, buying and selling repackaged items.

Walter, a financial planner at Sun Life, recalled discussing housing costs and why it was inappropriate for parents to charge a preteen for accommodation. However, that income could still be put to good use. He recommended his daughter sock the money away in a savings plan for her education, her first car, or another bigger goal. And so she did. 

Introducing kids to family finances

Walter started introducing his kids to household finances when they were about seven, and he is a firm believer that most families should, too. He says it lays the groundwork for kids to approach money talks with ease and curiosity as they grow up and begin to handle their own finances…

Here’s a round-up of news for Canadian investors this week.

Air Canada

Canada Packers

Bombardier

Spin Master

Gildan

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It is the understatement of the century to say that being disabled is expensive. Many advocates refer to the added financial burden as the “disability tax”—the extra, unavoidable costs of living with a disability. In Canada, where about 27% of people identify as disabled according to Statistics Canada, those costs can include accessible equipment, suitable housing, and ongoing medical expenses that quickly add up.

Then comes tax season. There’s no shortage of programs available to Canadians who are disabled, including tax credits and savings plans—but navigating them can be both overwhelming and time consuming. 

Yannick Lemay, a tax specialist at H&R Block Canada, describes it as “an ocean” of information. “There are federal programs; there’s also provincial programs, provincial credits, depending on where you live. Sometimes even municipalities might have grants or other other specific programs,” Lemay says, “So it’s a lot of information out there…