When to watch out for OAS clawbacks + MORE Mar 15th
Shocking claims: Four outrageous income tax deductions + MORE Apr 5th
Travel deals to take advantage of now, and save for later—when it’s safe + MORE Jun 20th
Reconsidering when to take CPP benefits amid COVID-19 risk + MORE Apr 18th
When does it make sense to sell real estate in a larger city and buy in a smaller one? + MORE Jun 6th
Why Are Canadians Contributing Less to TFSAs?
– ratesupermarket.ca
Canadians put a lot less money into their TFSAs last year, according to a recent survey from BMO Financial Group, and most of them cite the same reason for their decision: they simply didn’t have any extra money to work with.
Overall, the average person put in $939 less into their TFSA in 2016 than they did the year before. BMO reports that the average contribution was $4,592 in 2016, compared to $5,531 in 2015. The slump in contributions becomes more alarming when you consider the fact that a portion of that average likely came from some form of catch-contributions not subject to the $5,500 annual limit.
Most Canadians lack the funds to invest
Among those who trimmed their contribution, 43 per cent admitted it was because they simply didn’t have enough money to invest, while 36 per cent said they needed the cash for other expenses.
That’s not completely surprising though, when you consider that the ideal TFSA buyer isn’t really supposed to have much in savings to begin with…
Foreign buyer tax alone won’t fix Toronto housing crisis: report
– canadianbusiness.com
The report, titled “In High Demand” and released Monday by Ryerson University’s City Building Institute, favours a tax on foreign buyers _ similar to the one introduced in Vancouver last summer _ but suggests it should be implemented in addition to a “progressive surtax” on expensive homes owned by people who aren’t paying income tax, including people with foreign capital.
“The surtax essentially gets wiped out if you’re earning money locally and paying taxes locally or in Canada,” said report author Josh Gordon, an assistant professor at Simon Fraser University.
It’s a system that hasn’t been implemented elsewhere, Gordon said, though it was first proposed several months ago by his colleague Rhys Kesselman.
The surtax would target foreign buyers who don’t contribute to the local labour market, as well as wealthy Canadian citizens who have “aggressively evaded taxes,” the report said…
Canadian second-hand economy spending up $1B
– moneysense.ca
That’s an increase of $1 billion from the previous year!
Are you surprised to see such big numbers? Don’t be. On average, people participating in the SHE saved $843—that’s up from $480 in the previous year. And if you were on the selling side of things, the average earnings were $1,037 (up from $883 in 2015).
How does VarageSale compare to Kijiji? »
As it turns out, the second-hand economy is a great source for savings. Canadians who participated were motivated by the opportunity to save money and getting a good deal, according to Kijiji’s report.
The money saved (or earned by sellers) was put towards making everyday purchases, savings, and paying off debt.
What are people trading?
According to the SHE index, the following were the top exchanged goods.
Clothing, shoes & accessories
Entertainment products
Baby clothing and accessories
Games, toys, and video games
Leisure, art, and craft items
This really isn’t that surprising when you realize that the second-hand economy isn’t just about buying and selling used goods; it also refers to donating, renting, gifting, sharing and, swapping…
5 best financial moves a 40ish woman can make
– moneysense.ca
Chatelaine asked 1,000 Canadian women between the ages of 35 and 45 to share how secure they feel about themselves as part of their This is 40(ish) project. They asked them if they’re on top of their money (53% say they are, while 4% say their bank accounts are a mystery to them), whether they tell their partners exactly how much money they have (a third said they don’t), among many other things.
Some interesting statistics from the study? Of the women who borrowed money from their families, 87% paid it back. And of those surveyed, 29% borrowed under $250, while 26% borrowed between $1,001 and $5,000. Overall, it seems that most women (51%) think they’re better with money than their partners.
Well isn’t that good news! For most people, the 40s is when pay cheques climb and debt tumbles, creating some welcome financial breathing room. However, there are plenty of big ticket savings items that women in their 40s must deal with: saving for their kids’ education and paying down their mortgage…
Canadians' Household Debt Hits Yet Another All-Time High
– walletpop.ca
Statistics Canada says the amount of household credit market debt crept to 167.3 per cent of adjusted household disposable income in the fourth quarter, up from 166.8 per cent in the third quarter.
That means there was $1.67 in credit market debt for every dollar of adjusted household disposable income.
Canadians’ household debt hit yet another record high in the fourth quarter of 2016, Statistics Canada says. (Photo: getty Images)
The increase came as income rose by 1.1 per cent, while household credit market debt gained 1.2 per cent.
Total household credit market debt, which includes consumer credit, and mortgage and non-mortgage loans, totalled nearly $2.029 trillion in the final quarter of last year.
Mortgage debt accounted for 65.5 per cent of the total. — This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.