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The best high-interest savings accounts in Canada for 2024 May 21st
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The best high-interest savings accounts in Canada for 2024
Here are the accounts offering the highest interest rates and lowest fees.
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What’s my RRSP contribution limit for 2021? + MORE Jan 16th
If you’re like many Canadians, you’re hoping you’ve paid enough tax in 2021 and may even be looking forward to a hefty tax refund. (The deadline for filing this year is April 30, 2022, which is on a Saturday, by the way. So you actually have until May 2, 2022 to file.) You can help ensure that.... More »
Which free software should you use to file your income tax return? + MORE Apr 19th
TurboTax or SimpleTax—which program should you consider to file your taxes online?.... More »
Look outside the Big Banks box for best savings rates + MORE Nov 21st
Small financial institutions, ETFs and investment savings accounts offer the best interest rates around.... More »
Ontario Fall Economic Update: Small Businesses Get Tax Cut; Minimum Wage Hike Moves Forward + MORE Nov 23rd
The Ontario government recently published its Fall Economic Statement which outlined some new tax breaks for small businesses and further acknowledged its plans to increase the minimum wage in the new year.
Good news for small businesses
For businesses that earn less than $500,000, the corporate in.... More »
How I grew $30 to $250,000 in just 10 years
– moneysense.ca
Gokul Jayapal, 40, Scarborough, Ont.I came to Canada from the U.K. 12 years ago when I was 28. I had just $11,000 with me—the bare minimum for entry. In those early days, I spent that money on housing, a new laptop and other basic amenities before starting my job search in earnest. It was tough. Even though I had a PhD in agricultural sciences, I failed to get a job in my field. I was told one of three things by recruiters: either my doctoral degree from the U.K. wasn’t recognized in Canada, I had no Canadian qualification or experience, or, simply put, I just wasn’t qualified. I sent out more than 1,000 job applications and never got an interview.
Frustrated, I changed my strategy and started job hunting with a resume that listed just my master’s degree. I soon landed a marketing job where I only made a commission. I had to hustle. With just $30 in my savings account, I took a second job writing freelance articles about personal finance for Canadian Immigrant magazine.
It was during this time that I accidentally stumbled upon The Courage to be Rich by Suze Orman…
Capital gains when selling property to family
– moneysense.ca
Q: Do I have to pay income tax if I inherited a property jointly with my sister and she bought me out for less than half the appraised value of the property?—Johanna
A: Asset sales between family members can be tricky to facilitate at a family level, let alone from a tax perspective. There are tax implications to be aware of here, Johanna.
First, a primer on how capital gains tax works. For real estate, it’s based on the sale price, less selling costs, less capital improvements made to the property, less your adjusted cost base (ACB) or acquisition cost.
Fifty percent of a capital gain is taxable and is added to your other sources of income for the tax year. A large capital gain—for example, on a piece of real estate—can easily push you into a higher tax bracket.
There are nuances related to real estate like whether or not a property might qualify as a principal residence, whether a capital gains exemption was declared in 1994 if you inherited prior to that and so on that you also need to consider…
