How to go about securing the best savings strategy in Canada.
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Tax due dates, credits and more: Your 2024 income tax return guide + MORE Mar 4th
Doing your own taxes? Prepping your documents for a tax professional? Either way, welcome to the MoneySense guide for personal income taxes, your information hub for filing your 2024 return (bookmark it now). We will be updating it frequently, as information becomes available and deadlines approach..... More »
Audit-proof your side hustle + MORE Nov 29th
If you have joined the ranks of the self-employed, you’re in good company: According to Statistics Canada, 2.9 million Canadians run their own business. That’s 15% of the population, and the number is growing. Don’t forget, though, that with your new status comes a new relationship with the Ca.... More »
The tax implications of transferring a stock between spouses + MORE May 15th
My wife and I are joint owners WROS (with right of survivorship) of a stock we have owned for many years. If the ownership of the stock is changed to just her name, individually, no death involved, does her cost basis of the shares remain the same as it was when it was in our joint names?—Joe
T.... More »
Pay Attention to Your RRSP Fees, and How You Pay Them + MORE Mar 14th
No one likes to pay fees, but the rate you pay for your investments and how you pay them can be especially troublesome. Making the right decision for your portfolio can be the difference in how much money you earn over the long haul.
When it comes to your Registered Retirement Savings Plans (RRSPs).... More »
How much income do you need to buy a home in Canada? A look at home affordability in March 2025 + MORE Apr 30th
Canada’s spring housing market is missing in action. That’s what the latest March data from the Canadian Real Estate Association (CREA) reveals. Home sales plunged to a low not seen for the month since 2009, with transactions down 9.3% year over year.
The sideline approach taken by buyers isn.... More »
Financial advice for a second marriage
– moneysense.ca
Q: I am a 50-year-old divorced male. After dating for 3 years, I am about to propose to a lovely lady (48-years-old). She is very financially independent. With my lack of retirement savings (long story involving a divorce settlement and a business venture that did not work out), I plan on working as long as I physically can. I need some sage advice on how we might organize our finances when married that is fair to both parties.—JohnA: Money can be a difficult enough topic in a first marriage, let alone a second one. Many surveys show that money is the primary fight inducer for couples and when you’re combining your finances later in life, it’s that much more important to talk about money with your partner and with professionals.
First and foremost, John, I think you should speak with your lovely lady about money. You both seem to know some of the details of each other’s finances and I think an initial, high level discussion is a good starting point–even if the end result is that you guys both agree that you don’t really know how you should handle things financially…
Watch for traps on high interest savings deals: Roseman
– thestar.com
Banks lure you with high rates on savings. But the fine-print conditions and transfer fees can offset the benefits of such deals.Auto Loans Debt: A Risk to Canada?
– ratesupermarket.ca
When it comes to shopping for a car, most people don’t buy on price – they buy the payment.
But a new study says most drivers can’t really afford to buy a set of wheels – even the gently used vehicles most financial guides recommend – to begin with.
American comparison site iSeeCars.com analyzed 25 million used cars sold in the 50 largest metropolitan areas in the U.S. and concluded most of those purchases would leave the average household over-extended.
Things are likely worse on this side of the border since comparisons between Canada and U.S. prices regularly show that Canadians pay significantly more than Americans for their vehicles.
Too Much Car, Too Little Income
As a baseline, the study used the ‘20/4/10’ rubric, which calls for used car buyers to put down 20 per cent, take out a loan for no longer than four years and spend no more 10 per cent (15 per cent if you add in maintenance and car insurance) of their monthly income on a car payment.
Using that formula, it’s clear that many car buyers are juggling payments that are higher than they can really handle, and for a term far longer than ideal, to get behind the wheel…
Watch for traps on high interest savings deals: Roseman
– thestar.com
Banks lure you with high rates on savings. But the fine-print conditions and transfer fees can offset the benefits of such deals.
