There are plenty of bank savings account options in Canada! Stay on top of the best plans right here.
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The best TFSA investments in Canada for 2020 May 23rd
Table of contents
GICs
Bonds
ETFs
Mutual Funds
If you’re using your tax-free savings account solely to deposit cash over the long term, Certified Financial Planner Trevor Kearns says you’re not using the TFSA to its full potential.
You have more options (and better potential gains) than th.... More »
How to invest with spousal loans for Canadians—and how to pay it back Sep 5th
During my working life, I transferred non-registered investment shares through a spousal loan to my wife (a stay-at-home mother). At the time of transfer, I declared the capital gain and paid the corresponding tax on the gain on the difference between the FMV (fair market value) and the ACB (adjuste.... More »
What Does Silicon Valley Bank’s Collapse Mean for Canadians? + MORE Mar 27th
Update: On March 27, North Carolina-based First Citizens bank said it would buy much of the failed Silicon Valley Bank. The deal means First Citizens will assume US$110 billion in assets, deposits of US$56 billion and US$72 billion in loans from the failed SVB.
The collapse of Silicon Valley Ba.... More »
Nervous about protecting your retirement savings? Here’s what you shouldn’t do + MORE Apr 25th
As the stock markets tumble in the time of pandemic, it’s difficult to know what steps to take to protect savings..... More »
Canadian Dividend All-Stars 2024: Past performance Jan 16th
Overview
Top 100 Dividend Stocks
Past Performance
Methodology
It’s all very well to recommend a list of dividend sto.... More »
Should You Apply For a Loan or Line of Credit?
– ratesupermarket.ca
Banks offer a variety of products to give you access to cash. But is every borrowing option the same? If you’re weighing the alternatives, you may struggle with the choice between a loan and line of credit. Only you can decide what’s best for you, but there are some factors to consider. Those include your personal spending habits and your plans for the extra source of funding.
What’s the Difference?
Once you’re approved for a line of credit, you don’t have to use it right away. The credit line is available for you to draw from as you need, but you’ll have to make regular payments on any balance. It’s considered a revolving form of credit, where you get the available credit back after you’ve made the agreed upon payments. Some lines of credit only require that you pay the interest on any outstanding balance.
A loan typically comes as cash in one lump sum. You pay it off in fixed installments. Once it’s paid off, it’s paid off…
How will a pension buyback impact your income tax return?
– moneysense.ca
Q. I plan to do a pension buyback for my service with the Government of Canada. Can I deduct the lump sum payment from my total income if I fully pay the amount at once? And will the total income reported on my T4 be reduced if I choose to deduct a certain amount from each pay stub? Looking forward to your reply. Thank you.
— Alice
A. You’re asking about how your pension buyback will impact your yearly income tax return. Great questions!
First, some background: As a participant in the federal government’s defined-benefit pension plan, public sector employees accumulate years of “pensionable service,” which build credits toward an eventual retirement pension.
Then, at retirement, your total pensionable service is used to calculate your pension benefits. This total can include current service (all of the full and partial years you’ve worked while enrolled in the pension plan you’re retiring from), service that you’ve transferred from one plan to another (if you switched jobs and were able to take your pension with you to your new job), and service you have “bought back” to cover a period when you were not contributing to the pension (such as during maternity or parental leave, for example)…
— Alice
A. You’re asking about how your pension buyback will impact your yearly income tax return. Great questions!
First, some background: As a participant in the federal government’s defined-benefit pension plan, public sector employees accumulate years of “pensionable service,” which build credits toward an eventual retirement pension.
Then, at retirement, your total pensionable service is used to calculate your pension benefits. This total can include current service (all of the full and partial years you’ve worked while enrolled in the pension plan you’re retiring from), service that you’ve transferred from one plan to another (if you switched jobs and were able to take your pension with you to your new job), and service you have “bought back” to cover a period when you were not contributing to the pension (such as during maternity or parental leave, for example)…
How to Get More on Your Income Tax Return with the New Climate Action Incentive
– ratesupermarket.ca
The federal government’s Carbon Tax officially came into effect on April 1, increasing the costs of gasoline and fossil fuel consumption.
The tax was introduced in an attempt to encourage Canadians to use more environmentally-friendly and energy-efficient processes, though subsequently, a tax credit was also implemented as a way to offset these increased fuel costs.
The Climate Action Incentive (CAI) only applies to residents of Manitoba, New Brunswick, Ontario and Saskatchewan, since other provinces have already developed a carbon pricing program.
The amount received from the rebate is based on the province in which the claimant lives, as well as the size of his or her family.
The rebate can also only be claimed by one person per household on 2018 income tax returns, meaning you can receive savings even though the Carbon Tax was only introduced this year.
In Ontario, for example, a single person will reportedly receive $154, and a family of four could be eligible for $307. In other provinces,
A single person can receive:
Saskatchewan: $305
Manitoba: $170
New Brunswick: $128
A family of four can receive:
Saskatchewan: $609
Manitoba: $339
New Brunswick: $256
Even if your income falls below the taxable amount, those who file a nil tax return will still receive some CAI…