Not sure how to make a savings plan? Read on…
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Mortgage or retirement savings? Where to get the most bang for your extra bucks + MORE May 8th
Not sure how to make a savings plan? Read on...
This Toronto millennial makes $60,000. He wants to organize his finances and build his savings. How can he start? - thestar.com“Personal finance can be complicated even though my life seems rather uncomplicated,” Michael said.Continue Readin.... More »
This Montreal millennial couple makes $316,000 combined. Monthly child care costs? $203. With an excess in savings, they want to have their second child. What advice can they get? + MORE Feb 6th
Parents in southern Ontario may think Tommy and Victoria’s $203 monthly daycare budget is a typo, but child-care costs in Quebec are heavily subsidized by the provincial government, Jason Heath, Millennial Money financial adviser writes..... More »
I’m about to retire and still have a mortgage. Am I in trouble? + MORE Jan 23rd
If you have decent savings and only a year or two to go on your mortgage, you should be fine. If you have 10 or more years, then you may have to consider options, including downsizing.... More »
How much credit card debt does the average Canadian have? + MORE Nov 7th
As the country re-opens after COVID-related restrictions, Canadians are faced with a worrying financial picture. Many have moved, others are looking to travel, and the cost of living is ballooning with unusual rates of inflation. Meanwhile, the Bank of Canada (BoC) rate hikes designed to curb these .... More »
Canada’s best credit cards 2021 + MORE May 8th
Finding the right credit card could save you hundreds, if not thousands, of dollars a year. Whether you’re looking for lower fees, more rewards or simply valuable perks like travel medical insurance or rental car savings, every dollar counts. If you use your credit card wisely, pay off your balanc.... More »
Quebec to announce personal income tax cuts in next week’s economic update
– canadianbusiness.com
Quebec will announce personal income tax cuts next week as well as changes to its welfare system, Finance Minister Carlos Leitao said Wednesday.
Details of the reductions and the changes to social benefits will be made public in an economic update to be released Tuesday.
In a video posted to Facebook, Leitao said Quebecers in the “middle tax brackets” will benefit from cuts.
“It won’t be for the richest,” Leitao said in the video alongside Premier Philippe Couillard. “But Quebecers in the middle-income tax brackets will receive very concretely a reduction in the taxes they pay.”
Quebec tabled its third consecutive balanced budget last spring, which included a modest $55 tax cut for the 2017 tax year.
Opposition parties ridiculed the government at the time for what was described as a meagre offering and a pathetic attempt to give back crumbs to Quebecers who suffered from Liberal budget cuts in the early part of their mandate.
Leitao said the economic update will also include good news for Quebecers who do not pay any income taxes and who receive welfare and other government benefits…
Details of the reductions and the changes to social benefits will be made public in an economic update to be released Tuesday.
In a video posted to Facebook, Leitao said Quebecers in the “middle tax brackets” will benefit from cuts.
“It won’t be for the richest,” Leitao said in the video alongside Premier Philippe Couillard. “But Quebecers in the middle-income tax brackets will receive very concretely a reduction in the taxes they pay.”
Quebec tabled its third consecutive balanced budget last spring, which included a modest $55 tax cut for the 2017 tax year.
Opposition parties ridiculed the government at the time for what was described as a meagre offering and a pathetic attempt to give back crumbs to Quebecers who suffered from Liberal budget cuts in the early part of their mandate.
Leitao said the economic update will also include good news for Quebecers who do not pay any income taxes and who receive welfare and other government benefits…
How, when and why to save using RESPs
– moneysense.ca
Presented by Assante Wealth Management
Never say no to offers of free money from the government. That’s my motto, or at least one of them. And as far as free money goes, Ottawa’s Registered Education Savings Plan (RESP) is among the most lucrative offers currently available to Canadians with kids.
You have to put some of your own money into an RESP of course, but for every $2,500 you contribute in a year, you will receive a 20% Canada Education Savings Grant (CESG), which means a $500 freebie each year you maximize contributions (within specified limits). As with the RRSP, investment income inside an RESP grows tax-free, although it generates no tax refund apart from the grant.
While there’s no limit on how much you can put into an RESP each year (there is a lifetime maximum contribution amount of $50,000 per child mind you); you’ll only receive the grant on the first $2,500 in contributions per year, or if you carry over unused contribution year from the year before, up to the first $5,000 in contributions…
I lost my home in a fire. Can I tap my LIRA to cover costs?
– moneysense.ca
Q: My house was burnt in the Fort McMurray fire. I am now unemployed and my husband and I are struggling to make the mortgage payments on top of our rent payment. Our savings are now drained as well as money received from insurance—the town house was part of a condo and is being rebuilt.
We have a significant amount locked up in a LIRA and it seems ridiculous for our mortgage to go to foreclosure (as it will be soon enough) before we have a chance to sell it and get our money out when it’s finally rebuilt next year. Are there any LIRA loopholes for people who lost their homes in these fires? Can we take money out of the LIRA to help us out financially now?
—Karen
A: Karen, the Fort McMurray fire is a disaster in many ways. There was huge property damage, displacement, disruption of infrastructure, and disruption of employment. The biggest strain has to be the pace at which all of this gets solved. How do you get by financially when you have continuous living expenses while employment opportunities are suddenly limited?
I’m so sorry this has happened to you, Karen…