Investing in your 40s + MORE May 3rd

TORONTO — The new CEO of Torstar said Wednesday “everything is on the table” in his plans to transform the media giant to overcome ongoing declines in print advertising revenue.

John Boynton, who took over as the company’s CEO and publisher of the Toronto Star at the end of March, said major changes are in store to better determine which consumers it wants to serve and what assets best address their needs.

“We won’t be rounding at the edges,” Boynton said in an interview after the company’s annual general meeting.

“We’ll be making some fairly big decisions.”

TorStar’s Q1 loss was an improvement from last year when the comparable losses were more than twice as big. (Photo: CP)

His comments came as Torstar reported a $24.4 million loss for its first quarter, an improvement from last year when the comparable losses were more than twice as big.

Its shares fell more than 10 per cent in midday trading, down 17 cents to $1.49.

Torstar said it is aiming for $5.3 million in annualized savings from the 110 previously announced job cuts during the quarter…

Q: I worked for my Dad’s lawn care sole proprietorship business as a summer student. His accountant said because I’m a student and wouldn’t be paying any income tax and that I could be paid as a “contractor” and therefore paid no deductions.
The company issued me a T5018 for $7,300.
I also worked for another company and paid a total of $518 in income tax.
When I’m doing my taxes, it says I owe money! How could I owe money when I earned less than $12,000? Did my parents get bad advice?
—Jordan
A: I want to raise a few points with you, Jordan.
CRA provides an important distinction between employees and contractors. Employers often prefer contractors over employees because they don’t have to worry about payroll tax, benefits or other obligations. Workers often prefer to be self-employed contractors because there may be more tax deductions available to them – legitimate deductions or otherwise.
Ask a Planner: Leave your question for Jason Heath »
However, CRA looks at four primary tests to ensure a contractor is, in fact, a contractor, namely:
1…

The crisis at mortgage lender Home Capital is putting pressure on other Canadian lenders, who have seen their share prices drop, and — in some cases — depositors withdrawing their money.

That’s been the case with Equitable Bank, known online as EQ Bank, which on Wednesday announced it had secured a $2-billion line of credit, just in case, from Canada’s “big six” banks. Those are Bank of Montreal, CIBC, National Bank, Royal Bank of Canada, Scotiabank and TD Bank.

Although it has echoes of the $2-billion lifeline that Home Capital secured last week as it faced a run on its deposits, Equitable’s CEO is quick to point out that its own loan is very different.

A sign is displayed outside the headquarters of Equitable Bank, a subsidiary of Equitable Group Inc., in Toronto, Ontario, May 1. (Photo: Reuters/Chris Helgren)

“Bankers know the industry best and if all six of Canada’s largest banks have the confidence to support Equitable Bank, it is evident that our customers, whether they be savers and depositors or borrowers, should have similar confidence,” Andrew Moor said in a statement…

This series by personal finance specialist Amanda Reaume focuses on how to improve something that many people overlook: your credit score. These posts will give you tips and tricks to improve your chances of getting approved for better rates when you apply for credit – leading to better student loans, car loans and even mortgages.
We all know that having a good credit score will help us when we apply for a credit card or a mortgage loan, but many of us don’t know about the many other ways our credit scores can help us… or harm us.
Your credit score is thought to measure your level of financial responsibility, so companies often use it to determine your trustworthiness and make certain decisions, from offering you a cell phone payment plan to offering you a job.
Here is a rundown of five ways in which your credit score or history is used other than when you apply for credit.
Renting a Home
Before you move into their home, landlords want to feel confident that you’ll pay your rent on time each month before they sign a lease…

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There may be no more volatile time in adulthood than your 20s and 30s. So much changes over those two decades, it can be hard to know what to expect next. Once 40 hits, though, it should be relatively smooth sailing, says Cynthia Kett, a CFP and principal at Stewart & Kett Financial Advisors Inc. It’s in this decade in which salaries tend to climb, monthly bills stabilize and mortgages shrink, if not disappear entirely.
However, there is one pitfall that this cohort risks almost across the board: overspending. According to a 2015 study by the Federal Reserve Bank of New York, most people reach peak earnings in their 40s. As exciting as that may be for people entering that decade, it’s also easy to spend those additional dollars on better vacations, newer cars, nicer restaurants and more. The phenomenon is often referred to as “lifestyle inflation.” Of course, you should treat yourself once and a while, but higher earnings means you can save more, too.
In fact, it’s in your 40s where savings should be ramped up, says Kett…