My three kids chose different educational paths. How do I withdraw RESP funds in a way that’s fair to them and avoids unnecessary taxes? Jul 25th
Making sense of the markets this week: September 6, 2021 + MORE Sep 5th
I’m about to retire and still have a mortgage. Am I in trouble? + MORE Jan 23rd
2020 Income Tax: What you can’t—and can—claim for your work-from-home office during the COVID-19 pandemic Dec 5th
What’s my RRSP contribution limit for 2021? + MORE Jan 16th
When to prioritize debt repayment over saving
– moneysense.ca
Calculating how much you can afford to save and invest
We asked Lindsay to redo her budget, starting with annual disposable income.
To determine this, she took pay stubs from both her full-time job and her part-time job, and did the following:
1. Calculated what she earns gross annually from both jobs, then deduct income taxes, EI, CPP, Disability insurance payments, etc. from that amount to get her total net income.
2. Subtracted the $2,880 RRSP contribution that her employer matches dollar for dollar at work from her net income calculated above to determine how much is left.
What Lindsay learned, in her own words
I’m so glad I did this challenge and the timing was great for me…
What you need to know about your 2020 income taxes
– moneysense.ca
It’s enough to make you want to crawl back into quarantine. But the tax-filing deadline will come whether we like it or not—and the better prepared you are before filing your tax return, the less stressful (and costly) the process will be. We spoke with accountant Ries Vahrmeyer, CPA, CA, of Steinbachs and Chapelle Professional Corporation in Niagara Falls, to find out what you need to know about your 2020 taxes, and what steps you can take now to avoid a surprise tax hit in the spring.
Pandemic relief payments
While the federal government’s pandemic benefit programs came as welcome relief to many cash-strapped Canadians, those payments are (unfortunately) considered taxable income…
Should you set up a personal real estate corporation (PREC)?
– moneysense.ca
Several other professionals in Ontario, like doctors, dentists, lawyers, accountants, social workers, engineers and architects, can also establish professional corporations.
A PREC should not be confused with a corporation set up by a real estate investor to own real estate. A personal real estate corporation is only for a real estate agent.
Real estate investors may not benefit from setting up a corporation to hold their real estate investments. An example of when incorporation makes sense is if someone has an existing corporation with accumulated savings they want to invest in real estate. Or an investor who wants to buy and sell real estate—flipping properties—may benefit from a lower tax rate on this corporate business income…
Best chequing accounts in Canada 2020
– moneysense.ca
These are current accounts offered by Ratehub partners. You can find information about additional product options and MoneySense editor’s picks further below.
Summary of the best chequing accounts in Canada for 2020
Best no-fee: Simplii Chequing Account
Best student account: Scotiabank Student Banking Advantage Plan*
Best basic accounts from a big bank: Scotia Basic Banking Account*, RBC Day to Day Bank Account
Best premium bank account for bundling: Scotiabank Ultimate Package*
Best rewards account: PC Money Account
Best online-only accounts: Motive Chequing Account, motusbank No-Fee Chequing Account
If you’d like more information about the features offered by each of these accounts—from great interest rates, to no fees, to the ability to earn rewards—check out the table below, or jump ahead to the detailed profiles below…
Kickstart your savings
– moneysense.ca