How to go about securing the best savings strategy in Canada.
Latest News
Tech Entrepreneur Lauryn Vaughn Is Changing the Resale Fashion Game + MORE Jul 17th
My entire career has been about using technology to sell upscale consignment clothing. But my starting point was in traditional fashion: When I was a commerce student at the University of Calgary, I landed an internship with the designer Paul Hardy. That was my introduction to retail behind the scen.... More »
What types of tax-free savings accounts (TFSAs) exist? + MORE Nov 20th
A tax-free savings account (TFSA) is a fantastic way to earn money on your savings, without having to pay tax on those earnings. Registered by the federal government, TFSAs are available to Canadians aged 18 and older. Unlike a registered retirement savings plan (RRSP), you cannot deduct contributio.... More »
A guide to the best robo-advisors in Canada for 2022 + MORE Jan 9th
“You had me at low fees!” That was our reaction to the arrival of robo-advisors in Canada, beginning in 2014. Faced with few alternatives to mutual funds and self-directed brokerage accounts, young and middle-income investors embraced the option of having their savings passively managed in a bu.... More »
How to plan for retirement when you have no pension + MORE Sep 10th
In years past retirement planning was relatively easy. Fifty years ago, more than half of working Canadians, and an even higher proportion of men, could fall back on a corporate or union pension plan as their main source of income in retirement.
That’s no longer the case. Just 38% of paid work.... More »
What it takes to retire at 45 + MORE Feb 8th
Q: I’m 27 years old with a relatively healthy income of around $125,000. I’m aiming to get on the early retirement track with any luck and retire around the age of 45.
I’ve been aggressively in the investing game for a few years now and have been putting money into my RRSP, which now has a bal.... More »
Mogo wants to be your mobile mortgage specialist
– moneysense.ca
Mobile app meets mortgage specialist. That’s what Mogo Finance Technology Inc. is promising with its most recent announcement.As of mid-January 2017, the Vancouver-based fintech company registered as a mortgage broker in three provinces: Ontario, B.C. and Alberta, with plans to expand across Canada. Mogo already offers online personal loans.
What differentiates MogoMortgage from other non-bank lenders is the launch of an online and mobile-friendly interface—where mortgage shoppers can compare rates, apply for a mortgage and track their payment progress.
Benefits of MogoMortgage
The biggest promise, according to Mogo press statements, is that their mortgage product will make the process of acquiring a mortgage—and paying off that debt—more transparent.
By using the MogoMortgage app you can get your credit score (for free!), apply for your mortgage, track your mortgage-debt repayment progress and set-up payment notifications.
Plus, the company promises rewards for meeting milestones, like a bottle of champagne on the one year anniversary of your first mortgage payment…
How the Trump tax cuts could drive Canadian corporate tax rates down too
– canadianbusiness.com
(Pablo Martinez Monsivais/ Canadian Press)This story originally appeared at Maclean’s.
On Jan. 20, the United States inaugurated its 45th president, Donald J. Trump. During the 2016 election campaign Trump talked a lot about lowering taxes. With tax-cutting Republicans also firmly in charge of Congress, it seems very likely our neighbours to the south may soon be seeing lower taxes. What does that mean for Canada? As I see it, the answer is very different for personal taxes and corporate taxes.
On the personal tax front, some (like tax expert Jack Mintz and the Fraser Institute) have expressed concern about the top marginal tax rates in Canada. While the rate facing the highest earners in B.C. remains only 47.7%, the top rate in Ontario, Quebec, and some other provinces now exceeds 50%. In the U.S., the top federal income tax rate is currently 39.6%, but states like California add up to 13.3% more in state income taxes. New York City even has a municipal income tax rate of 3.9% on top of the state and federal taxes…
