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Canada’s best credit cards for people with bad credit 2022 + MORE Apr 24th
Conventional wisdom may lead you to believe that if you have bad credit, you should swear off credit cards. However, if you want to improve your credit score, you’ll have to prove you can handle credit responsibly—and one way to do that is (you guessed it) to have a credit card. When used respon.... More »
FHSA withdrawal rules and rental property advice for a first-time home buyer + MORE Oct 16th
Ask MoneySense
Would it be beneficial to open a first-time home buyer’s savings account if I was planning on buying a property soon, say, in 2023 or 2024?
If I purchase a house and live in the basement but rent out the main floor, would that still be taxed as capital gains?
Are there any inv.... More »
COVID-19: Preparing for Financial Uncertainty + MORE Apr 4th
As the COVID-19 outbreak continues to batter markets and force more businesses to close their doors, talk of a looming recession grows louder. There is no question that many more jobs are at risk, and for those whose livelihoods are particularly vulnerable, now is the time to take stock of your fin.... More »
How To Get The Most Out Of Your RESPs This Tax Season + MORE Feb 24th
It's tax season again! And while it's not typically considered the most wonderful time of the year, for parents, there are a number of things you can do to bring a little bit of joy to the season.
For starters, if you are one of the majority of Canadians expecting to get a tax refund from the go.... More »
“I inherited my husband’s TFSA. Does that affect my contribution room?” + MORE Jul 30th
Ask MoneySense
I have a question about TFSAs that I have not seen being answered anywhere. My problem is as follows: In 2009, both my husband and myself started to make the total allowable contributions to our individual TFSA accounts. When my husband passed away in 2020 the balance in his TFSA at t.... More »
A political primer on taxes
– moneysense.ca
Of all the economic-policy levers a politician can pull, none elicits a reaction like hiking or cutting taxes. Reducing the GST by two points in his early years in office still ranks among Stephen Harper’s most debated moves. More broadly, Tories claim “the family tax burden is at its lowest level in 50 years.” Personal income taxes amounted to 7.4 per cent of gross domestic product when Harper took office in 2006; by 2014, those taxes on individuals’ earnings had notched down to seven per cent of GDP. Over the same period, corporate income taxes fell to 1.9 per cent of GDP from 2.6 per cent.TALKING TAXES IS A POLITICAL COMPULSION
MPs said the word “tax” 2,617 times in the House of Commons over the first six months of 2015, and more than 20,000 times since the last election. Conservatives make hay out of the number of tax cuts they’ve introduced since 2006; 180 is their most recent claim. The NDP talks mostly about increasing corporate taxes, and Liberals hope to shift income taxes so the middle class pays less…
Paying off the line of credit
– moneysense.ca
Q: I inherited a house three years ago. I thought I got good advice when I went to a financial planner, but it was only to get me onto a line of credit. I am a single full-time working mom, but have had to live off this line of credit. Now it is almost used up and I have no idea what I can possibly do once that happens? Can you please help me at all with this?
—Nancy
A: Generally, I think that inaction is one of the best actions that you can take when you receive an inheritance. People should take their time and evaluate their options and avoid making any rash investment or spending decisions.
If your financial planner recommended a line of credit initially, it may have been that you had high interest rate debt to pay off. If that was the case, the recommendation was a good one, saving you interest costs on your debt.
If not, you must have been in a position where you intended to spend more money than you were making in your full-time job. This is generally a recipe for disaster. The last thing I want to do is to downplay the plight of a single mother, but budgeting doesn’t discriminate, Nancy…
—Nancy
A: Generally, I think that inaction is one of the best actions that you can take when you receive an inheritance. People should take their time and evaluate their options and avoid making any rash investment or spending decisions.
If your financial planner recommended a line of credit initially, it may have been that you had high interest rate debt to pay off. If that was the case, the recommendation was a good one, saving you interest costs on your debt.
If not, you must have been in a position where you intended to spend more money than you were making in your full-time job. This is generally a recipe for disaster. The last thing I want to do is to downplay the plight of a single mother, but budgeting doesn’t discriminate, Nancy…
