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Latest News
Can you transfer a RRIF to a TFSA—and what are the tax implications? + MORE May 28th
Ask MoneySense
What is the implication of transferring money from my RRIF to TFSA on my income and taxes? Do I need to allow for a 30% deduction when I withdraw and it becomes income to be taxed at the end of the year? Or it doesn’t affect my income?
—Soheir
Transfers between registered a.... More »
Capital gains when selling property to family + MORE Mar 20th
Do I have to pay income tax if I inherited a property jointly with my sister and she bought me out for less than half the appraised value of the property?
—Johanna
Capital gains and transferring property between family
Asset sales between family members can be tricky to facilitate at a family leve.... More »
Looking for a mortgage in B.C.? Don’t limit your options to the big banks + MORE May 28th
At last, interest rates are coming down again. For Canadians who are in the market for a new home, facing renewal of their mortgage in the foreseeable future, or feeling unsatisfied with their current home loan, this poses two choices: do you pounce now, or stay on the sidelines in the hope that rat.... More »
Detox your spending and experience better financial health + MORE Jan 2nd
Using your creativity and resourcefulness to stop spending for a week on anything but essentials will give you more savings and less stress; you win both ways, Lesley-Anne Scorgie writes..... More »
What Does Silicon Valley Bank’s Collapse Mean for Canadians? + MORE Mar 27th
Update: On March 27, North Carolina-based First Citizens bank said it would buy much of the failed Silicon Valley Bank. The deal means First Citizens will assume US$110 billion in assets, deposits of US$56 billion and US$72 billion in loans from the failed SVB.
The collapse of Silicon Valley Ba.... More »
The holidays on a budget: How to avoid credit card debt
– moneysense.ca
For many Canadians, managing debt is a year-round challenge. Common tips tend to be simplistic or downright insulting (we’re looking at you, “skip your daily coffee”). Staying on top of your finances gets even more difficult during the holidays, when everywhere we look there are messages urging us to spend. If you really want to avoid more debt this coming season, you’ll need to pay attention to three major areas: saving, shopping and credit card use. It is possible to participate in the most wonderful time of the year without adding financial stress.
Saving to avoid holiday debt
Now is as good a time as any to create a savings habit, where you put a percentage of your earnings away each month. Your first priority is to build an emergency fund, which should be big enough to cover all of your expenses for three to six months. You can use the same strategy to save up funds for your holiday spending. If you’re just starting now, all is not lost—you’ve still got some time to set aside money from each paycheque before your January and February credit card bills…
