The Tax-Free Savings Account (TFSA) is often called the Swiss army knife of financial accounts since it can be used for so many different purposes. Also, A TFSA can meet the specific needs of different age groups.
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When the recent Middle East conflict broke out, many investors wondered whether it would eventually affect their portfolios. Some global events don’t affect markets, while others trigger corrections or crashes.
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Canada is the only G7 nation without an estate or inheritance tax, but the government still collects tax on Canadians’ estate assets, often at the top marginal rate.
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With steep home prices, strict mortgage regulations and a high cost of living, today’s first-time home buyers face a major financial challenge. It’s no wonder so many turn to their parents for assistance.
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Most people are familiar with the term “executor”1 and generally understand it refers to a person responsible for administering a deceased individual’s estate. While that definition is accurate, it is so broad it offers little insight into what the role actually involves.
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Most people are familiar with the term “executor”1 and generally understand it refers to a person responsible for administering a deceased individual’s estate. While that definition is accurate, it is so broad it offers little insight into what the role actually involves.
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The more money you make, the more money you spend. That may seem perfectly sensible, but what if you spend all of the extra money you make? Now you’ve enhanced your lifestyle, but you’re no further ahead in achieving your financial goals.
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If an individual loses the ability to manage their financial affairs, some people believe the spouse can simply take over. However, that’s only permitted if the spouse was named in a power of attorney document (mandate in Quebec).
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If you receive a lump sum of any amount, whether an annual bonus or an inheritance, are you better off investing it all at once or gradually?
The answer isn’t the same for everyone because personal factors matter as much as analyzing the markets.
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Retirement is often viewed as a new chapter in your life, but it’s typically not just one chapter. These years are often divided into three very different phases.
A great many retirees—though not all—go through the active, slowdown and inactive phases, sometimes called the go-go, slow-go and no-go phases.
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The day when you no longer need to work to cover your current and future cost of living, including realizing your retirement dreams—that’s your financial independence day.
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“Financial independence, retire early” (FIRE) and “you only live once” (YOLO) are essentially opposite approaches, but they share a common goal—to seek happiness and achieve financial freedom. They’re just focused on different stages of life.
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Anyone who owns a vacation property will eventually face a tax bill when the property is sold or transferred, assuming its value has increased. You or your estate will owe tax on 50% of the capital gain, payable in the year of the sale or transfer.
However, the taxable amount isn’t simply based on the difference between the property’s current value and its original value when you purchased or inherited the cottage, cabin or chalet. The original value is the cost base, but the capital gain is determined by the adjusted cost base. You can add eligible upgrading costs to the original value, which reduces the capital gain and saves you tax.
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Are you a pet parent – whether to a furry friend, feathered companion or another beloved animal? No matter if your companion is a cat, dog, bird, horse or exotic animal, it is important to have a plan in place to ensure they are cared for in the event you are no longer able to do so or upon your death. This is something every pet owner should read, to protect their special family member.
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It’s an age-old question. If you have surplus cash flow or receive a lump sum, such as a tax refund or annual bonus, are you better off making extra mortgage payments or investing the money?
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Life sometimes has its uncertainties. Major economic events, such as a deep recession, or personal challenges, such as job loss or divorce, can shake our financial stability.
Corporations and governments establish contingency plans to protect against unexpected calamities, but individuals can also put a plan in place. Here are three ways you can help safeguard your financial security.
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Whether markets are trending up or down, investors can benefit psychologically and financially by focusing on their time horizon.
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The Government of Canada has defined elder abuse as “any action by someone in a relationship of trust that results in harm or distress to an older person.
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People who want to make a lasting impact in the charitable space, have a defined philanthropic vision and prefer to have greater control than a donor-advised fund (DAF) offers may choose to set up and make a major donation to a private charitable foundation.
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Thanks to healthier living and medical advances, Canadians are living longer than ever before. The new longevity means planning for a retirement that may last 20, 25 or 30 years—perhaps even longer.
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