Recently, a British Columbia resident discovered they had unknowingly been paying another person’s cell phone bill for five years. That’s the sort of false charge that could have been caught and stopped immediately by regularly monitoring transactions.
Read MoreWhen you raise a child or help support a dependent family member, you’re sure to face extra costs. Here are some common family and caregiving situations and associated benefits from the federal government that can help you meet your financial needs.
Read MoreMonths after the federal government launched the First Home Savings Account (FHSA), more than 20 financial institutions are offering FHSAs, and Canadians are opening accounts by the tens of thousands.
If you have a child or grandchild eligible for an FHSA, here are some strategies and considerations to help with your and their decisions.
Read MoreAccording to Statistics Canada, the number of Canadians living alone has reached a record high. In fact, the one-person household is the most common household type.
Read MoreThere’s a myth that surfaces every once in a while. It suggests a Registered Retirement Savings Plan (RRSP) isn’t worthwhile because of the tax on eventual withdrawals.
Read MoreAn emergency fund is a core part of every financial plan. It’s easily accessible money you can draw on to cover a period of unemployment, repairs to your home, major appliances or car, or any other unexpected essential expense. With Canada’s economy slowing and prices continuing to rise, this type of “just in case” or “rainy day” fund is more important than ever.
Read MoreGiving a financial gift to a grandchild can be tremendously satisfying, knowing you’re helping to make a difference in a loved one’s life. The first step is choosing when to make a gift.
Read MoreSwimsuit, sunglasses, sandals, t-shirts, shorts. Toss them in a suitcase and you’re ready to head to a sun destination. Or are you? Take care of these five financial tasks to avoid money problems while you’re away or when you get home.
Read MoreStarting in March 2022, the Bank of Canada began increasing its benchmark interest rate to help control inflation. In a series of 10 increases, the rate went from 0.25% to 5.00%. That’s a significant move in about a year and a half—and it’s affecting people differently depending on how they borrow and how they invest.
Read MoreIf you haven’t accounted for your digital property in your will or another document, you’re not alone. This is often overlooked when planning an estate.
Read MoreThe first things that come to mind when you think of estate planning might be your will, beneficiaries and executor or estate administrator. However, another key element is planning for the tax liability on your estate’s assets.
Read MoreWithdrawals from a Registered Education Savings Plan (RESP) are different than those from other registered plans. With an RESP, some withdrawals are taxable, while others are not.
This means you need to do some tax planning when you withdraw funds.
Read More"What is the FHSA (Tax-Free First Home Savings Account) – and how is it different than a TFSA or an RRSP?
Read the full article, featuring Tony Sutey, CFP: Senior Financial Advisor at Spire Advisors of Assante Capital Management Ltd. in Huntsville, ON. Visit: https://www.ctvnews.ca/business/what-you-need-to-know-about-the-first-time-homebuyers-savings-account-1.6340153"
