I added One Up On Wall Street to my library in 2015, but didn’t get around to reading it until this Spring. At the end of 2016, I had added it to my financial education reading list for 2017. The book written by Peter Lynch, first published in 1988 and followed by a second edition in […]
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It’s been nearly 7 years since the Bank of Canada (BoC) last raised its key interest rate. Following the financial crises and it’s after-effects re: sluggish world economy, interest rates have generally been on the decline. However, on July 12, 2017, the BoC hiked its overnight rate from 0.5% to 0.75%. What’s Important About the […]
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The TFSA is a useful investment tool to avoid paying taxes on investment returns. However, depending on how the estate of the account holder is setup, there may be tax implications on income earned on funds in a TFSA after the account holder dies. What happens when a TFSA holder dies? Depending on the marital […]
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Reports indicate that the Canada Revenue Agency (CRA) recently ordered a payment to its coffers of $75 million in penalties from audited TFSA accounts. This followed their audits of tax-free savings accounts (TFSA) over the past five years. Considering that not many people (definitely not me!) like the idea of paying additional taxes on the […]
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What happens to your kid’s Registered Education Savings Plan (RESP) if they decide against pursuing post secondary education? It’s a good question to ask! As I have previously discussed, the RESP is a great way to save money for your child’s higher education. When you consider that the government through the Canada Education Savings Grant (CESG) […]
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The terms Home Equity Line of Credit (HELOC) and Home Equity Loan may appear similar to someone who is new to Canadian real estate terminologies. They mean different things and I will attempt to clarify that in this article. For more on mortgage/ real estate terms and definitions, check out this article. What Is A HELOC? A […]
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Starting a side-gig, freelance work, or small home-based business is a great way to supplement the income you make from your main employment. After I began providing part-time web design services, I became interested in how to ensure I could protect my net income, expense the appropriate costs, and minimize my taxes. According to Canada Revenue Agency, […]
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It’s mid-spring and with the weather warming up, the roads are becoming busier as activities ramp up and people engage in spring/summer trips and holidays. Gas prices are also trending up! Here are 12 savvy ways to save on your gas bill this summer: 1. Carry out regular maintenance Keeping your engine regularly tuned will increase […]
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