What retirement benefits are available to survivors after the death of a spouse, common-law partner, or parent? If the deceased contributed to the Canada Pension Plan (CPP), survivors may qualify for benefits including the CPP Death benefit, Survivor’s pension, and Children’s benefits. A surviving spouse may also qualify for Old Age Security (OAS) payments in […]
[Read more]
Canadians love new cars. With the prevailing low interest rates, car dealerships had a record sale of 1.948 million vehicles in Canada in 2016, an increase of 2.7% compared to 2015. Data from November 2016 show that the average sales price for cars and light trucks in Canada was $38,800, more than 6% higher than […]
[Read more]
The Rule of 72 has been around forever and is a very simple way to determine how many years it will take to double the funds invested in your investment accounts. Want a shortcut approach to estimating how compound interest will affect your investment holdings over time? The Rule of 72 is simple enough for […]
[Read more]
Much has been said about how you can save for your child’s education using the Registered Education Savings Plan (RESP) and associated government grants (CESG, CLB, Provincial education grants). So, how about if you need to go back to school? What are the options you have for funding your dreams of further education? Some reasons […]
[Read more]
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 […]
[Read more]
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 […]
[Read more]
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 […]
[Read more]
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 […]
[Read more]
Sign up now to download our FREE e-Book and join other visitors who receive our latest scoop on personal finance, DIY investing, and other free financial tips delivered to their inbox once a week.