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Last-minute tax credits and deductions to remember
Lucrative, but often overlooked, tax breaks There are in fact some 70 personal tax deductions and credits available. Not all apply to everyone. And many are often overlooked, even if they do apply. Note that a “tax deduction” reduces your taxable income for the year....
Breaking up is hard to do
…but don’t let a divorce put you in the poorhouse It’s an unfortunate fact that large numbers of first marriages end in divorce, with subsequent financial difficulties for both partners. What can couples do to avoid the financial stresses in the event of a divorce or...
How novice investors can start building a portfolio
All about risk and robo-advisors Novice investors looking for better returns than low-interest savings accounts have an embarrassment of riches when it comes to investment choices – ETFs, mutual funds, stocks, and bonds. But where do you begin? Here are a few tips for...
Don’t be conned by the tax extortion scam!
How to stop con artists in their tracks If you’ve been receiving messages by phone, email, or text message from someone claiming to be from the Canada Revenue Agency, saying that you have overdue taxes and that legal action will be taken unless you pay immediately,...
How a savings account eats up your money
Low, low rates mean you automatically lose Are you sitting on a large chunk of cash in a high-interest bank account? Maybe you thought it would be “safe” because you’re nervous about stocks and bonds. Plus, there’s deposit insurance, and it’s liquid. Well, you’re...
Got the first-time home buyer blues?
Learn the basics of financing before plunging in – no math degree required Young couples shopping for their first home are faced with the bewildering new language of the real estate market – mortgages alone often seem to require a degree in higher mathematics. It’s...
RRSP or TFSA: Torn between two plans?
The good news is it’s not an either-or decision Many investors are torn between contributing to an RRSP and putting funds into a TFSA. Is one plan better than the other? In fact, both vehicles are excellent tax shelters, but each serves a different purpose. Here’s a...
How to invest in gold
Use it as a safe haven if you must, but never speculate Over the past month or so, the price of gold has climbed steadily, gaining nearly US$150 per ounce, to trade over US$1,270 per ounce at the beginning of March. This is the biggest sustained gain in the past 12...
Choosing an investment advisor
Basic tips for a long-lasting relationship with your advisor Right now, the markets are a scary place to be for the do-it-yourself investor. And many are looking to hand over their investment planning and portfolio management to a professional financial planner, but...
Should investors worry about inflation?
In a word, yes One of the factors to take into account when deciding on a target rate of return for your investments is the rate of inflation. But according to Statistics Canada, inflation was actually down -0.5% in December. With inflation rates low or declining...
A smart idea to wrap things up early?
Robyn Thompson is regularly featured in The Toronto Star’s “Money Makeover” series by Deanne Gage. Money Makeover takes a look at Christopher, 62, and Charles, 59, are newly retired snowbirds living in Mexico during the winter months. They have enough money to live a...
How to get personal spending under control
First, pack away the plastic With the holiday season now over, all those credit card bills are coming in. And the news isn’t good. If you have a wallet full of cards, and you’ve reached the limit on at least one, you’ve got a problem. Fortunately, there are some easy...