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Home, sweet office deductions

Deducting pandemic-related home office expenses  The Covid-19 pandemic and associated government-mandated lockdowns and “stay-at-home” orders have resulted in a great deal of financial stress for individuals, families, and small businesses. So this tax season, it’s...

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HBP can help relieve mortgage stress

The Home Buyers’ Plan and the stress test Shopping for a new home? Welcome to the crowd. The residential real estate market is hot in all of Canada’s major urban centres and surrounding areas, mostly because of the current environment of ultra-low interest rates....

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Avoid the cryptocurrency gamble

The big difference between investing and speculating Cryptocurrencies, like Bitcoin and Etherium, have been much in the news lately. That’s not surprising, because the quoted value of these esoteric assets has skyrocketed over the past year. So should you add...

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Don’t let your business be scammed

Block these common swindles before they start March is fraud prevention month, and the bad guys have been busy. The Canadian Anti-Fraud Centre reports that in January this year, more than $10 million has been lost to fraud, while scammers racked up theft of over...

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How to set up an emergency savings fund

Peace of mind with a financial backstop Unexpected events out of our control, such as job loss or health issues, can lead to serious disturbances in our financial situation. An emergency savings fund can mitigate some of the stress and bridge the financial gap...

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Realtors can now set up professional corporations

Tax-deferral, income-splitting among key benefits. For higher-bracket real estate professionals, the personal real estate corporation (PREC) is an idea whose time has come. Here’s why.  Doctors, lawyers, dentists, and other regulated professionals have long...

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RRSP power

The million-dollar money machine I call the RRSP “a million-dollar money machine” because it’s the most tax-efficient retirement saving vehicle available to Canadians. Here are five key reasons why.  1. You can retire with a million bucks An RRSP is such a...

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The three mistakes investors make in volatile times

https://vimeo.com/504926526 We are in a time of volatility. When markers go up and down, investors make three common mistakes. Castlemark Wealth’s Robyn K. Thompson offers tips on three most common investment pitfalls: Watch the video to find out more about: Panic...

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Remake personal finances in 2021

Tips on money management, investing, taxes The New Year is the natural time to turn a new leaf with finances. However, best intentions are typically forgotten within a few weeks. A better idea is to take stock of your entire financial situation, review what’s...

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A vaccine against personal financial chaos

Key financial planning principles and resolutions for the New Year This year will go down in the books as one of the strangest, and perhaps most stressful, on record. The Covid-19 pandemic and resulting disruptions to our normal lives has been challenging for all...

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Important RRSP information if you are turning 71

What you must do before Dec. 31 Registered Retirement Savings Plans do not last indefinitely. In fact, they must be closed down by the end of the year in which you turn 71. So if you are in that age group this year, you have until Dec. 31 to convert your RRSP into...