If you are investing in rental properties, you need to understand the concept and principle of depreciation for rental properties. This strategy will save you tens of thousands of dollars in taxes over time, and can help achieve a variety of different outcomes...
In simple terms, capital gains in Canada are the profits you earn when you sell an investment, such as stocks, for a higher price than you paid for it. In this article, we'll break down Canadian capital gains taxation, provide an example of selling stock in a non-registered account, and discuss tax-protected accounts...
The process and habit of calculating your net worth on an ongoing basis is an excellent way to maintain long term discipline and focus in achieving your money goals. Many people shy away from this topic because they might not like the answer, but this is how you confront the reality of your situation and build a plan to change the narrative!
Two government/industry backed organizations are responsible for backstopping Canadians investments and bank deposits in the event of bank failures like we are seeing the US (First Republic, Silicon Valley, etc.). Learn more about how this all works here...
What’s the difference between VFV and VOO? The answer is simple. VFV is the Canadian version of the Vanguard S&P 500 ETF offered by Vanguard U.S. Although they both track the S&P 500, one of the major differences between investing in VFV versus VOO is that dividends paid out by VFV are subject to a 15% foreign withholding tax...
Crypto staking is a way many cryptocurrencies verify their transactions and it allows willing participants to earn rewards for staking their holdings...
In Canada, the current prime rate is 6.70%. Understanding the importance of Canada’s prime rate is an essential component in ensuring that you are getting the best possible interest rate on your credit products through your financial institution....
With the prices of real estate as high as they are, house hacking is a strategy to try to drive down the cost of home ownership. Learn more about what it is and how to do it here...
Brand new and set to launch in 2023, the First Home Savings Account (FHSA) is going to provide another tax-free opportunity for Canadians to save and grow their money to be used on the purchase of their first home. Learn more about how the FHSA is going to work here...
In Canada, the federal government makes equalization payments to provincial governments to help address fiscal disparities amongst the Canadian provinces based on estimates of the provinces’ fiscal capacity, which means the respective provinces ability to generate tax revenue...
With the TFSA contribution limit announcement of $6,500 for 2023, the total contribution room available in 2023 for someone who has never contributed and has been eligible for the TFSA since its introduction in 2009 is $88,000.
With the TFSA contribution limit announcement of $6,500 for 2023, the total contribution room available in 2023 for someone who has never contributed and has been eligible for the TFSA since its introduction in 2009 is $88,000.
National Bank Direct Brokerage has announced zero-commission and fees on online trading of Canadian and U.S. stocks and ETFs...
Looking to purchase a home? Effective June 1, 2021, the rules of the mortgage stress test for homebuyers with uninsured mortgages will become more stringent. In its latest financial system review, the Bank of Canada said that many households have taken on large mortgages compared with their income, limiting their flexibility to deal with an unforeseen financial shock like the loss of a job – hence the need for a more stringent stress test...
Since the early 2000s we have seen a substantial uptick in both popularity and value of sports cards. Today, the hobby is thriving and the demand for sports cards is increasing exponentially...
Equifax and TransUnion are the two major players in the Canadian credit score industry (they are often referred to as the credit bureaus). Both of these companies build/develop, maintain and process information relating to the credit profiles and scores (more on the fundamentals of credit scores...
To improve your credit score, you need to take little steps which eventually amount to big results. A strong credit score will assist you in many ways (borrowing, rental applications, mortgage applications, etc.), so get started on these steps today...
The credit score is a basic and very fundamental part of our banking and financial system. In Canada, your credit score generally ranges between 300-900 and your score depicts your creditworthiness...
Wondering what the 2021 TFSA contribution limit will be? Well, the wait is finally over as it has officially been announced. The 2021 limit is $6,000, matching the amount set in 2019 and 2020...
What is an RRSP? If you don’t know the answer to this question or want to learn more about RRSPs, then this Modern Money slide series edition is for you. This slide series edition breaks down what RRSPs are and how they can be utilized to invest and grow your...
Building your network is more than creating strong professional relationships, it’s also about creating empowering and motivating communities of like-minded and driven individuals...
My Account is a secure online portal that allows you to view your personal income tax and benefits information. Once you have My Account set up, you can manage your tax affairs online. The portal allows you to log in with a sign-in partner, which includes a list of Canadian banks and credit unions (always helps to have one less username and password to remember)...
Unlike the other social networking sites, LinkedIn isn’t about how many connections you have – it’s about the quality of those connections and what those connections offer. In fact, LinkedIn actually doesn’t show the number of connections that you have when you exceed 500, so remember – focus on the quality of those connections...
Nail that next job interview with this instructional slide series on everything you need to know on how to excel in an interview...
Ever wonder why publicly traded companies split their stock? Use this slide deck to understand their rationale for doing so alongside a recent example of Apple’s stock split that most recently occurred on August 31, 2020...
Use this quick slide series guide to learn the basics of how to invest in a TFSA...
The name "Tax Free Savings Account” sort of gives it away, but in reality, a TFSA is so much more than just a regular savings account. In a regular savings account, you are earning interest at the bank rate provided, whereas with a TFSA you can select a basket of financial instruments to generate growth on the money held in your TFSA. For example, your TFSA can hold stocks, exchange traded funds, bonds, guaranteed investment certificates and cash savings...
An RRSP is a tax-advantaged account. This means that it allows you to contribute to it and the amount that you do contribute will be exempt from your total taxable income for the year that you make the contribution. This usually results in you paying less tax...
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