GetSmarterAboutMoney.ca

Don’t Leave Money on the Table: Save for Your Child’s Education With a Registered Education Savings Plan

Robin Taub — Tue, 22 May 2012 15:04:01 +0000

The RESP was created to encourage parents or other relatives to save for their children’s post-secondary education. The amounts you put into an RESP are not tax deductible – that is, you must first pay tax on the money you contribute. But you do not pay tax on any gains or investment income you earn while the funds remain in the plan – they are sheltered from tax. ► MORE

Driving Around with Madhur Jaffrey

Caroline Cakebread — Tue, 15 May 2012 14:52:46 +0000

I have several driving companions these days — sometimes I ride around with Madhur Jaffrey, the guru of Indian cooking. At other times I’ve got Martha Stewart riding shotgun, always on hand with recipes and ideas for dinner. They’re not exactly next to me in the passenger seat; they’re in the trunk – well, their books are at any rate. ► MORE

Investing Tips for Seniors

Rob Carrick — Mon, 14 May 2012 15:26:56 +0000

Watch out, seniors. The investment industry is about to smother you with love. For a couple of reasons, seniors are a hot market for investment companies. They have big money after decades of saving for retirement, and they’re a huge demographic force. Statistics Canada has estimated that as much as one-quarter of the population will be 65 years of age or older in 20 years. ► MORE

Home Sweet Home – Tax Perks of Home Ownership

Robin Taub — Wed, 09 May 2012 18:50:10 +0000

If you’re like many Canadians, your house is your biggest investment. Owning your own home allows you to build wealth over time and can protect you from inflation. There are also tax benefits associated with home ownership. Let’s start with the most significant tax perk – the principal residence exemption. ► MORE

What’s Your Biggest Money Mistake?

Caroline Cakebread — Tue, 08 May 2012 14:40:29 +0000

Even though I write about money for a living, I’m not immune to making financial mistakes here and there. Some sting but are easy to get over – like forgetting to turn off the data roaming function on my smartphone before getting off a plane in a foreign country (ouch!). ► MORE

Six investing themes for 65-year-olds

Rob Carrick — Wed, 02 May 2012 15:19:41 +0000

From maintaining a cash cushion to talking to your adviser, Rob Carrick offers up six investing tips for anyone in their 60s. ► MORE

Raising Kids Can Be “Taxing”!

Robin Taub — Fri, 27 Apr 2012 23:18:40 +0000

Raising kids is expensive. According to some estimates, the cost of raising a child in Canada from birth to adulthood ranges from $193,000 to $250,000. Fortunately, there are plenty of tax breaks for families with children that will help lower your taxes. The first three I will describe are non-refundable tax credits – they can only be used against taxes otherwise owing. ► MORE

Would You Buy a $1,000 Stroller?

Caroline Cakebread — Fri, 20 Apr 2012 14:39:42 +0000

That’s how much they wanted for the bright red, high-tech Bugaboo stroller my husband and I were admiring at the baby store. Back then, I was pregnant with our first child and we were out stroller shopping (back in the days when we took a full night’s sleep for granted). We ended up walking away and going with a cheaper option. But it’s really easy to get lured into buying a designer stroller for your first baby — after all, you want everything to be perfect. ► MORE

Self-Employment: How Do I Structure My New Business?

Robin Taub — Tue, 17 Apr 2012 13:48:31 +0000

When you start a new business, you can structure it as a sole proprietorship, partnership or as a corporation. The simplest is a sole proprietorship – an unincorporated business with one owner. You make all the decisions, receive all the income and claim all the losses. You also carry all the risk of the business, and liability for the business extends to your personal assets. ► MORE

Investing in your 30s

Rob Carrick — Fri, 13 Apr 2012 20:27:16 +0000

Rob Carrick offers up thirty questions every 30-something investor should ask themselves before making any investing decisions. ► MORE