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How to open an RESP account for your child
If you are a parent to a young child and wonder whether you should start planning and saving for their education, you might be curious about a Registered Education Savings Plan (RESP) account. An RESP is an investment account that allows you to save for a child’s post-secondary education. This tax-sheltered account will enable you to save money without paying tax on capital gains, interest or dividend payments.
What to do with all the cash you’ve saved during the pandemic
A surprising side effect of the pandemic is the largest cash hoard in history. Here’s what Canada’s suddenly prolific savers should do with all that money.
How to prepare for a potential tax hike on capital gains
The threat of a higher capital gains tax rate is resurfacing in conversations between financial advisors and their clients as Ottawa looks for ways to pay down a soaring deficit amid billions in spending on pandemic-relief measures.
HELOC-Funded Home Reno?
Months of pandemic-forced confinement have us yearning for more space. With rising home prices making it harder to buy a new home, Canadians are looking to optimize their existing space, by undertaking costly home renovation projects.
Smart Credit Card Use: Are You Spending Wisely?
If you don’t have methods for smart credit card use, it can be costly – Canadians have an average of $3,240 in credit card debt. This isn’t meant to scare you! Credit cards are a handy tool – when used correctly. They’re convenient to pay with, offer perks in cash, gifts, and experiences, and help generate the credit history you need to take out loans for a car or mortgage. But when used incorrectly, they can also lead to financial trouble and stress. In this article, we’ll go over the basics of credit cards: what they are, what happens when you use them incorrectly, and ways to start using them smarter, even to your advantage!
With tax audits increasing, how can advisors help?
Being audited by the Canada Revenue Agency (CRA) is never a fun ordeal, but advisors can play an important role in helping their clients get through the process as stress-free as possible. In fact, that role could become more prominent for advisors as a recent C.D. Howe Institute paper says the CRA could come under pressure to raise additional revenue through aggressive tax audits to help pay for the lower tax revenue and relief measures resulting from the COVID-19 crisis.
Decision Overload: Too Many Varieties of ETFs?
According to the most recent data from the Canadian ETF Association, Canadians now have 766 ETFs to choose from, 87 more than the year before. Investors can access ETFs covering everything from the broad index to geographic or sector-specific strategies like India, automobile innovation, cannabis or U.S. healthcare, and investment strategies such as low volatility.
Second COVID-19 wave has parents struggling to decide whether they can afford to not work
With schools adjusting to new online and in-person classroom setups, the pandemic has left many working parents struggling to juggle their careers along with acting as full-time caregivers and teachers. Even those with kids physically back in school are worried how long that will last.
Private schools pitch in to help parents pay for tuition amid the pandemic
Paying for private school can be a stretch for many families, especially over several years, but the economic challenges brought on by the COVID-19 pandemic have made it particularly hard this year.
Expert advice can make a difference when helping elder parents financially
Financial advisors are used to talking to clients about saving and investing to raise a family, maybe start a business and eventually retire, but what about supporting their aging parents financially?
