By Anne Levy-Ward, BrighterLife.ca
If you’re like many Canadians, your mailbox is jammed in the holiday season with greeting cards, mail-order catalogues, promotional calendars, sale flyers — and requests for charitable donations. While you probably enjoy catching up with faraway friends and relatives and maybe even flipping through gift guides, you might not appreciate the flood of requests for money.
One of the most important decisions you’ll make when writing your will is determining who should be named executor of your estate. Even if you’re just leaving behind household goods and a small savings account, someone – whether appointed by you or the government – must settle your affairs.
If you’re like most Canadians, you’ve probably been working for quite some time—in all likelihood, since your early 20s. And, if you were like most people, you probably didn’t earn much in your 20s. That first job (maybe the first few) likely saw you just scraping by.
There are many issues to consider regarding living long lives. Do parents plan to pass all assets to children? Do children encourage parents to spend it all? Is there a happy medium?
By Carla Hindman, Director of Financial Education, Visa Canada
A fast growing and ominous crime in Canada today is identity theft, where someone steals your personal information and uses it to open a bank account or take out a loan, make purchases, secure false identification, or commit other offenses. Victims are often unaware it’s happened for months, by which time their credit may have been damaged – or worse.
The Canadian income tax system is structured in such a way that taxpayers and their estates are often liable to pay significant taxes upon their death.
These taxes can represent a large proportion of the value of the deceased’s estate and can significantly reduce the amount of residual assets available for distribution to the estate’s beneficiaries.
by Larry MacDonald for Money Sense Magazine
At the start of the year, the annual contribution limit for Tax-Free Savings Accounts rose by $500, allowing Canadians to shelter $5,500 in investments from tax each year, in addition to whatever RRSP room they may have. The Conservatives plan to go even further—if the federal government balances its books, something expected by 2016, it has promised to raise the TFSA contribution ceiling to $10,000 a year. But left-of-centre policy wonks oppose expanding contribution room. They say TFSAs favour the wealthy and lifetime contributions should be capped. Could they be right?
Is the coughing in the next cubicle making you nervous?
With the annual cold and flu season in full swing, it’s hard to stay healthy at work — especially as a steady succession of co-workers shows up sniffling and sneezing.