In Canada, we have a progressive income tax system with graduated tax rates, which means that the more income you earn, the more tax you pay. Tax is calculated using a system of tax brackets, essentially ranges of taxable income, with different tax rates associated with each range that get progressively higher.
Although 2018 didn't bring major tax changes, here are some changes worth knowing about that may help you save money. We've also included some helpful reminders and tips to make tax filing easier for 2018.
Late one afternoon, Janice received a call from a major Canadian bank. A woman had opened an account in her name at a branch in Windsor. Alarm bells went off. Janice lived in Toronto and had never been to Windsor. Nor did she bank with that particular bank. Though no funds were deposited, the woman tried to withdraw money by putting the account into overdraft.
Luckily, the bank noticed the temporary driver's licence used to open the account (along with a Social Insurance Number card and a cit...
How did my investments do compared to the market? This is a question most of us ask. We're used to measuring our investment performance against a particular benchmark, like the S&P 500 Index (the broad U.S. stock market) or the S&P/TSX Composite Index (a proxy for the Canadian stock market). Many investors also compare their investment’s performance to that of their friends’ or neighbours’. But how does that kind of thinking help you know if you're on track to reach your goals?
Last summer, my daughter went to a friend's cottage to celebrate Canada Day, where she had an accident and finished out the weekend in the emergency room with a broken ankle. While I'm grateful for Canada's medical system and the hospital that took such good care of her, I was surprised by how much this little mishap cost.
The end of your formal working days is approaching. You likely understand your finances; your housing plans are set perhaps you've laid out some travel plans or visits with the grandkids, but one big question looms: how will you spend your time?
One answer for many retirees is to volunteer in their communities.
Are you thinking about doing some home renovations? You'll want to enjoy the results of your planned project, whether it's a new kitchen, bathroom or a finished basement. But you'll also want the money you spend to come back to you – at least partially, if you ever sell your home one day. So how can you get the most bang for your buck, both today and down the road?
Money habits to avoid passing on to your kids. If you're not automating your savings you're probably paying yourself last. Learn more at: https://www.tangerine.ca/forwardthink...
Learning to manage money is an important step to becoming a financially responsible and independent young adult. Take a look at this infographic to find out how good money habits can help you stay on track and reach your financial goals.
Graduating from high school and going on to university, college or other post-secondary education is a major milestone – and expense – for most families. Annual tuition alone for Canadian students averaged $6,571 for 2017/2018 for an undergraduate degree. And that's before textbooks, room and board. What can you and your child do to plan, save, and pay for such a significant expense?
As an experiment, I recently went "cashless". Under my self-imposed rules, cash was completely off limits for two weeks and I could only use electronic or plastic methods of payment. For those of you who still use cash sometimes and are thinking of going (more) digital, here's what I learned.
A recent survey released by Lawyers' Professional Indemnity Co. found the majority of Canadian adults (56%) don't have a signed will. If you die without a valid will, or if your will can't be located, you're considered to have died "intestate."
Canadian households lead the world when it comes to debt. According to a recent report by the Organization for Economic Co-operation and Development, Canadian household debt, expressed as a percentage of the size of the economy, is the highest in the world, at over 100%. But since you won't live forever, what happens to your debts when you die?