Today’s housing market remains challenging, leaving many first-time home buyers hard-pressed to come up with a down payment. So, quite often, parents or grandparents want to help out. As of April 1, 2023, a new avenue has opened to help fund a down payment: the First-Home Savings Account (FHSA). Although you can’t contribute directly to…
Investment insight After spending nearly two decades saving for a child’s post-secondary education, it’s time to start paying for it. When money is paid out of a registered education savings plan (RESP), the various types of payments and tax treatment can cause confusion. There’s also the question of what to do with RESP savings that…
Across the country, a vacation property may be known as a cottage, cabin, chalet or camp. One thing they all share is a looming tax liability. When a vacation property is sold or transferred, the owner must pay tax on the capital gain. If an individual purchased a vacation property for $300,000 and sold it…
A Registered Education Savings Plan (RESP) is widely acknowledged as the number one way to save for a child’s education. However, many Canadians use an RESP as the foundation and complement the plan with another investment vehicle. Why would parents or grandparents choose an additional way to invest? Usually, it’s to accumulate more savings or…
Manulife Investment Management’s co-chief investment strategists on the three phases of fixed income’s return and why shallow recession is firm’s base case A new year has started, the traditional 60/40 portfolio split is alive and well, and bonds are back. That was the clear message from Kevin Headland, and Macan Nia, co-chief investment strategists at Manulife Investment Management….
For 2022, you can contribute $6,000 to your Tax-Free Savings Account (TFSA), bringing the cumulative total of TFSA contributions to $81,500, or $163,000 between a couple. This means that a TFSA can help meet any investment objective. Your first decision You need to look at all components of your financial plan and decide where TFSA investments can…
By Sylvie Tremblay Organizing your finances can help you feel less stressed and more relaxed about your money – and more secure about your future. Decluttering and organizing your finances can help you save money and track your progress. And help you feel more relaxed and secure about your finances. “When you’re dealing with disorganization,…
The year just ended demonstrates how different investors can react to the same market conditions. Starting in early 2021 and well into the summer months, stock markets surged overall. Some people wondered if they should boost their investment amounts to capitalize on the booming markets. But others worried about buying into the market at all…
Getting divorced or going through a separation is hard, it can disrupt your life and your finances. It can be overwhelming to keep your finances in order when you’re dealing with a lot of change in your personal situation; however, you could risk making things harder for yourself in the future if you don’t pay…
Give your child more choices in life As a parent, you want the best for your child—and that can be expensive. Food, clothes, books, toys, camp, sports, lessons; it all adds up. In fact, 36% of Canadian parents have borrowed or know someone who has borrowed to pay for a child’s extracurricular activities. With so…