Tax Write-Offs that Canadians Often Get Wrong
Canadians frequently claim expenses that the Canada Revenue Agency does not allow. The article debunks several myths, noting that safety‑deposit‑box fees were eliminated in 2013, RESP contributions are not deductible, mortgage interest only qualifies when the loan funds an investment or business, commuting and dry‑cleaning costs are personal, and club memberships are generally non‑deductible. It also clarifies the limited 50 % deduction for business meals and the tuition‑credit transfer rules. Taxpayers who assume eligibility risk reassessments, interest and penalties.
Canadians Booking Earlier as Fuel Costs Drive Travel Uncertainty
Rising jet‑fuel costs tied to the Middle‑East conflict have prompted Canadian airlines such as WestJet, Air Canada and Porter to add fuel surcharges, pushing airfares higher. Travelers, wary of volatile pricing, are booking flights months in advance to lock in...
What if You Cross the Rainbow Bridge First? Why You Should Set up a Pet Trust
New data from online estate‑planning platform Willful shows Canadian pet owners are almost three times more likely to complete a will than non‑owners. About 36% of Canadians already set aside money for pet guardians, with the average pet trust at...
What Canadian Women Regret Most About Money—And How Gen Z Can Avoid It
Meridian’s research shows 69% of Canadian women regret waiting to invest, with younger women feeling the most financial stress. Delaying investment can shrink long‑term portfolios by 25‑35%, while living paycheck‑to‑paycheck erodes savings potential. The study highlights confidence gaps, lack of...
How to Confirm Your CPP Pension
Most Canadian workers contribute to the Canada Pension Plan (CPP) or Québec’s equivalent, the QPP, through payroll deductions. To ensure the pension you’ll receive is accurate, you can request a digital Statement of Contributions from Service Canada (or a Statement...
Why Tax Season Is Turning Into a Debt Trap for Canadians (and How to Avoid It)
A Vividata study finds 36% of Canadians carry credit‑card balances and 49% live paycheque‑to‑paycheque, making tax season a financial minefield. Many households count on tax refunds to clear debt, but smaller refunds or unexpected bills can deepen indebtedness. Money Mentors...
When to Consider Extra RRIF Withdrawals
A 91‑year‑old retiree with a strong RRIF is taking extra withdrawals to fund TFSA contributions and tax‑free gifts to his children. At age 91 the mandatory RRIF draw is 11.92% of the prior‑year balance, and the OAS clawback starts when...
Is Wealthsimple’s New Direct Indexing Worth It?
Wealthsimple has introduced a direct‑indexing product for Canadian retail investors, letting taxable‑account holders own the individual stocks that replicate U.S. and Canadian market indices. The service charges a 0.15% annual fee with a $1,000 (≈ $740 USD) minimum and applies a 0.05%...
Why Homeownership Isn’t Guaranteeing Financial Security for Seniors
A University of Calgary study of 715 Albertan seniors found that 34% of senior homeowners worry about home‑maintenance costs and 16% have considered selling. High property taxes, inflation‑driven living expenses, and limited equity access are eroding the traditional view of...
How to Earn More Rewards with Your Credit Cards
The MoneySense guide shows Canadians how to squeeze more value from credit‑card rewards without inflating spending. It advises matching card categories to personal purchase habits, consolidating to a primary high‑earn‑rate card, and using budgeting tools to stay on track. The...
Refinancing Your Mortgage? Here’s Why a Professional Home Appraisal Is Step One
Before refinancing, a professional home appraisal establishes the true market value of the property, which directly influences the loan‑to‑value (LTV) ratio. In a typical scenario—a $900,000 CAD home (≈ $657,000 USD) with a $500,000 CAD mortgage (≈ $365,000 USD)—the LTV sits around 56%, positioning...
Trade Homes, Not Cash: A New Way to See the World
HomeExchange, a global home‑swapping platform with over 450,000 listings, lets members trade residences through simultaneous, non‑simultaneous or GuestPoints exchanges. The service relies on ID verification, utility‑bill proof and AI‑driven fraud detection, backed by $1 million in protection and a mandatory $500...
Are You Really Ready to Retire? Why Many Canadians Are Struggling with Retirement Planning
Many Canadians are entering retirement without sufficient savings, burdened by rising living costs, high debt, and limited financial literacy. The article highlights common obstacles such as procrastination, over‑reliance on home equity, and uncertainty about income streams like CPP and OAS....
Making Sense of the Bank of Canada Interest Rate Decision on March 18, 2026
The Bank of Canada kept its overnight rate at 2.25% on March 18, marking a third consecutive hold. Inflation slowed to 1.8% in February, still under the 2% target, while the labour market remains weak. The decision reflects caution amid...
How Global Conflict Affects Your Finances in Canada
The article outlines how the ongoing Middle East conflict is already rippling through the Canadian economy, pushing gasoline and grocery prices higher, unsettling stock markets, and keeping mortgage rates elevated. It highlights broader effects such as tighter job security, more...
