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todaysfarmer
Todays Farmer
todaysfarmer@www.todaysfarmer.ca
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todaysfarmer@www.todaysfarmer.ca
365 Bloor Street East Toronto, Ontario, Canada M4W 3L4
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100 Posts
Want some extended time off? Better get your finances in order first
Sabbaticals are gaining favour in all kinds of work environments as a way to keep employees healthier, happier and less likely to jump ship. Employee turnover costs companies an average of $22,279 in recruiting costs and lost productivity each year. For more information, call the National Employment Professionals.
Want some extended time off? Better get your finances in order first
Canadian homeowners feeling the pinch of rising rates: Manulife Bank debt survey
Rising interest rates have taken some of the heat out of the pace of transactions and prices in Canada’s red-hot residential real estate market. More than 20 per cent of homeowners expect rising rates to have a ‘significant negative impact’ on their mortgage, financial and debt situation, according to the Manulife Bank survey. Nearly half of the 2,001 Canadians surveyed said they would struggle to handle unexpected expenses and are reconsidering summer vacation plans. Just 46 per cent said they feel prepared... more
Canadian homeowners feeling the pinch of rising rates: Manulife Bank debt survey
B.C. couple's plan to cash in real estate riches to fund early tropical retirement 'awfully risky'
Richard, 50, and Marianne, 51, live in B.C. with their two children ages seven and nine. They think of countries where everything is cheap by Canadian standards. If they sell the house and move south, they could live as a family on $60,000 per year including $12,000 for private schools. Their net worth is thus $1,820,566. For more information, please email andrew andrew.allentuck@gmail.com. For confidential support, call the Samaritans in the U.S. and visit www.samaritans.com for a free Family Finance.
B.C. couple's plan to cash in real estate riches to fund early tropical retirement 'awfully risky'
Canadians depending more on home equity lines of credit even as interest rates rise
A HELOC is a line of credit secured to your house. It's like a second mortgage that, once in place, costs you nothing if you don’t use it. A homeowner can borrow up to 80 per cent of their property’s value. Every $100,000 of HELOC debt owing results in an additional $500 of interest charged per year when interest rates increase. If interest rates rise by a further one to 1.5 percentage points this year this year. The result of this year, the result will be an annual increase. For Canadian households will... more
Canadians depending more on home equity lines of credit even as interest rates rise
How the CRA divvies up the Canada Child Benefit for parents who share custody
The Canada Child Benefit is a government program that provides low- and middle-income families with tax-free funds each month to help with the cost of raising children. For the 2022 benefit year, the total CCB estimated payments is projected to be about $26 billion, paid to more than 3.5 million families. For parents who are separated or divorced, rules that determine whether each parent can collect CCB payments depend on whether the parents have shared custody. The judge found that dad didn’t be entitled.... more
How the CRA divvies up the Canada Child Benefit for parents who share custody
If you think child support doesn't apply to stepchildren, think again
Peter Bergen says the judge had to decide if the husband had stood in the place of a parent since, under the Federal Child Support Guidelines. He says the husband denied that he had any closeness or relationship with the children. Bergen and Bergen said the case was a case that should have been decided by a judge. The husband and his wife were in a long-term relationship, but the husband did not have an obligation. The husband was ordered to pay $135,000. The judge ordered the husband to pay the child support.... more
If you think child support doesn't apply to stepchildren, think again
How to navigate the financial strain of a divorce
2.74 million people applied for divorce in Canada in 2021, 1.88 million in 2020, says Jeanette Power, senior wealth adviser at the Canadian Imperial Bank of Commerce. An uncontested divorce costs an average of $1,860 in Canada, according to the 2021 Canadian Lawyer Legal Fees Survey. The Canadian Real Estate Association recently reported a 12.6 per cent decline in national home sales. In many cases, the Canadian Real Mortgage Association.
How to navigate the financial strain of a divorce
Here's how to accelerate your retirement timeline, without taking on too much risk
According to Statistics Canada, the average retirement age for Canadians in 2021 was 64.4 years old. Retirement has been delayed by almost three years since 2001, when the average was just 61.5 years of age. We will assume an $800,000 mortgage-free home owned by a 55-year-old couple planning to retire at 60, earning $75,000 each, spending $60,000 per year on basic living expenses, and with $300,000 in RRSP savings invested in conservative mutual funds. For our couple, if they work from 55 to 60, they will earn... more
Here's how to accelerate your retirement timeline, without taking on too much risk
Billionaire Michael Lee-Chin shares his secrets on wealth creation and where he’s investing next
"Most people make decisions and act on their decisions based on: 'Ready, aim, aim, aim, aim, aim," Lee-Chin said in an interview. Lee-Chin's 5 common qualities of wealthy people The bigger mistake he sees investors making is that they don't understand the power of owning stocks. Lee-Chin asked if Wellum was interested in coming aboard at AIC, which, in 1990, had around 100 clients, $12 million in assets, and just a few people on staff. " Lee-Chin donated $10 million to the University of Toronto, establishing... more
Billionaire Michael Lee-Chin shares his secrets on wealth creation and where he’s investing next
This Ontario woman wants to buy back into the housing market for retirement, but is renting the better way to go?
With $12,960 annual additions, her RRSP growing at three per cent after inflation will total $1,004,550 in five years at her age 65 in 2022 dollars and then be capable of generating $49,760 per year for the following 30 years to her age 95 with all capital and income paid out. Her non-registered investments of $48,000, with annual additions of $12,000 for five years and three per cent growth after inflation will rise to $121,266 in 2022 dollars and then generate $6,000 per year for the following 30 years to... more
This Ontario woman wants to buy back into the housing market for retirement, but is renting the better way to go?
FP Answers: How should I invest the $260,000 my father left me in his will?
We have not contributed to our registered retirement savings plans in 15 years and have not started tax-free savings accounts. We only have savings of about $40,000 for emergencies and it's sitting in a bank savings account in cash, as well as a registered education savings plan that we fully contribute to annually for our daughter. With an inheritance of $260,000 and $40,000 in cash in a savings account, you have a total of $300,000 in cash to invest. If they are available to you or your spouse, any company... more
FP Answers: How should I invest the $260,000 my father left me in his will?
CRA rules on whether two workplace perks are taxable employee benefits or not
The Canada Revenue Agency looks at three determining factors: Does the benefit give the employee an economic advantage? Is the benefit measurable and quantifiable? And does it primarily benefit the employee or the employer? Two recent CRA technical interpretation letters, each released in the past month, discussed whether certain employer-provided benefits would be considered taxable. The CRA concluded that employer-paid premiums would, indeed, be included. This conclusion is consistent with most employer- paid... more
CRA rules on whether two workplace perks are taxable employee benefits or not
Thinking of having kids? Get ready for some sticker shock when calculating the cost
... more
Thinking of having kids? Get ready for some sticker shock when calculating the cost
This couple wants to retire early in their home country. Can they take their Canadian benefits with them?

A couple we’ll call Peter, 41, and Charlotte, 39, live in Ontario with their two-year-old child, Morgan. They bring home $11,200 per month from their jobs, his in corporate development, hers in strategic planning. They have a $2.3 million house, $50,000 in raw land, $65,000 in RRSPs, $20,000 in TFSAs, $25,000 in taxable securities, $37,500 in gold and a $12,000 car. It adds up to $2,509,500. Take off their $820,000 home mortgage and their net worth is about $1.7 million — a very respectable sum.

... more
This couple wants to retire early in their home country. Can they take their Canadian benefits with them?
FP Answers: How do I get good financial advice so I don’t waste my money?

By Julie Cazzin with Allan Norman

Q: I paid a fee-based planner for some financial advice, but they didn’t tell me anything I didn’t already know. I feel like it was a waste of money. Am I missing something? — Caitlin in Penticton, B.C.

FP Answers: Caitlin, hopefully you said something to your planner — for both your sakes. Your question got me thinking. In future, what is the one thing you can do to feel like

... more
FP Answers: How do I get good financial advice so I don’t waste my money?
Cash may be king, but it can cause headaches if the taxman denies your claims

It’s often said that cash is king, but it may not always be the best method of payment when it comes to dealing with the taxman, who may ask you some tough questions to justify tax-deductible expenses or, on the flip side, demonstrate you earned a minimum amount of qualifying income to take advantage of various benefits or credits.

For example, there’s been a slew of recent cases dealing with taxpayers’ eligibility for COVID-19-related benefits, such as the Canada Emergency

... more
Cash may be king, but it can cause headaches if the taxman denies your claims
How to afford a vacation when money is tight and costs are rising
Taking small steps can add up to help you take a big step away from your day-to-day routine
How to afford a vacation when money is tight and costs are rising
This Ontario couple needs to ditch the real estate and boost cash flow to retire at 55
Retirement is going to take substantial reorganizing of assets, expert says
This Ontario couple needs to ditch the real estate and boost cash flow to retire at 55
FP Answers: What is a 'letter of wishes' and how does it help achieve my estate planning goals?
A letter of wishes is one way to deal with the lack of certainty regarding posthumous intent
FP Answers: What is a 'letter of wishes' and how does it help achieve my estate planning goals?
The case of the taxpayer who was dinged with a taxable benefit for taking a business trip
Jamie Golombek: A judge concluded no portion of the trip's cost should have been a taxable benefit
The case of the taxpayer who was dinged with a taxable benefit for taking a business trip
Three keys in developing the confidence to handle your personal finance needs
It can be difficult to know where to begin when taking on newfound financial responsibility, either by choice or consequence
Three keys in developing the confidence to handle your personal finance needs
Can this Alberta couple's six rental condos support their big travel plans in retirement?
Frank and Kerry have hung their retirements on delicate threads, expert says
Can this Alberta couple's six rental condos support their big travel plans in retirement?
If you thought the CRA wouldn't follow up on improperly claimed CERB and other benefits, think again
Jamie Golombek: Tax authority sending out 'notices of redetermination' as COVID-benefit-related disputes hit the courts
If you thought the CRA wouldn't follow up on improperly claimed CERB and other benefits, think again
Canadians are clinging to cash as a savings strategy during the pandemic: RBC
'Canadians appear to be driven by a desire to stash, not spend cash'
Canadians are clinging to cash as a savings strategy during the pandemic: RBC
Fly snowbird fly, but there are some things to know before you settle
Looking to invest in a vacation home outside Canada? Before planting roots abroad, experts advise doing some extra exploration
Fly snowbird fly, but there are some things to know before you settle
Studying the market pays off for savvy couple with 12% gains and 'bulletproof retirement strategy'
But there are risks in the optimistic projections
FP Answers: Am I on track to retire in 25 years if I have $350,000 saved now?
Expert says current trajectory exceeds Ava's retirement goals
These are the tax-sheltered savings options first-time homebuyers need to know about
Jamie Golombek: RRSP Home Buyers' Plan is so arcane, even the CRA can have trouble explaining it
Family law faces double-dipping dilemma when it comes to stock options, other deferred compensation
Laurie H. Pawlitza: Courts have drawn a distinction between whether the 'double dip' is for the purposes of paying child support or spousal support
Jason Heath: There's an upside to higher interest rates, despite the pain to borrowers
One eventual benefit is that borrowers will have a more realistic monthly payment for their debts
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