Statistics Canada released a new report this September on average family income for year 2008. Families included in this report refer to couple families, with or without children, and lone-parent families. Once again, families in Alberta earn fairly well, ahead of other provinces. However, the statistics is based on info prior to the recent...
Income taxes are the biggest expense for most Canadian. If you have your own business or professional corporation, your company can help generate tax savings to accelerate your mortgage repayment or boost your retirement savings. Use Capital Gains Instead of Dividends If you are planning large cash withdrawals from your company, consider taking the...
Swiss beat USA in economy? I’ve never thought a small country will take over USA as the most global competitiveness. The first one on my mind to beat USA is Japan. : D Canada ranks No.9. Not bad, not bad. Rank 1 2 3 4 5 6 7 8 9 10 Country Switzerland US...
Recently, I went to Bank of Montreal to apply a line of credit. I thought the prime rate was pretty low currently at 2.25%, so perhaps it would be a good time to apply for LOC. However, I was wrong. When I got the reply from BMO, the financial officer told me that if...
Our fellow neighbour enjoy tax-free shopping days. Some states are waiving local sales tax on school items like computers and clothing, as indicated on Yahoo! Shopping. How come we don’t have any tax-free day in Canada? Back To School Shopping The following states allows tax free shopping on school supplies, computers, and clothing: •...
About three months ago, I posted an article on Average Monthly Grocery Bill. I was hoping people would comment on that article, sharing how much they spend on grocery with me and the readers. Sadly, people in Canada don’t like to share their thoughts, I suppose. I know a lot of people come to...
Before we begin this topic, we will briefly discuss how HBP works. Then we will talk about how to maximize this tax-saving strategy toward the end of this article. Home Buyers’ Plan (HBP) allows first-time homebuyers to withdraw RRSP to purchase or build a home without having to pay tax on the withdrawal. RRSP...
Summer is here. Guess what…it’s time for garage sale. How do you turn your junks / clutter into cash efficiently and effectively, in terms of customer number, percentage of items sold, and amount of money made? Here are some creative ways and fast secrets to increase your sale and profit from your yard sale...
Last month, when I received my RBC VISA card monthly statement, I saw an advertisement about redemption of RBC Rewards points toward TFSA. Seems very interesting, but is it worth a try? I decide to take a close look. Here is the advertisement: RBC Rewards points can now be redeemed toward your Tax-Free Savings...
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