Liberals are promising to boost RESPs
The already generous Registered Education Savings Plan would get a major boost from a Liberal government. The party promised yesterday to put $4,000 into the hands of every high school student who goes...
View ArticleOn the hustings: Harper on EI tax break, Ignatieff on RESPs, Layton on credit...
The Conservative Party reiterated its promise Tuesday morning in the 2011 budget to introduce a one-year payroll tax break for small businesses, while the Liberals and NDP made new pledges on the...
View ArticleCanadians worry about education costs but about half still have no RESP for kids
Only 56% of Canadians with young children have set up a Registered Education Savings Plan despite their ongoing concern about education costs, according to a Bank of Montreal study. The same survey...
View ArticleEarn a ‘free lunch’ with a few simple changes
By Elaine Ilavsky We’d all love to believe that free lunches are possible. But, like most things in life, they generally come with hard work and time. So here are a few things you can do today that...
View ArticleWhat to do with a bonus or unexpected windfall?
“Employers can annualize taxes payable on the bonus” By Jonathan Chevreau Expecting a year-end bonus? A quarter of Canadians are, according to BMO. But those bonuses, while welcome, present a thorny...
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When a longer amortization is better
In Toronto, a couple we’ll call John, 39, and Yvette, 40, are raising three children, ages 13, 9 and 7, on John’s $146,000 annual gross salary from his work as an electronics engineer and Yvette’s...
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Salary cut sparks fears
Not far from Toronto, a couple we’ll call Morris, 48, and Lisa, 46, and their three teenaged children have run into a problem that, regrettably, is not so rare these days. His company, seeking to cut...
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Caught in a financial vise
Making the decision to quit her job as a flight attendant to raise her two children was not easy for Denise and her airline pilot husband, Henry (not their real names). “We chose to raise a family and...
View ArticleNeed money for education? What about grandma and grandpa?
Grandparents might be the great untapped resource when it comes to saving for the ever-increasing cost of education. Nobody can say for sure how much money grandparents chip in these days towards...
View ArticleMaternity ward data sold to RESP dealers: OSC
In a case that reveals regulators’ growing interest in alleged misconduct among RESP dealers, a Toronto hospital staffer has been accused of selling confidential information about maternity patients....
View ArticleTax free and free money! Why RESPs are just like TFSAs — only better
The recent doubling of the TFSA limit to $10,000 (which means $20,000 for a couple) opens up even more choices for Canadians in their attempt to maximize tax-preferred savings. But, given the recent...
View ArticleCriminal charges laid against RESP salesperson and nurse in stolen maternity...
Criminal charges have been laid against a sales representative of an RESP firm and a nurse in a case involving stolen maternity patient information. The Ontario Securities Commission laid a total of...
View ArticleFormer hospital clerk pleads guilty in case of maternity ward data sold to...
Shaida Bandali, a former hospital clerk who faced Ontario Securities Commission accusations in connection with the sale of maternity patient information to dealers soliciting clients for registered...
View ArticleDoes your household run with a chief financial officer or are you both co-CEOs?
This article appears in the November edition of the Financial Post Magazine. Visit the iTunes store to download the iPad edition of this month’s issue. Every month, someone in my household is checking...
View ArticleIf you have kids, you’d better not miss these year-end tax tips
With just over three weeks to go before Dec. 31, let’s take a look at some year-end tax tips that may come in handy if you’ve got kids. Registered Education Savings Plans RESPs allow for tax-efficient...
View ArticleTop 10 tax resolutions to help you make the most of your money in 2016
As we begin a new year, here are my top 10 tax resolutions for minimizing your tax burden and maximizing your financial position in 2016. 1. Contribute $5,500 to your TFSA for 2016. Last year’s TFSA...
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Woman raising two teens with little help from her ex faces hurdles to retire...
Situation: Woman with two teenagers wants to help with education costs, then retire at 62 Solution: Wait to 65, pay down debts, then retirement plan with all debts paid should work In Ontario, a...
View ArticleDon’t make these money mistakes with your kids
Want to teach your kids sound financial decision making? Here are two top mistakes parents make, and two ways to rethink how you can teach your kids to be successful with money.
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Paying off $163,000 mortgage key to unlocking this Quebec couple’s retirement...
Situation: Couple with a mortgage, a young child and modest total income wants to plan retirement Solution: Maintain careful spending, boost education savings and TFSA, forgo RRSP contributions In...
View ArticleWhy you need a plan when withdrawing from an RESP to pay for school
OTTAWA — Investing in a registered education savings plan may have started when your aspiring scholar was still in diapers and university or college seemed a distant future. But when the time comes to...
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