Personal Finance

Although recent numbers out of Statistics Canada reported a drop in the ratio of household debt to personal disposable income, most experts agree that Canadians are still sitting on a dangerously high percentage of consumer debt. The truth is we live in an inflated economy. An excellent example of which can be found in our real estate market where our desire to own a home, despite the all-time-high price tag, is keeping mortgages accountable for 65% of credit market debt...

Lise Andreana understands that not all young people are properly taught how to handle their finances. Little or no money education usually translates to 20-somethings with low-paying jobs, no insurance, student loans, and a lot of dinners consisting of mac ‘n’ cheese. There are finance basics that every young person should learn, including how to do a proper budget; how to save money and pay off debt; and what “good debt” and “bad debt” are. But how does one find trustworthy, straightforward financial advice on the basics and beyond?`...

Many people going through divorce get to a point where they wonder how their finances are going to hold up. Splitting up can sometimes mean splitting a salary between two entirely separate households, and if other child support, maintenance, and/or alimony issues are involved, things can become even tougher. Moving can also mean needing to purchase entirely new household staples such as sets of dishes or a couch, if your ex got to keep the ones you had before. ...

When I first heard the words “tax haven,” like many Canadians my immediate reaction was, “aren’t those illegal?” Certainly, the connotation seems to be that tax havens are places that enable you to hide money from the government and therefore from taxation, so they must be shady operations. Actual laws and rules surrounding tax havens aren’t always common knowledge, and the unknown can be worrisome.

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If you have considered saving and investing for a certain goal, such as a house, a child’s education, or your own retirement, you’ve undoubtedly wondered the best way to go about it, and whether or not an investment advisor would be worth the, ahem, investment.

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Bankruptcy is an involved process in Canada, and though you don’t lose literally everything at the time of declaring it, it can take months of dealing with a bankruptcy trustee, selling things off, and living on the bare minimum to be in the clear and get that fresh start. If you are considering bankruptcy, there are a few things you should bear in mind before signing everything over to cover your debts.

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Our US Tax author Scott M. Estill celebrates Americans finding their life partner with ten ways to maximize your financial union at tax time. This is part 2, to find his first five tips, see Part 1.

6. Conscious Coupling

It may be easier for you and your spouse to itemize tax deductions after marriage given that you both can combine your deductions if you file a joint tax return. These deductions include charitable donations, state and local taxes, mortgage...

Our US Tax author Scott Estill celebrates Americans finding their life partner with ten ways to maximize your financial union at tax time.

1. When to do your I do’s

For tax purposes, your marital status is determined as of December 31, 2014. As such, it is possible to time the marriage to produce the lowest possible tax results (i.e. should we marry in 2014 or 2015).

2. What’s in a name change?

If either spo...

Our US Tax author Scott M. Estill walks Americans through five ways that being divorced will improve your tax outlook in 2014. If your conscious uncoupling is getting closer to finalizing, you can take these tips all the way to the bank this year.

Timing is everything

You can wait until December 31, 2014, to determine your tax filing status for 2014. As such, a divorce finalized on New Year's Eve will have the same effect as one filed on New Year's Day (for tax purposes). You may thus be able to determine the approximate tax liabilities late in 2014 to consider what...

Most people plan for their financial health in retirement, but neglect to address the non-financial aspects of no longer working: What will they do with to make the most of their time?

Have You Considered the Non-Financials?

A Consumer Reports survey conducted in 2010 showed that only 19 percent of those surveyed were highly satisfied with their retirement planning. Presumably, retirees would like to enjoy retirement, which of course means ensuring their finances are in order. Beyond that, though, how does one go about planning this phase...