Should You Join Your Company Group Savings Plan? Question. I just started a new job recently, and have to make a decision about signing up for the company savings plan. In my last job, I was a member of a pension plan, and didn’t really have any decisions to make. But now, I have the option to enrol in a […]
As a result of the lockdown, many Canadians have now been forced out of the work. If you have lost your income due to COVID-19, and are in need of financial assistance, please see our previous post, Financial Assistance: Benefits to Get Through Coronavirus. Indeed, the economic fallout from COVID-19 and the corresponding lockdown is well-documented, and dominates the media […]
Question. Like many other people, I am now working from home due to the lockdown. I’m wondering, can I now claim home office expenses as a tax deduction? Also, my employer gave me some money to buy things such as a new webcam for our virtual team meetings, so I can work from home properly. Is this a taxable benefit […]
Question. Our family has been financially impacted by the shutdown due to COVID-19, and we are really having trouble making ends meet. I noticed recently that banks are offering people the option to defer their mortgage payments for a while. Is this something I should do? Are there any negative consequences? Answer. These are definitely challenging and unprecedented times. Many […]
No doubt, many of us are struggling these days as extreme social distancing measures continue, and vast segments of the Canadian economy are virtually shut down. While some of us are fortunate enough to still have our jobs and our incomes, others have not been so fortunate. For the week ending March 21st, there were over 500,000 employment insurance (EI) […]
Back in January, investor optimism soared as headlines touted great success for both US and Canadian markets. We were told Canada’s main stock market index, the S&P/TSX composite index, was expected to shatter records this year, as the market was hitting record highs. Two months later, in March, we are now dominated with headlines of the worst day in history […]
Question. Hi, I keep hearing about RRSPs in the news lately, and I know the contribution deadline is getting close. I’m wondering if should contribute to my RRSP this year, and if so, how can I figure out how much to contribute? Do you have any advice or suggestions for me? Answer. Indeed, it’s that time of year again, […]
Question. I’m planning to open an RRSP, but I don’t really know who to indicate as the beneficiary of the plan. Is this important? Answer. Yes, very important! And not just for RRSPs, but for registered plans in general, as well as life insurance policies, too. In Canada, life insurance policies and registered plans such as RRSPs allow for a […]
