RESP

How much you should pay in fees on your work savings plan

Q. I have been registered with an insurance company through my employer since 2001. At the present time, I have about $50,000 in my plan. I pay 3% and my employer matches 3%. My concern is that I’ve noticed that the insurance company is charging me a high amount of management expenses. Every mon ...

Questrade – The BEST Platform For New and Small Investors

This Questrade review will establish Questrade as a serious player in the discount broker market. In fact, it’s the BEST platform for new and small investors. Read on to learn why it’s the perfect discount broker to start with. Questrade is an independent discount broker not owned by any finan ...

Work abroad? Your income is fair game for the CRA

Q: I am a permanent resident of Canada. I live here with my kids. My husband works in Dubai. He is also a permanent resident of Canada, but he only comes twice a year for short visits. So, he spends around 90 days in Canada each year. Does he have to report his earnings in Dubai? If yes, can he cla ...

Want free university? Changes to OSAP, CSG could help

Alisha Gordon, an Indigenous undergraduate at the University of Calgary, will have less than $1,000 in student debt at the end of her four-year degree. Like many students in Canada, she’s benefited from the federal and provincial governments’ efforts to reduce the co ...

The ABCs of an RESP

Today’s Canadian students are paying through the nose for ever-higher post-secondary tuition. which is probably why so many Canadian graduates have regrets about student debt. In a way, that regret is actually a good thing. It means these kids take personal finances seriously and want to get o ...

An investor’s guide to robo-advisors 2018

iStock When robo-advisors first burst on the scene a few years ago, they threatened to replace human advisors in situations where not much human help was needed. If you wanted more extensive human advice, you still had to pay up to go with a conventional advisor. Now there’s a formidable new tr ...

The benefits and flexibility of family RESPs

Q: Can you write an article on how family RESPs work once the oldest children start to take money out of the plan while for the youngest we are still putting money into the plan? What are the rules? Can you find one child with more money from the plan than another child? If ...

Do I get taxed on my TFSA if I give up U.S. citizenship?

iStock Q. I am a Canadian as well as an American citizen. I have to file income tax returns in both countries. I understand the TFSA needs to be reported. If I decide to renounce my American citizenship, what happens to the TFSA that would be different from other investments? I heard they are not ...

Who reports capital gains if a stock is owned jointly?

Q.  My question is regarding stock capital gains, specifically in a joint account with my wife at TD Waterhouse. We had a capital gain of $30,000 this year in our non-registered account. At 50% each, our capital gain for tax purposes is $15,000. Do we each have to report a gain of $7,500? Or, doe ...

How a young couple can kill $142,000 in debt and start investing

iStock Julie and David live in Calgary with their two daughters, ages 10 and 7. David, 40, is a cable technician earning $150,000 annually while Julie, 37, works part-time at a retail store near home earning $6,000 annually. In 2014, their lives changed when David fell on the job and injured his ...