If you have a son or daughter, perhaps a niece or nephew heading off to university this month, here’s a great article to share with them from Practical Money Skills.
Making the transition from living at home where someone else buys groceries and pays essential bills to living on your own is a big step. How much can you afford to spend on groceries in a week? Are you going to need to work extra hours to pay for all of your books?
Create a Budget
This first step in financial planning will help you answer these questions and is absolutely essential in managing your personal finances. Read more
I came across this article in the Globe and Mail and thought it was worth sharing. It sheds some light on the impact of higher rates and stricter mortgage rules on home prices.
Worth a read.
Phew! Tax season is over! You have hopefully just filed your 2017 personal income tax returns. Was it a satisfying experience for you? Do you feel a sense of accomplishment or dismay? For many, the April 30th deadline seems to arrive way too soon. If this is the case with you, starting the process much earlier would seem to be the answer.
The process should include proper record keeping, taking advantage of the tax saving methods available to you, and, perhaps, finally getting a professional to complete and file your return on your behalf. The problem with handing your taxes alone is that often people don’t know what they don’t know. This results in paying more in taxes than was necessary. The cost of a professional completing your taxes potentially could be offset by the savings that might be gained.
Even if you earned little to no income, filing your return is a good idea and could prove to be advantageous. This is because there are a number of federal and provincial government programs that you might be eligible for if your declared income is below a certain threshold. You can refer to the Government of Canada website for the child and family benefits that might be available to you. Read more
It has been said that a Will is the last message you will leave your family. Having a Will can provide clear direction as to what your wishes are and who will get what. Die without a Will (known as dying intestate) and chaos will likely be the result. Having a Will allows you to provide for certainty instead of chaos.
Most of the reasons to have a Will have to do with what happens if you don’t have one and that often will depend on what province you reside in. Each provincial government has its own Wills and Estate legislation which also provides for the rules regarding intestacy. The following are some of the reasons to have a Will and what could result without one.
- Informs your family how and when your property is to be distributed
Your Will affords you the opportunity to give clear instructions as to whom will receive your wealth. It also allows you to make bequests of certain items such as family heirlooms which you may wish to leave to a specific individual. For those who wish to leave funds to a charity, the Will allows you to do this. Without a Will, this opportunity may be lost. The bottom line is that you make the call. Dying without a Will means that the provincial government will make the determinationon how your estate is to be distributed depending on the intestacy laws. Read more