Finance

Trudeau is right: 40% of Canadians don’t pay income taxes, which means someone else is picking up the bill

Prime Minister Justin Trudeau said this week “low-income families don’t benefit from tax breaks because they don’t pay taxes."Cole Burston/The Canadian Press Many people were upset with Prime Minister Justin Trudeau this week for saying “low-income families don’t benefit from tax breaks because they don’t pay taxes.” Of course, some were upset because they felt […]

Finance

Three tips to help retirees minimize their taxes and maximize their cash flow

A recent survey showed that 89 per cent of respondents don’t fully know how their retirement income is taxed./iStockphoto Two-time heavyweight boxing champion and, later, grill aficionado George Foreman once quipped: “The question isn’t at what age I want to retire, it’s at what income.” A new CIBC retirement poll out this week found that […]

Finance

Wealthy on paper, couple with $2.9 million in assets needs to sell a property to finance retirement

Situation: Couple has two houses, modest financial assets and no company pensions Solution: Sell city house, pay debts, buy condo until wife’s retirement, move to the cottage A couple we’ll call Fred and Felicity, both 60, live in British Columbia. Fred retired a few years ago from a job in publishing. Felicity does seasonal administrative […]

Finance

Former Dragons’ Den star’s divorce case highlights trouble with ‘expert testimony’ in family law

Robert Herjavec, an entrepreneur and Canadian reality television personality best known for his appearances on Dragon’s Den and Shark Tank.Files The more complex our world has become, the more likely it is that litigation will involve expert evidence. Many family law cases require the expert testimony of psychologists or social workers who make recommendations on […]

Finance

With six-figure income and growing savings, this couple still worries their future is bleak

Situation: Despite six-figure income and growing savings, couple worries their future is bleak Solution: Set up RESP for son, develop wife’s RRSP, learn investing and tax rules In Alberta, a couple we’ll call Mary, 37, and Ralph, 45, are raising their child, Ethan, age 2. Both researchers in communications, they bring home $8,563 per month […]

Finance

This Alberta couple has all their kids’ education money in cannabis stocks. What could possibly go wrong?

Currently this family's RESP is almost entirely invested in marijuana stocks.National Post illustration Situation: Three kids, three rental properties, and a lot of pot stocks in portfolios Solution: Sell rentals, build RRSPs, TFSAs, diversify, cut taxable income In Alberta, a couple we’ll call Emily, 40, and Robbie, 37, are raising three children on a combined […]

Finance

The real reason people fail to save enough for retirement — and what you can do to limit the damage

Perhaps as important as how much you need to save to retire is an understanding of the things that prevent people from saving enough in the first place — despite their best intentions.Illustration by Chloe Cushman/National Post files While there are conflicting opinions on whether Canadians are saving enough for retirement, there is no doubt […]