investing
Posts related to investing.
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Preparing for the Next Recession in Canada
As a CPA and Licensed Insolvency Trustee, I had a front row seat during the Great Recession of 2009 – 2011. I saw the devastating impact it had on the lives of ordinary Canadians. These were everyday people who were for the most part honest, hard working, and played by the rules. Yet they found themselves on the short end of the stick when the Great Recession started 10 years ago: some lost their jobs, some had their financial portfolios decimated, some lost their homes and quite a few experienced losing all three. It’s been over 10 years since the onset of the Great Recession and Canadians are more indebted…
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What is the Cost of a Middle Class Lifestyle in Toronto? (Updated Feb 2023)
Photo credit: Zia Syed on Unsplash TL;DR A traditional middle class lifestyle assumes: (1) two spouses and a child and the ability to finance that child’s education; (2) home and vehicle ownership; (3) the ability to save for retirement. In Toronto, the aforementioned lifestyle would require an after-tax income of $145,804 per year. INTRODUCTION What are the hallmarks of a middle class lifestyle? And how much does a household residing in Toronto have to earn to be considered middle class? First, let’s define “Toronto”. “Toronto” means the City of Toronto. I’m not including the satellite cities in the Greater Toronto Area such as Mississauga, Oakville, Brampton, etc. This is…
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Take Caution When Selling or Purchasing a Condo Assignment – GST/HST issues
There are significant financial risks in purchasing or selling a condominium assignment. We discuss the implications for the Assignor and Assignee.
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Rules for Locked In Retirement Savings in Ontario
Introduction When you leave a job, you’ll typically have retirement savings locked in through pension legislation at your place of work. You’ll usually have a choice between leaving the monies in your pension plan or transferring it to a locked-in retirement account (LIRA), which is essentially an RRSP which is locked-in until you reach a certain age, which varies according to provincial pension legislation. Once you reach a minimum age (set by the province of residency, which is 55 years old in Ontario) you can start to receive income from this pension money by converting it into a Life Income Fund (LIF) or a Locked-in Registered Income Fund (LRIF). To…
