Claiming home office expenses

Thankfully, the Canada Revenue Agency (CRA) has made it easy for employees to claim home office expenses if you spent more than half of your working hours at home for at least four consecutive weeks in 2020 due to COVID-19. Here are the options available to claim a deduction. Using the flat rate method With […]

Thinking of purchasing a vacation property?

It’s a curious fact that we Canadians, depending on where we live, call a vacation home by different names – a cottage, chalet, country house, camp or cabin. But what they all have in common is that so many owners call their vacation property a source of cherished family time and lifelong memories. If you […]

When should you start CPP/QPP and OAS benefits?

Start government benefits sooner and you collect a smaller monthly benefit, but right away and for a longer time. Delay the start and you receive a larger monthly benefit, but must bridge the waiting period with other resources. Knowing when to start isn’t always easy, and even many financial experts offer vastly different opinions. Some […]

Ways to use a TFSA in retirement

During income-earning years, a Tax-Free Savings Account (TFSA) can be used to fund numerous expenses: a child’s education, family trips, a wedding – just about anything. Once you retire, you’ll discover that a TFSA is just as versatile, helping you to meet a variety of needs unique to retirement. Continue to contribute Many people in […]

The pandemic and the piggy bank

Just over 12 months ago, provinces and territories responded to the COVID-19 pandemic by declaring states of emergency. Restrictions and lockdowns have affected Canadians in different ways, and one of the starkest differences involves savings. Some people needed to tap into their savings, while others saw their savings accumulate. When income decreases Business owners, professionals […]