What crypto investors need to know this tax season
If you owned cryptocurrencies in 2021, there are some tax implications you need to know about. As the Canadian Press reports, any profits you've made on crypto investments could be considered a capital gain, where 50 per cent of that is taxable, or business income, whereby taxes would be owed on 100 per cent of the gain.
February is Your Money Month (YMM) where we take a look at your household finances and investments. Here are some highlights from this week’s interviews:
YMM: Retirement planning for freelancers
Freelance workers don’t have access to the safety net of an employer pension plan, so they must take their retirement planning into their own hands. There are a few retirement vehicles for freelance workers to use such as a registered retirement savings plan and tax-free savings account. Tax expert Jamie Golombek breaks down which one to use depending on your income.
YMM: Using alternative investments to shield your portfolio against volatility
Rob Tetrault, portfolio manager at Tetrault Wealth Advisory Group, said broadening your portfolio outside of stocks and bonds can help investors shield against market volatility. He gives his best advice when developing an alternative investment strategy that can include everything from private real estate, private equity, infrastructure and even music royalties.
Home co-ownership becoming increasingly popular for those priced out of the market
Home co-ownership – when multiple people pool their money to buy a home – is gaining in popularity as housing becomes increasingly unaffordable. But how can you know if this type of living situation is right for you? How does the financing differ from a traditional mortgage? What are some red flags to watch out for when considering co-owning with someone? All these questions and more are answered here.
Spousal RRSPs and other tax-saving income splitting strategies
Income splitting can save countless tax dollars in cases where the taxable income and resulting marginal tax rates from one spouse is higher than the other. In his latest personal finance column, Dale Jackson writes there are a number of ways couples can income split, including using spousal RRSPs.
TIP JAR
8.2%
- If your house suffers flood damage, a new study estimates it can cut an average of 8.2 per cent off the selling price of the property.
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