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Avoiding penalty taxes on your “Truly Fantastic Savings Account”

Posted by on Apr 18, 2014 in Portfolio/Saskatchewan Pension Plan, Retirement | 0 comments

10 April 2014 By Sheryl Smolkin SHUTTERSTOCK For the last five years all Canadians over 18 have been eligible to open a “Truly Fantastic Savings Account” (aka a Tax-free Savings Account). These accounts are a particularly valuable retirement savings option for lower-income people who will not be taxed at a reduced rate after retirement and more affluent Canadians who have used up all of their RRSP contribution room.  You can open a TFSA at age 18 even if you are not earning income, as long as you...

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Apr 7: Best from the blogosphere

Posted by on Apr 18, 2014 in Consumer savings, Portfolio/Saskatchewan Pension Plan | 0 comments

7 April 2014 By Sheryl Smolkin Do you have a spring or summer wedding coming up? Squawkfox aka Kerry K. Taylor discovered H+M now has a Grecian style wedding gown on sale for USD$99. This happily married lady says if she were looking today she would say yes to this dress! The 38 comments (the last time I checked) are even more interesting with lots of great ideas on how to save money on a beautiful dress you may only wear once. Whether or not to tip the people who provide you with services and how much is a...

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Insurer pays $11,000 for stolen pot plants

Posted by on Apr 18, 2014 in Insurance, Portfolio Toronto Star | 0 comments

A Hamilton homeowner wanted $45,000 for 11 medical marijuana plants stolen from his yard. Insurance paid only $11,000. The dispute went to court. Tara Walton / Toronto Star To a Hamilton man, his stolen medical marijuana plants were household “contents.” His insurer considered them landscaping, and subject to a capped amount. The dispute landed in court. By: Sheryl Smolkin At Work, Published on Tue Apr 15 2014 A Hamilton homeowner was paid $11,000 by his insurance company for...

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Taking a closer look at critical illness insurance

Posted by on Apr 18, 2014 in Insurance, Portfolio Toronto Star | 0 comments

Many Canadians are opting for critical injury insurance to bridge gaps in their health insurance coverage. Is it worth the cost?   Critical illness insurance can work well, but make sure you understand the policy terms. By: Sheryl Smolkin At Work, Published on Tue Apr 08 2014 Many Canadians are opting for critical injury insurance to bridge gaps in their health insurance coverage. They are worried that some expensive drugs aren’t covered by medical plans and that with the insurance...

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Sheryl Smolkin interviewed: Medical marijuana in the workplace

Posted by on Apr 7, 2014 in HR Issues, Legal, Portfolio/Interviews | 0 comments

Sheryl Smolkin interviewed on CHCH Square Off about medical marijuana in the workplace March 25, 2o14 As of April 1 people who require the drug for a legitimate health reason will only need a doctor’s prescription, instead of a license from Health Canada. According to Health Canada estimates, Canada’s “legal marijuana supply industry” could reach $1.3 billion in sales by 2024, with an estimated 450,000 Canadians eventually becoming users of medical marijuana. The big issue for the workplace is that...

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Why some employee benefits are worth more than others

Posted by on Apr 4, 2014 in Income Tax, Portfolio/Saskatchewan Pension Plan | 0 comments

savewithspp.com 3 Apr 2014 By Sheryl Smolkin SHUTTERSTOCK You just got a job offer and in addition to a hefty salary increase you are getting all kinds of new perks like life insurance, free parking and a cell phone. The company even has a subsidized cafeteria where you buy lunch and pick up dinner- to-go for the family. But not all employee benefits are created equal. In some cases the value of the benefits is viewed as taxable income by Canada Revenue Agency when you file your tax return. Here are seven...

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Mar 31: Best from the blogosphere

Posted by on Apr 4, 2014 in Portfolio/Saskatchewan Pension Plan, Retirement | 0 comments

savewithspp.com 31 Mar 2014 By Sheryl Smolkin Most of us assume that at some less than precise date in the future we will retire. However, on retirehappy.ca this week Scott Wallace questions whether or not you should retire. He says that people who choose to continue some form of work for five years or more after they leave their full-time job are not as worried about money. Nevertheless, those who retire completely and fill their days with hobbies, volunteering and family may have an equally comfortable...

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Kevin Press – BrighterLife.ca

Posted by on Apr 4, 2014 in Portfolio/Saskatchewan Pension Plan, Retirement | 0 comments

savewithspp.com 27 Mar 2014 By Sheryl Smolkin Click here to listen Hi, Today we’re talking to Kevin Press as part of our continuing 2014 series of SavewithSPP.com podcast interviews with personal finance bloggers. Kevin is the Assistant Vice-President of Marketing Insights at Sun Life Financial in Toronto. His blog, Today’s Economy has appeared on Sun Life’s Brighter Life platform since 2009. Kevin started his career in 1998 at Rogers Healthcare and Financial Publishing; where he had several...

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Mar 24: Best from the blogosphere

Posted by on Apr 4, 2014 in Consumer savings, Portfolio Toronto Star | 0 comments

savewithspp.com 24 Mar 2014 By Sheryl Smolkin Whether you simply can’t face the pile of paper on your desk or you are waiting for the last few T5s to come in the mail, the deadline for filing your income tax return is on the horizon. In Income Splitting 101: Tips On Keeping It In The Family Boomer & Echo’s Robb Engen discusses the Conservative government’s proposal to permit income-splitting for families with children and some legitimate income-splitting strategies that are already available under...

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Should you buy extra life insurance at work?

Posted by on Apr 4, 2014 in Insurance, Portfolio/Saskatchewan Pension Plan | 0 comments

  savewithpp.com 20 Mar 2014 By Sheryl Smolkin SHUTTERSTOCK Suppose your employer pays for group term life insurance equal to one times your salary. You also have the opportunity to buy more. How do you know how much additional life insurance you need and whether buying it at work or independently makes the most sense? The following basic calculation can help you assess your insurance needs: Insurance coverage required = total outstanding debts + funeral costs + education funding for children + (annual...

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