The recent Federal Budget included measures to close a favorable tax rule for investors in investment accounts or through corporations, trusts and holding companies, who have proposed rules to curb the tax advantages of “corporate class” mutual fund shares.
If you are concerned about your future finances, you are certainly not alone as noted in a global survey of 19,000 adult in over 19 countries (including Canada).
Nearly 68% (or two thirds) of the 1000 Canadians interviewed in the survey conducted by the Financial Planning Standards Council (FPSC) said they still had concerns about their personal finances. For those in mid-life, anxiety caused by an unknown financial future is greater with a reported 79% worried, which shows it is not wise to procrastinate in your early life.
Do you have a separate recreational property or a rental property? If so this may apply to you:
Some years ago, Roy and Mary bought a cottage at the lake in their home province for about $50,000 and today it is worth about $750,000. Over the years, they have spent about $100,000 on improvements to the property and they kept all receipts to prove it. Roy and Mary, like many, think that it will be easy to pass the cottage on to their children and grandchildren. It may be far more costly than they think.
